First Time Car-Buyer?
Posted: October 22, 2020 in Credit
Are you looking to buy your first vehicle? Follow the steps below to help ensure a smooth and hassle-free car-shopping experience.
Review Your Finance Options
First, review your budget and use our calculator to help break down costs and determine how much of a vehicle you can afford. Your loan amount is calculated based on an interest rate, loan term, down payment, the highest monthly payment you can afford, and estimated taxes and documentation fees. If your budget allows, it's a good idea to put down a larger down payment of 20%, because it will ultimately help reduce your monthly payments and save you money over time.
Get Pre-Approved
Apply for an auto loan online with ProFed or stop into one of our twelve branches. You can apply in less than 20 minutes! After you are pre-approved for your auto loan, you are ready to shop for and purchase your first car with that great, low rate.
Shop For Your New Car
Time to shop! Whether you are looking to buy a new or used car, remember to keep your budget top of mind when you start your search. Look for a car that stays within your budget while meeting your specific needs. Ask yourself important questions; what you are looking for in a vehicle, how far and often you will be driving, and how many passengers you will be transporting. Begin shopping online for your new car from the comfort of your own home at ProFed's Membership Auto Center, or visit your local auto dealership.
Purchase Your New Vehicle
You've found the perfect ride! Contact the dealership and let them know that you are pre-approved. If you are shopping in person, keep a copy of the pre-approval letter with you, printed out or on your phone. This will help your purchase process move smoothly and get you on the road quickly in your new vehicle!
We are here to help you every step of the way!
If you have any questions during your first-time car-buying experience, contact us and one of our team members will be happy to assist you.
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