First Time Car-Buyer?
Are you looking to buy your first vehicle? Follow the steps below to help ensure a smooth and hassle-free car shopping experience.
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 lower monthly payments and save you money over time.
ProFed Credit Union makes the car buying process easy for first-time buyers! Apply for an auto loan online with ProFed or stop into one of our thirteen branches. You can apply in less than 20 minutes! After you are pre-approved for your auto loan, you can shop for and purchase your first car at that great, low rate.
Whether you are looking to buy a new or used car, remember to keep your budget in mind when you search for the right car. Look for a car that stays within your budget while meeting your specific needs. It is important for first-time car buyers to ask the following questions:
What is a priority to you in a vehicle?
How far and often you will be driving?
How many passengers you will be transporting?
What safety features are important to you?
How much will you need to pay to insure your prospective car?
Can you afford maintenance costs, or should you ask your lender for a warranty? Often, warranties, GAP, and auto insurance can be purchased directly through your lender to save additional money on your car loan. Check out ProFed's Loan Protection products here.
You can begin shopping online for your new car from the comfort of your home at ProFed Credit Union's Membership Auto Center or visit your local auto dealership.
You've found the perfect ride! It's time for a test drive! Contact the car dealership and inform the salesperson upfront that you are pre-approved. If you are shopping in person, keep a copy of the preapproval letter with you, printed or on your phone. This will help your purchase process move smoothly and quickly get you on the road 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.