Special article brought to you by Wasatch Peaks Credit Union
Are you looking to buy a new car and don’t know where to start?
You’ve come to the right place! We’ll tell you all you need to know about auto loans and give you some important tips for making your purchase smooth and hassle-free.
Choosing Your New Car
Before you apply for your auto loan, do some basic research on the type of vehicle you may want to purchase, so you’ll know how much you’ll need to borrow. Let’s take a look at some of the pros and cons of both new and used options.
First, let’s talk about new cars. You’ll have a simpler purchase since the car won’t need to be inspected, and you can anticipate not needing any repairs for a while. Plus, new cars come with warranty coverage typically for their first three years, or 36,000 miles, whichever comes first.
The price is a big factor, especially when you can get a similar car at a much lower cost. You also have to remember that you will experience the car’s initial depreciation. Additionally, you will have higher insurance costs for a new car.
The main upside of purchasing a used vehicle is, of course, the lower price. You’ll also have less depreciation to carry and lower insurance premiums. Plus, you’ll have plenty of research and ratings on the car at your fingertips, so you’ll know what to expect from your vehicle.
However, you may need to have the vehicle professionally inspected and get your hands on a full vehicle history report before moving forward with buying. Even if you do your homework really well, you still run the risk of underestimating repairs or buying yourself a lemon.
Getting Your Preapproval
Come see us at Wasatch Peaks and apply for a preapproval of your loan. This preapproval will help guide your budget and your shopping so you can find the perfect car to fit your needs.
Credit unions consistently offer auto loans with interest rates that are lower than those offered by banks and other lenders. At Wasatch Peaks, you’ll enjoy a great rate, a simple loan application process, and personalized service throughout. Additionally, when you walk into Wasatch Peaks to apply for an auto loan, you’ll be working with people who know who you are and what your financial reality is like. No one will try to push you into a loan you can’t afford.
The loan application process at Wasatch Peaks is simple and quick, and you can even apply for a loan online or through your phone. To get started and learn more about our auto loans, contact our specialists at 801-614-7959 or visit your local Wasatch Peaks branch.