Buying a Car
Buying a car is fun, but very expensive. And if you don’t know what you are doing, it can also be very confusing. Buying a vehicle is a huge investment, so a lot of time and research needs to be put in to finding you your perfect car.
First – Visit your local credit union to see if you qualify for an auto loan. You will need to bring all of your information with you (driver’s license, social security card, current address, and employment information). From there they will run a credit check to determine how much of a loan you can get. Once you have your pre approved amount, you can move on to the next step!
Second – Determine your own budget. Just because you were approved for a certain amount doesn’t mean that you should get a car that is exactly that much. Look at your income and determine how much of a monthly payment you can afford. Once you know how much you can afford, you can start researching what kind of cars are in your price range. Look at websites like www.autotrader.com and www.cars.com to see vehicles for sale in your area.
Third – Visit dealerships that are on your credit union’s preferred dealer list. These are dealerships that have an established relationship with your credit union and have agreed to give members of that credit union the best deal possible. You don’t have to use a preferred dealer, but it is suggested. Remember not to visit just one dealership, but many so that you can find the perfect car for you. Shell FCU has a website just for members to search for cars from their preferred dealers. You can visit the link below.
Fourth – Once you find the right car, it is time to negotiate. Dealing with car salesmen can be a real hassle, but it can also get you a good deal. Research the type of car you are getting ahead of time so that you know how much you should be paying. Look up the car’s NADA value and don’t pay more than that.
Fifth – After you purchase your car you need to buy auto insurance. Call around to at least three different insurance providers to try to get the best rate possible. Check first with your current insurance provider if you are renting or own a house/apartment. They usually offer better deals when you have a bundle of things.
Buying a vehicle doesn’t have to be scary or confusing. Just make sure you do your research and try to find the best deal for yourself. If you have any questions about buying a car or getting an auto loan, you can contact a loan officer at 713-844-1100.
iDrive is a first time auto loan program designed just for 18 – 24 year olds. This loan will allow you to purchase your very first car, financed up to 100%, without a co-signer. If you meet these four requirements, you qualify!
- You are over 18 years old.
- You have never financed a vehicle before.
- You have had a steady income for the past 6 months.
- You have a Shell FCU account. (Don’t have one? Sign up today!)
For more information about iDrive, click here.
Steps for Buying a Car: