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Community Advocacy Organization

Drive Home Happy: Expert Tips for Scoring the Best Deal on Your Next Car

By Betsy Young, MSUFCU Vice President of Marketing & Communications

Drive Home Happy: Expert Tips for Scoring the Best Deal on Your Next Car

Photo Credit-Wix Stock Photo

 


 

Are you in the market for a new vehicle? Follow these expert tips to help you Drive Home or away in your dream car without your finances taking a U-turn.

 

Determine Your Budget

Review your income and expenses to figure out how much car you can comfortably afford. Don’t just add the sticker price into your budget — including monthly payments, registration fees, taxes, fuel, financing, and maintenance costs.

 

Choose Your Financing Wisely

Look for a reputable lender and secure the best interest rate you qualify for. Understand the total loan cost, including interest and fees. Consider making a down payment to reduce the amount you need to borrow, which can save you money in the long run.

 

Buy or Lease?
Deciding whether to buy or lease? Here’s what you need to know:
  • Buying: When you buy a car and finance the purchase, you own the vehicle outright once you pay off the loan. You might benefit from manufacturer or dealer rebates and discounts, and maintenance costs can be lower thanks to warranties.

  • Leasing: Leasing often means lower monthly payments compared to a loan, allowing you to drive a newer car with more features. However, leases typically come with mileage limits and you won’t own the vehicle at the end of your lease unless you buy it from the dealer.

 

MSUFCU Can Help
Whether you’re buying, leasing, or refinancing, MSUFCU offers preapprovals in as little as 20 minutes. Plus, if you finance a new vehicle with MSUFCU from now until August 31, 2024, you can hit the open road with no payments for 90 days. Whether it’s a weekend drive, a day at the beach, or a well-deserved vacation, you can enjoy your summer vacation in a new ride, and keep more money in your pocket.

 

Learn more at Drive Home: msufcu.org/auto90.

 

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