Purchasing Your First Vehicle

Back to school is right around the corner! Let’s help find you a reliable vehicle to get you there.  

Here are some helpful tips to review before purchasing your first vehicle.

Research and Set Your Budget

Research and balance your wants and needs in your next vehicle. Your first vehicle is not going to have all the bells and whistles. Set realistic expectations before shopping.

Consider the following questions:

• What are the most important features of the vehicle you are purchasing?
• What features are not needed?
• Do your wants and needs fit within your budget?

Remember, your budget should include monthly payments, insurance, and additional costs for maintenance.

Receive Pre-Approval

Receiving pre-approval prior to purchasing a vehicle can tell you how much you can afford before looking at vehicles and signing a contract. Whether you are purchasing a vehicle from a Dealership or a private party, understanding your budget is important.

Before you shop around, make sure to receive pre-approval or clearly discuss your budget prior to finding a vehicle outside of your price range. This will alleviate being let down by finding a vehicle you love out of your price range.

Shop Around

Whether you are purchasing from a Dealership or a private party, ask questions and consider multiple options. If considering a used vehicle, have the vehicle inspected, if available, before purchasing. If you are purchasing a new vehicle, consider alternative options through other Dealerships that will fit in your budget.

Finalize Your Loan

Choosing your financial institution is an important step. Preferably, the financial institution who you received pre-approval from may be the best option to finalize your loan. If you are purchasing from a private party, ask questions when speaking with your Loan Officer. If you are purchasing from a Dealership, on-site financing may be available. Ask participating Dealerships for Goldenwest Credit Union financing.

Additional Information

Congratulations! You are completing your first vehicle buying experience. Here are some additional tips that may be beneficial to you.

If you are purchasing your vehicle through a Dealership or a private party, consider additional add-ons that may be beneficial. This is also a good time to review your budget again. If you are wanting to purchase a vehicle service contract, extended warranty, or additional protections, this will increase your total loan amount along with your monthly payment.  

When purchasing through a Dealership or a private party, consider adding Guaranteed Asset Protection (GAP) coverage to your financing. Guaranteed Asset Protection (GAP) coverage is used to protect your finances in the event of an accident. The program may reduce or eliminate the gap between what your insurance pays and what you owe on your loan if your vehicle is deemed a total loss. The Dealership you are purchasing from may offer its own GAP coverage through its preferred administrator. Your financial institution will also offer GAP coverage. Coverage through Goldenwest Credit Union offers additional benefits. Click here to learn more.

Let us help make your experience a little easier. Speak with a Goldenwest Loan Officer today.

Call us at 1-800-283-4550 or visit a branch near you.