Skyline 101: BUYING A CAR
We want to help you with your car buying process. If this is your first time, it's important to come talk to the credit union first. Get the financing in order before you go on the test drive. You want to be sure that you have the right help on your side at the right time.
Frequently Asked Questions:
- How do I know what I can afford?
- The best thing is to talk with a loan officer at the credit union. The loan officer will help you in determining what you can afford.
- The dealer said I should get this special warranty, should I do it?
- While we're not connected to the dealership's warranty program or have specifics, it is important that you conduct your research on what the warranty offers, how it actually works, and can it actually be used if your car breaks down.
- The dealer said it would be "easier" if I financed directly with them, is this true?
- Always remember, the credit union has your best interest in mind. The sale of the vehicle can still happen regardless of who the vehicle is financed through. The credit union can easily cut a check to the dealership in the same day of the loan approval. So, it's quite easy for the credit union to help you.
- How much income do I need to support a car payment?
- In today's world, car prices are exorbitantly higher than they were just a few years prior. Individuals are experiencing car payments near $1,000 per month today. With higher interest rates, you will experience a higher monthly payment. It's important to set a budget and determine what you can afford. Everyone's income is different, therefore there is no single answer; however we can help you identify what makes most sense for you.
- Should I get GAP coverage?
- Whether you get the GAP coverage through the credit union or through your car insurance, it's important to remember that if you didn't put down 20% or more as a down payment, it'll create a peace of mind for you by choosing the GAP coverage. You'll never be upset if you had too much insurance, only if you didn't have enough.
- What interest rate will I get if I finance through the credit union?
- We can provide you with an accurate expectation of what you'll pay. The only thing you'll need to know is where your credit score is so we can provide you with an accurate quote.
How do I apply?
- Submit your application online. Apply for a loan!
- Send in your two most recent pay stubs and a copy of the purchase agreement from the dealership to: email@example.com
- Once approved, we'll call you with an update and have you sign some e-docs to get it closed and provide you or the dealership with funding.
- Drive away in your new car!
We look forward to helping you with your car buying journey!
Yours in exchange,
James A. Higgins, MBA, CUDE
President and CEO