If you’re looking to purchase a new or used vehicle this year, it’s important to do as much research as possible. Here are some important factors to consider.
Budget: Determine how much you can afford to spend on the car. Remember that in addition to monthly payments, you’ll also need to factor in things like gas, insurance, and maintenance.
Financing: Together with the budget, explore financing options. If you’ll be leasing the vehicle, be sure to compare interest rates and terms.
Purpose: Decide what you need the car for. The type of car you’ll need for tasks like daily commuting and family transportation will be different than the car you’d need if you want to drive off-road.
Fuel efficiency: Evaluate the car’s gas mileage or, if you’re looking at electric vehicles, the driving range.
Safety: Check the car’s safety features, including airbags, antilock brakes, stability control, and crash test ratings.
Brand and reputation: Consider the car brand’s reputation for quality, customer service, and resale value.
By taking the time to consider these factors, you can rest easy knowing that your new or used vehicle will be worth the purchase price for years to come.
Since 1999, GrooveCar has been the leading provider of automotive lending solutions for credit unions. Our suite of products and services empower credit unions to close more loans while enhancing the member experience. We are fully committed to the success of our credit union partners. Additional information can be found here.