Buy A Car

A new auto purchase can be stressful for some and frustrating for many, especially for first-time buyers. Before you walk the showroom floor, there are a few things you should know to help save you money when it comes to signing on the dotted line. (Apply now...)

Getting a great rate is an important part of the auto-buying process, but there are a few things to consider before financing your new purchase. Remember that promotional rates advertised by dealers are generally for specific makes and models and are usually only available to those with exceptional credit. Your Credit Union’s rates are good on all makes and models, and reasonable rates aren’t just available for those with squeaky-clean credit. One thing to consider, too, is that promotional rates are generally for shorter terms. For instance, most people don’t want to repay a $30,000 truck in 24 months because it makes their payments skyrocket. Low-rate loans are available in extended terms at your Credit Union. In addition, your loan payment can come conveniently from your checking account; which cuts down on late fees. Lastly, dealer’s sometimes offer rebates on the price of the vehicle. This means you can either take the rebate or their promo rate, but usually not both. Mix together the dealer rebate and your Credit Union financing, and you’ll cook up a payment that even Mom would be proud of.

Use this calculator to compare taking the rebate vs. 0% financing (Calculator #30).

Don’t let ads of "low-rate" financing stop you from shopping around for the best car loan rate. Dealer financing that promotes a low annual percentage rate is meant to get you in the showroom and usually means that such a low rate is only tied to a select few models. You may be faced with high monthly payments, the vehicle you want may not be available at that particular rate, or there may be hidden charges revealed once the deal is on paper.

Always compare Jefferson Financial’s lending rates to the dealer’s . Our rates are intended to offer you the best possible deal without focusing on a profit. If you’re looking for a simple uncomplicated answer to what your rate will be, contact us. We offer new and used rates with a variety of terms to fit your need. Don’t count us out if you’re interested in a lease. Members prefer our lease look-alike program, Payment Advantage , because it allows them to purchase the vehicle they want with a significantly lower payment.

The worse thing you can do is shop unprepared. With a pre-approval from Jefferson Financial and a little homework, you will get the best deal. Whether you are interested in an SUV or a family van, Jefferson Financial can provide you with some valuable information on the vehicle of your choice.

Every vehicle has what’s called a MSRP-Manufacturer’s Suggested Retail Price . This is what the maker suggests that the dealer sell the car for. However, there’s also an unadvertised Invoice Price that comes along with that vehicle. This is the amount the dealer actually paid. The difference can be phenomenal, sometimes thousands. Knowing what the dealer’s profit could be is a handy tool when it comes to negotiating a price. Our financial service representatives can provide you with MSRP and invoice information on your vehicle. Also, buy a safer vehicle by checking out the N.H.T.S.A web site. You can access crash test scores, safety features, or theft ratings for vehicles through the N.H.T.S.A site.

Some dealer financing plans have penalty fees for early payoff. This means that the bulk of their loan’s finance charge is paid early in the repayment term. So, by paying it off early, you may not be saving much at all. At Jefferson Financial, there is never a penalty for paying off your loan early. Our car loans are calculated using "simple" interest, which means the finance charge is assessed on the amount of the loan outstanding. Therefore, if you choose to pay off your loan early, you’ll actually save on the finance charge due.

Some finance companies may offer you the convenience of having your loan payment deducted from your account, saving you from writing a check. Before you sign, check the fine print. Often times these companies tack on a hefty fee to set up an automatic deduction. At Jefferson Financial, we’ll transfer your payment from your account at no charge, or do it yourself at eBranch.

Some extras you may want to consider are Credit Life Insurance, Disability Insurance, Gap Insurance, and extended warranties from Jefferson Financial. These optional services help protect you in the event of death or disability. Gap Insurance is recommended for those who finance 100% of the vehicle. Often times if your vehicle is totaled or stolen, insurance companies will not pay off your balance if it is more than what the car is worth. Gap Insurance protects against you having to come up with that extra money. And, if your car is wrecked or stolen, Gap Insurance provides $1000 credit towards your next auto loan financed at Jefferson Financial!

If you haven’t gotten pre-approved, apply now. Jefferson Financial makes applying easy and quick. We can often process your application in less than an hour during normal business hours. Apply online , call us today at 1-800-259-2471, or fax your application to 504-341-1329. Check out our loan page on this site for some quick details on vehicle terms. If you’re buying from a dealer, you’ll need a purchase agreement. If you’re buying from an individual, you’ll need a notarized Bill of Sale with a copy of the registration.

Now that you’ve made the best deal on the car of your choice, you’re ready to finalize your financing and start enjoying your new purchase. Remember, if you are considering a used car purchase, check out the deals that Enterprise Car Sales has to offer our members. Check what cars they have on their lot right now. Congratulations on shopping smart!