Getting an Auto Loan from a Credit Union

Buying your very first car is a big milestone. Sure it’s exciting...but it's also pretty intimidating, because your options seem limitless. (And those price tags are so high!) Luckily, buying your first car is not as hard as it seems. You just need to arm yourself with the right information.


Determine Your Budget

The first thing to do, even before car searching, is to establish a realistic budget. Take into account warranties, maintenance, and even gas. You may think that the new Audi A3 is trendy and perfect, but the premium gas it requires may hurt your wallet.


The first thing you should do is determine how much you want to borrow. This includes deciding what type of car you want, and the average price for the car. Additionally, you should determine how much you can afford. A good amount is what you can easily pay over a three-year period. You should also look at your budget and determine the available amount that you have to pay.


Find the Right Car

It’s important to look for a car that fits your lifestyle and falls within your price range. Part of this decision is determining if you want to buy a new or used car. Even low-priced cars cost a lot of money, so it’s important to choose carefully. For any make and model, you have three choices:

  • New vehicles – New cars have obvious advantages—no wear and tear, plus a full warranty. A new car typically costs more than the other choices, depending on what options are added to the base price.
  • Used vehicles – Most non-certified used vehicles cost less than a new or CPO vehicle of the same type, but often show some wear and tear, and can have major or minor problems that may not be noticeable at first. Consider how many miles or years you intend to drive it. The car’s mileage generally has a big impact on its price.
  • Certified pre-owned (CPO) vehicles – These are used vehicles, generally with low mileage, that have been “reconditioned” by a dealer according to the manufacturer’s specifications. CPO vehicles are sold only by dealers affiliated with the manufacturer, with a CPO warranty from the manufacturer that will be honored at dealers across the country. Typically, CPO vehicles cost more than similar non-certified used cars, but usually less than a new one.



Shop for a Loan

Next, you can begin looking for a loan. Many lenders will not guarantee a rate until you sign the papers, but they will give you preapproval for a loan amount and the current rate. You can begin by contacting Robins Financial Credit Union to get pre-approved for a loan and shopping at one of our Preferred Dealerships ensures your savings.


Your first car is a big purchase, but Robins Financial can help prepare you to find the right vehicle and make it yours! Robins Financial offers a special First Time Auto Loan Program that can get you a great competitive rate.

If you’re ready to purchase a used vehicle Robins Financial can help. Learn more about auto loans from Robins Financial. You can also use our online calculators for a quick and easy way to estimate your monthly payment.

It’s time to buy a car. Sounds easy, right?

The truth is, it’s not. It’s far from that. It’s closer to excruciating at times. The thoughts race through your head, “Which car do I need? Which car do I want? Is this the right decision?”

When you’re ready to buy, our friendly staff can walk you through the process. Apply for a loan online today, or stop by any of our branch locations to speak to a representative about your financing options.

If you’re not quite ready to buy, create a savings goal inside of Money Manager and track your savings for a down payment.

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