If you’re thinking about getting a new car this year, be sure to consider the following …
1. MFCU 😊 (obviously)
- We’ve got 24 hour loan approval
- A promotional car loan interest rate.*
- Choice of payment frequency
- No deposit required 🤗
- If you’re not a member – not a problem – join here online now before you apply for a loan.
2. Know your budget
- Take a look at your budget to see how much you can afford to pay each month. Open up our Loan Calculator which will help you determine how much you can borrow based on your budget for repayments (with the CU you can also choose the frequency of your payments)
- Once you have an idea of how much you can spend each month on a car loan, you’ll have a better idea of what you can borrow and the sales price you can afford.
3. Research is key
- Doing your homework means you can get better bang for your buck. Research the brand of car you’re interested in to ensure you are buying a reliable model, – lets be honest, you don’t want to buy a car that will give some sort of trouble down the line as you will most likely have this car for a period of 3-5 years with a monthly instalment to go with it.
4. Don’t be at the mercy of the dealers
- You have far better negotiation power if you have the funds secured before you go to the garage. You are effectively a cash buyer. Use this advantage to negotiate your way to a better deal. Many dealers will offer a lower price for cash buyers.
5. Added costs
- Insurance, tax and other add-ons can be expensive and vary greatly depending on the type of car you choose. Don’t forget to add these costs onto the purchase price of the car – at Member First Credit Union, we can help you look after this added expense and ensure you are on the road sooner rather than later and avoid the unnecessary scramble for more funds when these expenses crop up.
*Lending criteria, terms and conditions apply.
|WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.|