Empower Your Need for Speed: What to Consider Before Buying Your Dream Car
Published on 9/30/2022
As much as we may hate to admit it, there can be a stark difference between the car of our dreams and the car that makes the most sense for our current lifestyle. For example, a parent of young children may dream of owning a two-door convertible, but practically, a minivan may be what’s best for their lifestyle. That’s not to say that their dream car cannot be bought in the future, but it simply means that their current situation calls for a different set of wheels.
Consider New vs. Used
Once you have decided on the best vehicle for you and your family, it’s time to weigh the pros and cons between a new and a used car. There are a handful of things to consider when determining this decision. First, take into account your financial limit. If you are unable to spend over a certain amount per month, do the math and see how your monthly payment would differ with a used vs. a new vehicle. If you determine that a used vehicle would be the best option, make sure the car market in your area has the make and model of the car you are hoping to purchase. Additionally, be sure to test drive the vehicle before making the leap and have a mechanic inspect the car to ensure the condition of the vehicle matches the seller’s claims.
Now it’s time to consider your payment options. This is the point where Orlando Credit Union steps in to help. Whether you’ve opted for a new or used vehicle, we offer vehicle loans with competitive rates. Take advantage of loan terms up to 84 months, the ability to pre-qualify for your loan before you shop, and the option to finance up to 125% of your vehicle’s value. Plus, with our Wow! Rewards points program, you can earn 1 point per $1,000 in average daily loan balances for qualifying loans each month. To find out more information about Orlando Credit Union’s vehicle loan options, head to the ‘Loans & Credit Cards’ tab on our website.