S3|E21: August Newsletter Recap

A car purchase – or refinance – can shape your finances for years. The good news? A little planning can help you avoid costly mistakes and save thousands. If you're buying or refinancing this year, start with these three smart moves...✍️ Move #1: Know What You Can Actually AffordBefore you start looking at vehicles, start with your budget. What can you comfortably contribute to a car payment month over month? And remember, the reality is that owning a vehicle involves much more than the loan itself. Be sure to also consider these costs:InsuranceFuelMaintenance and repairsParking and tollsRegistration feesUse an auto loan calculator to estimate how much the cost of a vehicle fits your budget. Remember, a lower payment isn't always a better deal if it means a longer loan term and significantly more interest paid over time.💰 Move #2: Get Your Financing Ready Before You ShopYour credit score and financing have a major impact on the total cost of your car purchase.Before applying for a loan:Review your credit report (you can do this for free within BCU’s Digital Banking)Pay down credit card balances if possibleShop around for financing optionsConsider getting pre-approved before visiting a dealershipHaving a pre-approval helps you understand exactly what you can afford and gives you more confidence during negotiations. Sometimes a dealer's low-interest financing offer may require you to give up manufacturer's rebates; while a slightly higher-rate loan combined with available rebates can result in greater overall savings. At the end of the day, compare all financing options before making your decision.💼 Move #3: Do Your Homework and Negotiate ConfidentlyBefore buying a car, research values on TrueCar.com, read reviews and reliability ratings, and compare prices across dealerships. Be cautious of add-on warranties or maintenance packages, always test drive the vehicle, review its history report, and, if it’s used, have it inspected by a trusted mechanic.If you're trading in your current vehicle, compare the value of a dealership trade-in versus a private sale. A private sale often brings more money, while a trade-in offers convenience and simplicity. When it's time to negotiate, keep each part of the transaction separate:Vehicle priceTrade-in valueFinancingAdd-ons and warrantiesAnd most importantly, be willing to walk away if the numbers don't work for you. Don't tell a salesperson the maximum amount you're willing to spend. The more informed and confident you are, the stronger your negotiating position becomes – you got this!👉 Helpful ResourcesGetting started with buying a car        🔗 Read NowBuying or leasing a car        🔗 Calculate NowShopping for a car         🔗 Watch NowBudgeting Tool – Located in your Virtual Library         🔗 Listen NowIn case you missed it…  🎧 Latest Life. Money. You. listen on Apple Podcasts. Listen Now | https://podcasts.apple.com/us/podcast/life-money-you-podcast/id1636521227🎥 Register for our next Podcast Live Event – Car Buying Tips & Tricks – on August 5 @ 11am CT to be in a future episode alongside 500+ others seeking greater financial confidence. Car Buying Tips & Tricks | https://events.zoom.us/ev/AqheBB4-wj0s7MlID-pgfMX0ge48n0N6lzI-wyZKYMRg3-gt38cz~ArPIyQaLjtkxKVsatyLNj9IdxUzw5D4DHNssiMIFn-OBoaCLQJMWVMHPXQ🤝 Need personalized guidance? Our Certified Credit Union Financial Coaches (CCUFC) can help you review your credit, build a budget, and prepare for major purchases like a vehicle. Meet Now | https://baxtercreditunion.my.site.com/bcuwebpg/s/financial-coaches?_gl=1*1rj6uqi*_gcl_au*MTYzMDY2NTIyMy4xNzU5MTY0MzM4*_ga*MTI3NDc2MjUzMS4xNzUxMzg2NTU1*_ga_DJKEQ92T3K*czE3NjI5NTk4NzEkbzI5NiRnMSR0MTc2Mjk2MDMyNCRqNTAkbDAkaDA.*_ga_2D0485LQQD*czE3NjI5NTk4NzEkbzI5NiRnMSR0MTc2Mjk2MDMyNCRqNTAkbDAkaDA.Join our podcast community: https://podcasts.apple.com/us/podcast/life-money-you-podcast/id1636521227Learn more about membership with BCU: https://www.bcu.org/member-resources/join/membership-eligibilityYour host: Dani Buschick, Program Manager & Certified Financial CoachLife. Money. You.® | Helping people discover financial freedom with one-on-one coaching and digital solutions. | Subscribe @ LifeMoneyYou.com Today