Have you been considering purchasing a vehicle? Now could be the right time for you to buy.

According to US News, March car sales were off by almost 40 percent compared to the same month in 2019. What does this mean for you? Due to declining sales, dealerships are highly motivated to sell vehicles, but you may not necessarily get the deal that is best for you. Our goal is to encourage you to do your due diligence and buy a vehicle that’s best for your lifestyle and budget. To help you make a smart decision, we’re providing a few tips to ensure you’re well-informed.

Know you have choices

Due to dealerships looking to make up for lost sales, they’re offering flashy, headline-making deals. However, once you take a look under the hood, the deals aren’t as great as they seem. For instance, a cash rebate will be a better deal than 0 percent interest when paired with a low-interest loan as it can lower your monthly payment. Therefore, you can take the rebate and finance with Central Valley Firefighters Credit Union for your best deal.

If the dealership requires you to use their financing, you can finance with the rebate and then refinance your auto loan with us. We will work with you to ensure you receive the best deal on your vehicle. TransUnion reports that car buyers who refinanced their auto loan, lowered their rate by over 2 percent!*

Watch out for GAP Insurance

GAP stands for Guaranteed Asset Protection. What is GAP insurance? It’s optional car insurance coverage that helps you pay off your auto loan in the event that your car is totaled or stolen, and you owe more than the car’s current value. This helps bridge the “gap” between what you owe and what your insurance is willing to pay. For example, say you owe $25,000 on your car but the actual value is $19,000. If you incur a total loss accident, your insurance will most likely only pay the value amount of 19,000. GAP insurance will pay the $6,000 so you are debt-free.

Compare the GAP Insurance from the dealership with what we offer. Dealers often charge each person a different amount. They can set their own prices; which are typically very high in comparison to our policies that are reasonably priced and cost the same for each member.

If you’ve made up your mind to purchase a vehicle, you don’t have to be intimidated by the dealer. Take control of your car buying journey and get pre-approved with Central Valley Firefighters Credit Union. Learn more about our current auto loan offerings and click here. We will help you compare the numbers and guide you to make the best financial decision.

*Information was collected for this article from credible.com and US News. Credit Union does not endorse these sites and simply used content for informational purposes only. Federally insured by NCUA.

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