Why you should apply for a loan before you shop for a car
One of the main things I tell members when they are looking at purchasing a vehicle is to secure financing prior to going to a car dealership. Buying a car can be very stressful and you want to make sure that you have complete clarity when it comes to finding the right vehicle for your needs. What model? What color? How many miles? What options? Do I need this or that? Etc., etc., etc. Discussing your budget with a loan representative and finding the comfortable payment amount for your budget is more important than any of those questions.
No matter whether you are purchasing the vehicle through a dealership or individual seller, financing ahead of time is much easier! Many lenders have products and services to help you protect your vehicle such as guaranteed asset protection (GAP), mechanical breakdown protection, etc. By securing your loan before you purchase your vehicle, you will feel less pressured when considering these options. And when you get your loan through GCU, we offer these products and services to you at below market prices as we feel it is very important for our members to protect their assets!
Here are the easy steps to secure financing for the vehicle…
- Do your research on vehicles before applying so your loan expert has an idea what you are looking for
- Apply for your auto loan
- Feel comfortable with the approved amount of your loan, payment amount, and loan term
- Find vehicle of your dreams!
- Negotiate price of vehicle with seller/dealership
- Obtain vehicle purchase contract to finalize financing with your lender
- Drop off or send vehicle purchase contract to your loan representative
- You’ll then schedule your closing and pick up your check for the seller/dealership
- Drive away in your new vehicle!
For a private party sale, some additional items would be needed such as…
- Bill of Sale
- Vehicle Title at closing
A knowledgeable loan representative can give you additional details and requirements for a private party sale.
If you’re ready to get started, our loan representatives are here to help. Apply for your auto loan now by going to https://www.guardiancu.org/lending/apply/, calling 414-546-7450 x2001, or by visiting your local branch.