Buying a Car
Buying a car is a big commitment. It’s often the second largest purchase you’ll make in life, aside from the purchase of a home.
We’ve been providing auto loans in the Milwaukee community for years, and we have the experience to help.
Where do you begin?
First, you’ll want to figure our how much you can afford to spend. If you plan to buy, think about applying for a loan before you get to the auto lot. Don’t forget to check auto loan rates.
Then, start thinking about the type of vehicle that best fits your lifestyle. You might want to ask yourself:
- Who will be riding in the car? (you, your spouse, your family)
- Where will you be driving? (work, trips, around town)
- How much gas will it use?
- What sort of maintenance will it require?
- How much will your license and insurance cost?
New or Used?
A new vehicle is great – you are its first owner and you will receive the full factory warranty. But you can often get what you are looking for in a used vehicle at a more attractive price.
If you decide that a used vehicle is what you want, be careful. Whether you buy from a dealer or from a private seller, take your time and use trusted individuals, books and websites for purchasing advice. Also keep in mind that most of us aren’t mechanically inclined, so once you’ve test-driven the vehicle, take it to a licensed mechanic for a final inspection, or even better – hire your mechanic to accompany you to the auto lot.
Back-end products
Back-end products are additional financed products that will help cover your vehicle in a variety of ways.
GAP insurance: In the event of a total loss situation, GAP insurance will cover the difference between what you owe and the replacement value of the vehicle. If you owe more on your vehicle than it’s worth, this product is definitely beneficial for protecting your financial health. Plus it comes at a very reasonable cost.
Warranty programs: A warranty program will lower your potential repair costs on pre-owned vehicles for certain types of repairs, and these protections last for years to come! Although these warranty programs come at a higher cost, the benefit can far outweigh the costs of the repair.
Other back-end products: Unemployment protection, credit/life insurance, and disability protection safeguard your loan and credit from unfortunate circumstances.
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