How to Buy a Car or Truck

If you are thinking about purchasing your dream vehicle, you may be considering an auto loan to pay for it. Walking into a car dealership and expecting to haggle your way to a great deal may seem like the best option but we encourage you to consider a better way to find an auto loan.

Hughes can help you figure the real value of the vehicle and provide personal service after you sign on the dotted line. But before you begin the process of buying, here are a few steps you can take to prepare:

Create a Budget

It’s always a good idea to know where your finances stand before committing to a big purchase. Decide how much you can afford and what your monthly payment should be. Will you be buying new or used?

Take Your Time

Research loan rates before you go to the dealership. Shop for a loan that meets your budget instead of shopping for an automobile and then finding a loan. You’ll save money because you’ll be less likely to buy more car than you can afford. 

More Than a Monthly Payment

Remember to take into consideration the bigger picture of loan costs.  Weigh the difference between payoff time and monthly payment. A longer payoff term will give you a lower monthly payment, freeing up money in your budget for life’s other expenses but you will pay more for the vehicle over the life of the loan.

Promotions and Vehicle Upgrades

Let the dealership know you are shopping around. Ask “What’s the best deal you have for me?” Make sure you know what promotions and special rates are costing you in the long run. A free upgrade to the vehicle may not be “free” if dealer financing includes numerous fees from the sales contract that you didn’t expect.

At Hughes, we believe our commitment to our members is bigger than one-time promotions and vehicle upgrades. We don’t switch loan rates based on your credit score. When we give you a rate, it’s not “as low as.” It’s simply one low-interest rate for all approved applicants. Whether you’re a first-time car buyer or looking your second vehicle, Hughes can help get you on the road.

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