Buy a vehicle? Here’s how to get the best deal

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If you’re looking for a new vehicle, you’re not alone. Demand for new vehicles in 2022 is expected to increase significantly compared to 2021, primarily due to delayed demand caused by a global pandemic. This demand drives some buyers to pay list price or even more for new vehicles. If you’re intimidated by the prospect of the auto market this year, keep reading. We have some tips to make you a savvy buyer and ensure you get the best deal when buying a new or used car this year.

The best place to start is Navy Federal Credit Union. They have a convenient, fully-equipped Car Buying Center with everything you need to kick-start your vehicle purchase, including car buying resources, auto loans, access to a special discount about auto insurance, and more. Add in military incentives and other discounts and you’re well on your way to a hassle-free car buying experience. Here’s how to streamline the car buying process and save the most money with Navy Federal.

Happy senior couple buying a car.

Do your research. Before heading to a dealership to purchase a car, it’s wise to do thorough research to ensure you get a vehicle that will meet your needs and at an affordable price. Here are some questions to ask yourself before you get started.

  • What can I afford? You can use Navy Federal’s auto loan calculator to see what your monthly payment might be. Most savvy financial publications suggest keeping your monthly automatic payment within 10-15% of your take home pay. You should also consider your credit score and how much down payment, if any, you plan to pay for a vehicle.
  • How much will a certain vehicle cost to maintain? This includes gas, insurance, registration fees and maintenance. Check Navy Federal’s Costs of Car Ownership page to make sure there won’t be any major financial surprises after you buy your vehicle. Monthly maintenance combined with your automatic payment should not cost more than 20% of your total net salary.
  • New or used? While buying a used car may fit your budget better than buying a new car, you’ll want to make sure you find out as much about its history as possible and have it inspected by a mechanic. before purchase.

Get pre-approved for a loan. Getting pre-approved for a loan will allow you to shop for a new vehicle with confidence. Pre-approvals let you know the amount of financing you’re approved for and the type of interest rate you can expect to get when you finalize a loan. Knowing these factors can give you an advantage if you are offered dealer financing for a vehicle – you can compare offers and know you are getting the best deal possible. Plus, you may end up with a little extra bargaining power (similar to a cash buyer), which can save you money in the long run. Navy Federal makes the pre-approval process quick and painless, with decisions in seconds.

Consider a car buying service. You can find your next new or used car through Navy Federal’s Car Buying Service, powered by TrueCar. Other perks include extra manufacturer incentives on select vehicles, seeing what others paid for a similar vehicle, and getting a cash offer on your trade-in, all online. If you’re stationed overseas or deployed at sea and shopping for a vehicle, use an overseas car buying service[1] may be a great option for you. Military-friendly car buying services can help you save money, let you buy exactly what you want, and have your vehicle delivered to you in the United States or most US military bases. ‘foreign.

Get a loan. If you’ve already been pre-approved through Navy Federal’s streamlined process, you’re set. Simply bring your check to the dealership when you’re ready to purchase your vehicle. It’s so easy. If you’ve decided to skip the pre-approval process, you can easily apply for a car loan through the Navy Federal mobile app.[2] or online. If you’ve done your homework, you can go into the funding process with an idea of ​​what APR you might qualify for and what you can afford.

Get a car insurance quote. Once you’ve secured financing for your new wheels, you’ll need to protect your purchase with auto insurance. Navy Federal partners with the TruStage® auto insurance program to give members access to a special discount on auto insurance from Liberty Mutual. Benefit from assistance in the event of a disaster 24 hours a day. Plus, Liberty Mutual offers the option of bundling home and auto insurance, potentially saving you even more money.

Don’t let the current auto market deter you from your next car purchase. Prepare for a successful buying experience by doing your research beforehand and using all the tools at your fingertips to ensure you get the best deal on a vehicle. By using Navy Federal’s Car Center and Lending Resources, you’re in great shape to save money and get the vehicle you want.

This article was sponsored by Navy Federal Credit Union.


The views expressed herein are those of the authors and do not necessarily represent the views of TruStage or CUNA Mutual Group. AUT-4668719.1-0422-0524


[1] This link leads to the Navy Overseas Federal Military Automobile Purchase Program, powered by Military AutoSource. The link is to a web page hosted by Military AutoSource. The Navy Federal Credit Union is not responsible for any offer, purchase, lease or service provided by or through the Navy Federal Overseas Military Automobile Purchase Program.

[2] Messages and data rates may be applied. Terms and conditions are available.

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