Automobile Buying & Dealer References
Attaining an Auto Loan at Gulf Coast Educators FCU
NOTE: Most auto loans can be completed in one trip and processed within 30 minutes. Vehicle Buying ReferencesUse the following references to help you with automobile purchasing. Dealership
List If there is no name listed, contact the dealership and ask for the fleet manager or credit union manager. [TOP]
Tips On...Buying a New Car [TOP]A car is one of the most important and costly purchases you may make. By preparing yourself before you start shopping for a car, you can make the buying process much easier. Besides helping you decide what is best for you, your research and preparation will help you get the best deal. Decide What You Can Afford,
Want, And Need Once you have decided on your price range, decide what type of car you want and need. When making this decision, consider how many passengers will be riding in the vehicle and the kind of driving you do. While a sports coupe might be just what you need to get back and forth to work, a larger vehicle may be in order if you need the car to shuttle children to and from various activities. Information Equals Bargaining
Leverage Compare such areas as safety,
reliability, fuel economy, warranties, operating costs, theft rates, general
features, and options when making your decision. Other optional safety features include built-in child safety seats, anti-lock brakes, and traction control. Anti-lock brakes keep the wheels from locking up and skidding out of control when the driver slams on the brakes suddenly, or hits a slick spot in the road. Also, consider whether the car has good outward visibility, and whether or not the gauges on the instrument panel are easy to read. The U.S. Department of Transportation runs a crash test program, comparing how well each vehicle protects the driver and front-seat passenger in a frontal crash, at a speed of 35 mph. The results of these tests can be used to compare cars within weight classes. You can find out about a car's accident history using data collected by the Highway Loss Data Institute in Arlington, Virginia. The ratings are based on the frequency of medical claims filed for specific car models and makes. Reliability. A number of sources compare maintenance costs on vehicles and have compiled information about repairs that are likely with particular models. Information is also available on the number of complaints filed about particular cars. Remember that if you buy a "lemon" that needs constant repairs, you may be protected by "lemon laws" in your state. The car manufacturer may be required to refund your money or repair the vehicle. Maintain a file of every repair order, receipt, and letter of complaint. Fuel Economy. Mandated by federal law, fuel economy has improved over the years. The average fuel economy is now more than 28 miles per gallon. Federal law requires an Environmental Protection Agency label to be placed on the window of every new car, listing average fuel economy for city and highway driving according to EPA tests. The ratings are intended to be a comparison between models. Depending on how and where you drive, your actual mileage may not match the estimates. Warranties. Compare each car's warranty coverage, which may vary widely among car manufacturers. Consider the length of the warranty, mileage limits, and deductibles. Some cars have basic warranties which cover the entire vehicle, while others have limited warranties. Operating Costs. A number of publications offer estimates on what it costs to operate a car in a year's time. These costs vary greatly from one model to another, with luxury cars costing more than economy cars. The factors included in operating costs are fuel, oil, maintenance, and tires. Other costs associated with ownership, which also vary greatly, are insurance, depreciation, taxes, and licensing. Theft Rates. Anyone is susceptible to car theft, but certain cars are more popular with thieves. The primary reason for considering the theft factor is the higher cost of your insurance. The Highway Loss Data Institute compiles data on car thefts, which can be useful in making a decision about buying a car. Insurance is higher for those cars with higher risks of being stolen. General Features. Consider your particular needs when analyzing different vehicles. For instance, if you need a lot of trunk space for hauling groceries, baseball equipment, or boxes of supplies for your office, choose models with larger trunks. Will others be riding in your back seat? You may want to choose a four-door model over a two-door one. What size engine do you need? Smaller engines may give better fuel economy, but larger engines may give better performance. When looking at different types and models of cars, consider the standard features. All the cars of a particular make and model come with a standard package of features. Optional features usually add costs to the car. Some models have more standard features than others. For instance, some models include anti-lock brakes as a standard feature; in others, they may be optional or may not be available at all. Options. Numerous options are available for cars, in any number of different packages, or they can be ordered separately. One option may be so important to you that it determines the type of car you buy. Give Yourself Flexibility
A number of cars are "twins;" they have the same engine and
chassis but different names and styling. One model may be less expensive or
offer more standard features than its twin. By narrowing the choice to several,
you maintain your bargaining power. Thus, if you are not able to get the car you
want at the right price, you can negotiate on another car. [TOP] Buyer Beware: Buying a Pre-Owned Vehicle [TOP]Buying a used car can be a trying and nerve racking experience. Your credit union is here to help you take some of the worry out of used car buying. If you are considering buying a used car, your first stop should be Gulf Coast Educators Federal Credit Union. The main reason you should visit your credit union is to research the cost of the types of automobiles you are interested by consulting the “Blue Book” for used car values. This allows you to make informed decisions regarding a purchase and gives you negotiating leverage. While you are at the credit union, you might want to apply for a preapproval on a used car loan. Not only are the rates your credit union offers extremely competitive, but having a definite financing source also strengthens your negotiating position. Now that you are armed with information, you can start looking for the vehicle of your choice. When shopping for a used car, always take a friend who is knowledgeable about automobiles. They can help you inspect the car and also help ease sales pressure. Here are some things you and your friend will want to do when you find a car you are interested in purchasing:
Use these tips when buying a used car and you will reduce the risk of buying a lemon. [TOP] Taking a Test Drive [TOP]Now that new model year cars & trucks are out, it’s time to test drive the car or truck that interest you. Too many buyers forget this critical step. Only by taking a test drive can you determine if the car suits your needs and tastes and has good visibility in every direction, an important safety consideration. If your spouse or someone else will also be driving the car, take them with you to the showroom so they can do a test drive, too. Take a test drive checklist with you to examine important characteristics of the car. Items to include on the checklist are: Visibility. Can you see the end of the hood and the trunk? Does any part of the car block your vision? Can you easily see all the mirrors? Safety features. Check for manual or automatic seat belts, air bags, anti-lock brakes, and child safety locks. Steering wheel placement. Are you comfortable behind the wheel? Is it easy to adjust the steering wheel, the seat, and mirrors? Entry/exit. Is it easy to get in and out of the car from each position? Seating. Does each passenger have plenty of head and leg room? Check rear seats, too. Fasten the safety belt in each position. Each fuel gauge? Try the windshield wipers, lights, turn signals and other functions to see how easy they are to operate. Check the climate controls. Trunk. Is there enough space in the trunk or cargo area? Is it easy to get to the spare tire? Engine. Does it accelerate smoothly? Does it have enough "passing power?" Slow down and speed up a few times to check out the responsiveness of the engine. Does the engine idle smoothly, or does it appear to race? Transmission. If the car has an automatic transmission, does it shift smoothly between speeds, without jolting? If it is a manual, check the feel of the clutch, and the ease of shifting gears. Ride. Is the ride smooth? Does it offer responsive handling that makes you feel comfortable in all road conditions? Parking. Does your car maneuver easily into a parking space? Does the steering wheel turn easily? Parallel park the car. Does any part of the car obstruct your view? Braking. Take the car out to a stretch of empty road, accelerate to about 40 mph and make an emergency stop. Does the car stop in a straight line without pulling to one side? Do the brakes lock up? Steering/handling. When your grip is relaxed on the steering wheel, does the car drift? At highway speeds, does the steering wheel provide a firm feel of the road? Is the car stable when you turn corners? Noise levels. With windows closed, listen to the noise level. Listen for engine noises when accelerating. At lower speeds, listen for road noises and tire sounds. At highway speeds, listen for wind whistling outside the windows. Exterior. Is the car’s finish
glossy and even? Check for evenly aligned body panels and secure trim. [TOP] Vehicle Refinancing [TOP]2nd Chance Financing
Make sure everyone who is listed on the current title is present when you visit us to sign the necessary transfer papers. As always there’s no fee to apply and no obligation. If you have any further questions, please don’t hesitate to contact us. [TOP] Is 0% Financing The Best Deal For You or Should you Take the Rebate? [TOP]
Don't Get Soaked Buying a Flood-Damaged Car [TOP]Since the Gulf Coast is prone to flooding, your credit union and the Better Business Bureau urge new and used car buyers to be cautious of unscrupulous businesses and individuals who may try to sell flood-damaged cars without revealing the vehicles’ history. The BBB recommends the following tips to help consumers determine if a car is flood-damaged: Ask to see the title of a used car. Check the date and place of transfer to see if the car came from a flood-damaged state and if the title is stamped "salvage." Check all gauges on the dashboard to make sure they are accurate, and to look for signs of water. Test the lights, windshield wipers, turn signals, cigarette lighter, radio, heater and air conditioner several times to make sure they work. Also, flex some wires under the dash to see if they bend or crack, since wet wires become brittle upon drying and can crack or fail at any time. Check the trunk, glove compartment, and beneath the seats and dash for signs of mud, rust or water damage. Look for discolored, faded or stained upholstery and carpeting. Carpeting that has been replaced may fit too loosely or may not match the interior color. Check for a well-defined line, or watermark, and for musty odors resulting from mildew. Check out the reliability of the dealer by contacting the Better Business Bureau where the company is located. If the car’s history seems suspicious, ask the dealer or individual directly if the car has been damaged by flood water. Before buying any used car, always get a pre-purchase inspection by a trusted mechanic. The extra cost may save you money in the long run if major problems are discovered. Helpful Services
CARFAX: Order a
CARFAX Vehicle History Report ...your best protection against buying a used
car with costly, hidden problems, including flood damage. CARFAX searches its
nationwide database and provides a detailed report in seconds. [TOP]
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