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Check Out These Tips to Stay in the Driver's Seat

By: One Nevada Credit Union / 24 May 2018
Check Out These Tips to Stay in the Driver's Seat

Keep in Mind Before you Sign

1) Buy based on the total price; not just the monthly payment
When we buy a car, most of us figure out how much we think we can afford monthly and then often end up spending a little more. Especially when we're standing there looking at that shiny new ride on the lot. Buying based on the monthly payment versus the total purchase price can end up costing you way more in the end. Here's how.

Let's say you can afford up to $300 a month. If you buy a car for $22,000 and finance it for 3.50% APR, your payment would be about $300 month. The problem is that it'll take you 8 years to pay it off. Plus, that $22,000 car will end up costing you nearly $25,000 in total, including the purchase price and interest. To get the best total price, we recommend financing for no more than 60 months, which may mean buying a less expensive ride.

  60 months 72 months 84 months
Monthly Payment $400 $339 $296
Purchase Price $22,000 $22,000 $22,000
Interest Paid $2,013 $2,423 $2,837
Total Price $24,013 $24,423 $24,837

Try our Car Payment Calculator

2) 0% APR may not be for everyone
Hey, we get it. A 0% annual percentage rate (APR) can sound like a great deal. The downside is that 0% is often only offered to those with above average or excellent credit scores. Once they're at the dealership, average credit shoppers often discover they don't qualify for 0% APR, and then they're presented with a higher interest rate.

Our advice? Either get pre-qualified for financing before you go to the dealer or ask the dealer to give you quotes from multiple financial institutions, including your local One Nevada Credit Union. And remember, if you don't like the rate you're presented, shop around.

3) Ask about rebates and incentives
Be sure to compare the latest car incentives being offered at dealerships in your area. Better yet, do your homework before you make the purchase. keeps car shoppers informed with regularly updated information on cash rebates, financing offers, and leasing deals that are currently available on every make and model. Browse car incentives and rebates by zip code, manufacturer, or vehicle. Compare incentives and rebates on different models you are considering to make certain you get the best deal on your next automotive purchase.

4) Know what insurance costs
Before you sign on the dotted line, it's smart to check out what it will cost to insure that new ride. Depending on the vehicle make and model and your driving history, your insurance costs could increase significantly affecting your overall monthly budget. You get extra points for checking out the insurance costs of a few different vehicles before you hit the lot to make the best overall choice. Give One Nevada Insurance a call at (702) 641-4346 for your free quotes today.

5) Consider One Nevada Financing
We always recommend getting pre-qualified for a loan before you shop. That way you know exactly how much car you can afford and can negotiate pricing with the dealer. Plus, you can save the hassle at the dealership and save money at the same time with our three-step approval process online.

If for any reason you are unable to do so with us or your lender of choice, make sure you know your options before you lock in the loan. The dealer should have several financing options for you including the automaker and local banks or credit unions they frequently use to obtain a loan for their buyers. Just be sure you ask for One Nevada's rate before you make your final decision.

Our current loan rates as of Tuesday, May 2:
New & Used Autos APR* 5.99% - 20.24%**

*APR = Annual Percentage Rate and are listed "as low as." Mortgage rates excluded, call for APR.
**Rates are determined by individual credit standing, collateral age, collateral value, and loan term. No payments for 90 days is valid for qualified individuals who finance directly with One Nevada. Rates and repayment terms may vary when financing through a local dealership.


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