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Making sure you make the right financial decisions is a priority at OE Federal Credit Union. That includes buying a vehicle. We have a great tool to make the auto-buying process easy, an eBook called "Buying (and Keeping) A Car – From Walking On The Lot To Driving Away."

Buying and Keeping a Car

Making sure you make the right financial decisions is a priority at OE Federal Credit Union. That includes buying a vehicle. We have a great tool to make the auto-buying process easy, an eBook titled: Buying (and Keeping) A Car – From Walking On The Lot To Driving Away. Below are some highlights that we hope will demystify some common auto-buying concepts. Click here to read the full eBook.

First Steps: New or Used

One big question most people ask: do I buy new or used? To help you make up your mind, here are some important key factors:

  • Warranty – Almost all new cars come with a built-in manufacturer’s warranty, and you may even find used cars that still have the original manufacturer’s warranty.
  • Repairs – While you can expect to pay more to maintain a used car than a new one, all vehicles need maintenance.
  • Depreciation – A car is worth less the longer it’s out of the factory. If you’re buying used, the loss that new car buyers experience is your gain.

Choosing a Vehicle

Whether you choose to go new or used, you’ve only just begun making decisions. Your biggest choice comes in deciding what kind of vehicle to get:

  • Resale – Is this a vehicle you plan to own for less than five years? Make sure to look at the potential resale value.
  • Day-to-Day – What do you use your vehicle for on a daily basis? Long commutes? Hauling equipment to the job site?
  • Buying vs. Leasing – Buying it means you’ll take out a loan for the purchase price. Leasing it means it’s essentially a long-term rental.

Financing

Financing is always the hardest part of the auto-buying process. Remember:

  • Research what financing options are available to you ahead of time. The Credit Union can help you with this. Talk to them about getting pre-approved.
  • GAP insurance is a great option as it covers the difference between the total amount of the loan and the value of the car that you owe.
  • Zero percent financing, extended warranties, and a budgeting worksheet are also included in the free eBook.

Buying a vehicle can be the biggest financial decision you make outside of buying your home. You owe it to yourself to do your research and treat this decision with diligence. OE Federal Credit Union wants to help you make the best financial decision. There are peculiarities to every situation, and you deserve to have someone you trust helping you through the vehicle-buying process call (800) 877-4444 or visit your local branch for more information.