Buying a car is one of the largest purchases most people ever make, which
can make the process intimidating. The best way to make sure you get the
right car with the right car loan is to do your research before you visit
the dealership. Your
credit union can be helpful in assisting you as you explore car loans and decide how
much you can afford to pay. Asking yourself these questions before you
go car shopping can also help you make a smart decision with your car purchase.
How much can I afford to spend?
The monthly payment is what most people focus on when they buy a car, but
while that is certainly a significant factor, it is only part of the true
cost of car ownership. Don’t forget to calculate the upfront costs,
such as a down payment and titling fees, as well as the costs of insurance
and car maintenance. Cars have drastically different ownership costs,
so rather than basing your calculations on your current car, look for
Where can I find the best loan?
Car loans depend on a number of factors, from the type of car you are buying
to your credit score. It’s important to find the lowest rate possible,
as it could save you thousands over the life of your loan. Generally,
your credit union can offer the most competitive rate, as all income generated
from financial products gets reinvested back into member services.
Should I buy new or used?
There is no answer that fits every car buyer, so consider things like your
budget and your preferences. Buying a used car can be a sound financial
decision, depending on the price, mileage, and reliability of the care,
while new cars often come with cost-saving incentives. Some people simply
prefer to drive new or used. Explore all of your options before making
At Westmark Credit Union, we’re dedicated to helping our members
make the best financial decisions possible when considering loans, mortgages,
savings accounts, and more. Get answers to your questions about
car loans in Idaho by calling (208) 523-1071.