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What to Consider When Buying a Used Vehicle

Buying a used vehicle can be a smart choice financially, but may take a little more research and legwork than when you buy a new vehicle. When you purchase a new car, often the biggest concern is the price; when you buy a used car there are additional considerations to keep in mind:

1. Conduct research before making the purchase. Browse the local paper or visit websites such as Autotrader.com, Cars.com, or Edmunds.com to find what comparable vehicles are worth. Read Consumer Reports or check other review sites that will help you understand the safety, durability, andreliability of the vehicle. Once you narrow your search, check the estimated value of the car by checking Kelley Blue Book (kbb.com) or NadaGuides (nadaguides.com). 

2. Look for obvious damage to the body of the vehicle and any detailing that may have been done to cover up damage. Look for tire wear; remove the oil dip stick and inspect the oil condition. Check the interior of the vehicle as well.

3. Only purchase a vehicle if you can test drive it for at least 20 minutes. Keep on the lookout for noticeable vibrations, whether the alignment may be off, worn brakes. Make sure the cruise control works as well as all buttons and knobs in the car. Make sure the car provides the comfort, power, and size you’re looking for.

Order a vehicle history report from carfax.com or autocheck.com.

4. Make sure the final sale is contingent on expert inspection by a reputable dealer with experience working on the type of vehicle you’re considering. Another option is to hire a service such as carchex.com where an inspector will inspect the car curbside at the seller’s home or office. 

5. Consider a certified pre-owned vehicle for warranty up to 100,000+ miles typically for $1,000 to $2,000 extra up front. 

The loan officers at My Credit Union are eager to help with your vehicle purchase whether you're buying new or used. Stop by or call today at 888-USE-MYCU (888-873-6928) to inquire about the best rates around.


Why Credit Unions Aren't Banks
 


 

When you walk into our lobby, or call a loan officer, what makes My Credit Union different from a bank isn't immediately apparent. The two financial institutions may offer similar products and services. But the similarities stop there. Crucial differences exist--in ownership, in cost of borrowing money, and in use of services.

* You own your credit union. Credit unions are member-owned nonprofit financial cooperatives dedicated to improving members' lives. More than 90 million members own 7,905 U.S. credit unions with combined assets of $869 billion. Stockholders own banks. Banks make money for stockholders, not for customers.

Credit unions are the only democratically controlled financial institutions in the United States. You and other members elect a volunteer board of directors to oversee the credit union. The manager or president/chief executive officer reports to this board. Bank directors, however, are paid and legally bound to make decisions that benefit stockholders, not customers.

* Credit unions have the best rates. Credit unions price loans, pay interest on funds you've deposited, and charge fees to provide you with high-quality, low-cost services. Banks price products and services to make a profit.

Credit union loan rates also are better. Money market, savings, and interest checking accounts carry higher rates--giving back more to members. Interest rates on credit cards and auto loans average one to one-half percentage points lower than bank rates. Credit unions make consumer loans and some member business loans. Banks offer consumer loans, but really emphasize business loans.

* Credit unions educate members about money matters. They provide publications such as this newsletter to keep you advised of rates, loan sales, and financial trends that affect you.

Because you're an owner of My Credit Union, you have a say in how we do business. Let us know how you think we're doing, and what services you want at your credit union.

 

   

 
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