General

Buy a vehicle? Here’s how to get the best deal

Buy a vehicle?  Here's how to get the best deal

If you are looking for a new car, you are not alone. Demand for new vehicles in 2022 is expected to increase significantly from 2021, mainly due to a slowdown in demand due to a global pandemic. This demand is driving some buyers to pay the sticker price or even higher for new vehicles. If you’re intimidated by the prospect of the auto market this year, keep reading. We’ve got some tips to make you a smart buyer and make sure you get the best deal when buying a new or used car this year.

The best place for service personnel to start is with Navy Federal Credit Union† They have a handy fully loaded Buy a car Center with everything you need to kickstart your vehicle purchase, including buying a car sourcescar loans, access to a special discount on auto insurance, and more. Add to that military incentives and other discounts and you’re on your way to a hassle-free car buying experience. Here’s how to streamline the car buying process and save the most money with Navy Federal.

Happy senior couple buying a car.

Do your research. Before going to a dealership to buy a car, it’s a good idea to do some thorough research to make sure you’re getting a vehicle that fits your needs and at a price you can afford. Here are some questions to ask yourself before getting started.

  • What can I afford? You can use Navy Federal car loan calculator to see what your monthly automatic payment might be. Most smart financial publications recommend keeping your monthly automatic payment within 10-15% of your net pay. You should also consider your credit score and how much of any down payment you plan to pay for a vehicle.
  • How much does the maintenance of a particular vehicle cost? This includes gas, insurance, registration costs and maintenance. View Navy Federals Cost of car ownership page to ensure that you are not in for any major financial surprises after purchasing your vehicle. Monthly maintenance in combination with your automatic payment should not cost more than 20% of your total pay home.
  • New or used? While buying a used car may fit your budget better than buying a new one, make sure you know as much about its history as possible and have a mechanic inspect it before purchase.

Get pre-approval for a loan. By getting pre-approved for a loan, you can shop for a new vehicle with confidence. Pre-approvals let you know how much financing you’ve been approved for and what type of interest you can expect when you finalize a loan. Knowing these factors can give you a head start when you’re offered car dealership financing – you can compare offers and know you’re getting the best deal possible. Plus, you may have a little extra bargaining power (similar to a cash buyer), which can save you money in the long run. Navy Federal makes the prior approval process fast and painless, with decisions made in a matter of seconds.

Consider a car buying service. You can find your next new or used car at Navy Federal’s Car Buying Service powered by TrueCar† Other benefits include additional incentives from manufacturers for certain vehicles, seeing what others have paid for a similar vehicle, and getting a cash offer for your trade-in – all online. If you are stationed abroad or deployed at sea and are looking for a vehicle, using a overseas car purchase service[1] maybe a good option for you. Custom auto-buying services for military members can help you save money, let you buy exactly what you want, and have your vehicle delivered to you in the United States or most foreign military bases.

Get a loan. If you’ve already been pre-approved through Navy Federal’s streamlined process, you’re all set. Take your check to the dealer when you are ready to buy your vehicle. It’s so easy. If you have decided to forgo the pre-approval process, you can easily apply for a car loan through the Navy Federal Mobile App[2] or online. Once you’ve done your homework, you can go into the funding process with a sense of the APR you might qualify for and what you can afford.

Request a quote for car insurance. Once you’ve secured financing for your new wheels, help protect your purchase with auto insurance. Navy Federal partners with TruStage® Auto Insurance Program to give its members access to a special discount on auto insurance from Liberty Mutual† Benefit from 24-hour claim assistance. Additionally, Liberty Mutual offers the option to bundle home and auto insurance policies, potentially saving you even more money.

Don’t let the current car market stop you from making your next car purchase. Prepare yourself for a successful buying experience by doing your research ahead of time and using all the tools available to ensure you get the best deal on a vehicle. Using Navy Federals Buy a car Center and loans, you are in great shape to save money and get the vehicle you want.

This article is sponsored by Navy Federal Credit Union


The views expressed herein are those of the author(s) and do not necessarily represent the views of TruStage or CUNA Mutual Group. AUT-4668719.1-0422-0524


[1] This link leads to the Navy Federal Overseas Military Auto Buying Program, powered by Military AutoSource. The link is to a web page hosted by Military AutoSource. Navy Federal Credit Union is not responsible for any offers, purchases, leases or services offered by or through the Navy Federal Overseas Military Auto Buying Program.

[2] Message and data rates may apply. Requirements are available.