Auto Loan financing 101

Buying a new or used vehicle is exciting. Here are some things to consider before you start shopping:

• Think beyond your monthly payment
  The cost of owning a vehicle includes insurance, gas, tolls, parking, repairs and maintenance. Remember to include those items into your monthly auto budget.
• Review your credit report
  Each year, you can request a copy of your credit report for free from each of the three credit bureaus.  Those include: Experian, TransUnion and Equifax. Simply visit AnnualCreditReport.com or call  877.322.8228. Once you have your credit report, look for any issues before applying for your loan.
• Understand the responsibility of a co-signer
  Co-signing an auto loan could help you qualify for more car.  However, if you miss a payment, it will damage your credit as well as the co-signer’s credit.
• Read the lease fine print
  A lease can lower your monthly payment, but lease fees and a down payment could end up costing you a lot more in the long run.
• Compare 0% financing to other options
  Do the math first. Cash-back incentives coupled with financing at a lower rate at the Credit Union might save you more overall versus 0% financing with the dealership.