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4/21/23

Few purchases are as exciting as buying a car. Whether you're in the market for a new vehicle or a pre-owned one, the anticipation of getting behind the wheel of your dream car is something that fills us all with excitement. From researching your options to taking test drives, shopping for a car can be an adventure in itself. But with so many choices, models, and financing options available, it can be hard to know where to start. Fear not, as we're here to guide you through the car buying process, step-by-step. So, buckle up and let's dive in.

 

  1. Get pre-approved: This step sets you up for success. Your loan officer will guide you through the application process, budgeting, and possible payment structures based on your income and personal responsibilities. Knowing how much you can afford for a payment, term, etc. will help you set a budget before going to the dealership. Keep in mind that when you buy a car, you'll also need to pay for insurance, gas, taxes, title, and license plate fees.

 

  1. Do your research: With interest rates on the rise, it's more important than ever to shop around and find the best vehicle for you. Research different makes and models and find out the average price for new or used cars. This will give you a good idea of the total worth or price offered by the seller or dealer.

 

  1. Negotiate: When you find a car you like, negotiate the price with the dealer or private seller. Having pre-approval from your credit union can give you more bargaining power.

 

  1. Complete the purchase: Once you've negotiated a price, complete the purchase. Make sure you have all the necessary paperwork, including the title, registration, and insurance.

 

  1. Set up automatic payments: Consider setting up automatic payments for your car loan through your credit union. This can help ensure that you don't miss any payments and can help you build credit over time.

 

  1. Talk with your loan officer about any other loan questions you may have such as Visa inquiries, refinancing for other vehicle loans, or checking account opportunities. Your credit report was pulled during the lending and application process, so now is the best time to look and see if you’re approved without having to pull credit again.

 

This month, Rosemary Denny, Quantum’s Indirect Lending Manager, sat down with us for a quick and fun interview. Rosemary works at our main branch here in Wichita and is always ready to help with a vehicle loan.

 

How long have you been in the business?  25+ years! Cheers!

What is your favorite dinner / bar spot in town? Somewhere with good food, and enjoyable with family and friends. If there is a patio, all the better!  Bonefish, Bela Luna, Pump House, Dempsey, and Red Rock, come to mind.

What is the best piece of advice you’ve received? Trust your instincts.

What is one thing you think Wichita needs? Mountains and Blue Bonnets.

What is one thing that can make the lending/car loan process easier for our members? Or new indirect members?  Get pre-approved!