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Transit Employees Federal Credit Union

Car Buying Tips

It pays to be informed and prepared to ensure you’ll find the right car and get the most bang for your buck.

Do your research. You need to do your homework. Thanks to the Internet, there are reliable sites that supply a wealth of information on car makes and models, reviews on vehicles and dealerships, pricing, rebates and incentives and negotiating techniques. Take this time to narrow down your search to find the right car and reputable dealerships.

Look into financing at TEFCU first. An experienced representative of TEFCU can meet with you to establish an affordable monthly payment and under most conditions, prequalify you for a loan.

Shop at more than one dealership. If you don’t want to do this in person, you can use dealership websites to view inventory and get an instant price quote. Most people aren’t aware that dealerships typically have an online operation that allows you to make a deal remotely. If you prefer not to buy online, print the online price quotes and ask the dealer if they’ll honor the price quote.

Take a thorough test drive. This is the time to ask the salesperson questions about the car and decide which car is best for you and your family. Don’t focus on the monthly payment. A dealer might suggest a longer loan that fits in your monthly budget. However, you could end up overpaying for a vehicle.

Finance Office. This is where the verbal promises made by the salesperson are carefully put into the contract. It’s also where they try to sell you extras, such as extended warranties, gap insurance, etc. that can wind up costing more than anticipated. If you think you might want an extended warranty, check out what it costs and negotiate for a better deal. Always follow up with a TEFCU Lending Representative to ensure you are getting the best offer.

If you’re planning on trading in your old car, be sure to look up its value on your own. You can get an estimate of your car’s trade-in value from Be sure to print out the details and bring them with you to the dealership. A TEFCU Lending Representative can help.