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Car Buying Made Simple(ish)

August 13, 2018 Buying a car is a big deal — hey, those things are expensive! And even if picking out a vehicle is one of your most favorite things ever (we know you’re out there and would love your help on a future purchase!), it can still be a bit stressful to navigate researching and buying a car. But never fear: Summit’s got three tips to help make the process as fast and easy as possible. Step 1. Decide if now’s the right time to buy. Sure, sometimes you just need a car N-O-W, but other times a car purchase falls more into the “wouldn’t it be nice?” category. If that’s the case for you, make sure you’re thinking about your current situation and any upcoming changes that could make it harder (a child heading to college) or easier (a new job with a fatter paycheck) to add this expense. A tool that can help: Summit’s Car Buying Budget worksheet online in our . Step 2. Get pre-approved. What you think your budget can handle and the amount you can get a loan for could be two different things. Don’t guess how much you can borrow, find out. Fill out our easy or set up a face-to-face with a Summit lending specialist. They’ll be happy to walk you through your options. Step 3. Choose your vehicle. Once you’ve nailed down your budget, it’s time to pick out a vehicle. Ask yourself the following: What features matter? Consider how you typically use your vehicle. Do you participate in carpool, have more than two kids or haul supplies for work? A minivan or some kind of SUV might be calling your name. Do you take a lot of long-distance trips? Maybe comfort, a great sound system or amazing gas mileage matter most. And consider who’s likely to be using the vehicle most of the time. Our vote is that the most frequent occupant(s) should get the most say, but we’ll leave that up to you to negotiate! What will it cost to own this car? The monthly loan payment is just the beginning; think about depreciation, gas, maintenance/repairs and insurance too. Check out our earlier with a three-step plan to get a handle on car-related costs.  And think about this: a car that seems out of your budget might actually be more affordable than you think when you compare these expenses. Which vehicle drives better? All the online research in the world can’t replace actually getting into a vehicle. Check out multiple vehicles and do your test-drives back-to-back so it’s easier to compare. Schedule test-drives on a weekday morning when car lots tend to be empty. Stress that you’re still in the research phase of your car purchase (which could make it easier to avoid spending more time than you’d like with sales staff). Summit has two great tools that can help pick a vehicle: Our  is like having a personal assistant to help you find a car and a loan. Or use Summit’s   to research vehicles, rebates and loan deals. Your best vehicle is out there waiting! And Summit’s here to help get you behind the wheel. Smart money tips brought to you by , Summit’s exclusive financial wellness program. You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! 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