Ohio consumers are most concerned with manageable monthly payments and economic gas mileage when purchasing a vehicle, according to a consumer survey conducted by the Ohio Credit Union League.
According to the survey, 86 percent of consumers looking to buy a vehicle in 2016 will likely finance it rather than paying cash.
When it comes to making a purchasing decision, 77 percent said monthly payments influenced their choice, while 60 percent said gas mileage. Other leading deciding factors include what the vehicle looks like, vehicle history, and safety ratings.
According to the Federal Trade Commission, purchasing a used vehicle can save consumers a lot of money, but whether buying from an individual or a dealer, it's important to do some homework. Here are a few tips to help you make an informed vehicle purchase.
Pinpoint your needs. - Do you need a four-wheel-drive truck or should you invest in a hybrid car to save on gas? Figure out what make and model vehicle will best suit your needs and financial means before shopping.
Do the research. - Once you pinpoint the makes and models best suited for you, begin comparing options. Take into consideration fuel efficiency, safety rating, consumer reviews, cost of insurance, vehicle history report, and maintenance costs.
Test drive it. - Be sure to test drive a vehicle before making a purchase. Try driving it on multiple terrains and in various traffic and weather conditions, if possible.
Get preapproved. - Before venturing out to vehicle shop, make sure to get pre-approved first. It will save you time and money to know your financial boundaries.
Check with a credit union. - Rather than purchasing items like a warranty and Guaranteed Asset Protection (GAP) coverage at the dealership, check with a credit union. Most offer these items at a lower cost than what you would find at a dealership. Credit unions also offer lower and fewer fees, lower loan rates, and continually have higher service ratings from consumers as compared to other financial institutions.
Whether you're looking for a new car or simply want to refinance, we offer great rates and flexible terms to meet your needs. Contact your Telhio team or apply online today!
To learn more about how a credit union can help you afford life, visit www.aSmarterChoice.org.
