Thinking Beyond the Test Drive
Buying a vehicle is one of the biggest financial decisions many people make, especially if it is your first time. Understanding the full cost of vehicle ownership can help prevent costly surprises and set you up for long-term success. A car is more than its sticker price. Monthly payments, insurance, maintenance, depreciation and future life changes all matter.
Before you start shopping, determine your budget and how long you want your payments to last.
If paying cash isn’t an option, getting pre-approved for a loan through your credit union is a smart first step. A pre-approval gives a clear picture of how much you may be able to borrow so you can shop with confidence and avoid shopping outside your price range. Down payment requirements vary by lender and depend on factors such as credit history, vehicle type, loan amount and LTV (loan-to-value). LTV compares the amount you’re borrowing to the vehicle’s actual market value. If the purchase price is higher than the value, you may need to make a larger down payment.
Auto loans typically range from 60 to 72 months, though terms can be shorter or longer. Longer terms may lower your monthly payment but increase the total interest paid. A down payment can help reduce both your payment and overall interest costs.
Leasing is another option. Leasing often offers lower monthly payments but does not provide ownership or equity. Leases typically include mileage limits, customization restrictions, and upfront costs, while a loan allows you to build equity that can be used for a trade-in or future down payment.
The loan payment is just one part of the picture. Be sure to account for additional costs such as the title, registration, taxes, and any additional options you may choose, such as a Route 66 Extended Warranty and other vehicle protections offered by Ascentra.
In addition:
- Fuel expenses can also add up, especially if you have a longer commute.
- If you are financing or leasing, insurance is required, including premiums and deductibles. To fully understand the cost of ownership, it’s important to request insurance quotes before buying.
- Maintenance and repairs are a key part of vehicle ownership. Routine services like oil changes, tires, and batteries add up, and unexpected repairs can happen. Planning ahead helps reduce stress.
- Consider how your life might change in the next five years, is the vehicle you’re considering big enough to grow into? Will it tow the boat or camper you hope to buy someday? We ask this because depreciation matters: many cars lose significant value early, and if you re-sell too early, you may owe more than the vehicle is worth, which is why used vehicles may offer better value.
Always go for a test drive, check for recalls, review vehicle history reports and watch for rebuilt or salvage titles. Taking time to research helps protect your investment.
Buying a vehicle is about more than transportation. It is about choosing something that fits your budget, lifestyle, and future. Ascentra Credit Union is here to guide you every step of the way so you can drive forward with confidence.
Before you head to the dealership, learn more about Ascentra's vehicle loan options or talk with our team to learn how we can help you establish a budget and get you pre-approved, giving you the confidence to be the negotiator.
Personal Data: A Valuable Currency
In the modern internet age, personal data has emerged as one of the most valuable digital assets — a currency that funds connectivity. Consumers are often asked to provide their data to gain access to various convenient services. But these conveniences may come at the expense of the consumer’s privacy and security. This may include fraud, unwanted surveillance, identity theft and other scams that impact millions of people. Unfortunately, data collection is unavoidable, which makes data protection essential.
Here’s what you can do to protect your personal information:
Reduce Vulnerabilities
- Even though it’s nearly impossible to use various services without providing personal information, it’s important to think about potential vulnerabilities for what you share. For example, when using mobile applications, opt out of any unnecessary permissions; a flashlight app shouldn’t need access to your text messages.
Stay Alert for Scams
- Personal data often gets stolen when people fall for common scams both on and off the internet. You can avoid this by staying alert for warning signs, such as threatening or urgent language. Treat all requests for information with skepticism and never assume someone is who they claim to be.
Prioritize Privacy
- Cybercriminals are always looking for easy ways to gain access to someone’s personal information. Social media is one of their first stops because they know some people tend to share more than they should. Don’t make that mistake. Limit what information you make public and set social media accounts to private.
Use Strong Passwords
- Online accounts often have access to highly confidential information. Protect them with strong passwords that meet modern standards. A strong password is long and difficult to guess, avoids repeated characters and is unique to each account.
Remember: Security awareness is vital to protecting personal data, both at work and at home.
Personal Data: A Valuable Currency
In the modern internet age, personal data has emerged as one of the most valuable digital assets — a currency that funds connectivity. Consumers are often asked to provide their data to gain access to various convenient services. But these conveniences may come at the expense of the consumer’s privacy and security. This may include fraud, unwanted surveillance, identity theft and other scams that impact millions of people. Unfortunately, data collection is unavoidable, which makes data protection essential.
Here’s what you can do to protect your personal information:
Reduce Vulnerabilities
- Even though it’s nearly impossible to use various services without providing personal information, it’s important to think about potential vulnerabilities for what you share. For example, when using mobile applications, opt out of any unnecessary permissions; a flashlight app shouldn’t need access to your text messages.
Stay Alert for Scams
- Personal data often gets stolen when people fall for common scams both on and off the internet. You can avoid this by staying alert for warning signs, such as threatening or urgent language. Treat all requests for information with skepticism and never assume someone is who they claim to be.
Prioritize Privacy
- Cybercriminals are always looking for easy ways to gain access to someone’s personal information. Social media is one of their first stops because they know some people tend to share more than they should. Don’t make that mistake. Limit what information you make public and set social media accounts to private.
Use Strong Passwords
- Online accounts often have access to highly confidential information. Protect them with strong passwords that meet modern standards. A strong password is long and difficult to guess, avoids repeated characters and is unique to each account.
Remember: Security awareness is vital to protecting personal data, both at work and at home.
