Car Buying

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. 


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Replacing Non-Renewable Scholarships

  • Jan 22, 2025

 

Many college students will face a financial reality within the next few months: Scholarships and grants that made the current year affordable will soon come to an end. Some awards are only intended to be applied to the first year of college; others carry renewal requirements, such as a minimum GPA or a specific major, that go unmet.

If fewer scholarship and grant funds are available to you or your student next year, start planning now to make up for the shortfall. Here are some ways you may replace non-renewable scholarships or funds provided by scholarships.

Find new scholarships. Although many scholarships are available to freshmen, you may be able to find scholarships for upperclassmen with a little effort.

If you have settled on a major, start with your academic department or college. Search the department website, visit the departmental office and talk to your academic adviser.  Stop in the campus financial aid office and see what scholarships are offered to students who have your academic and extracurricular interests. Check with professional and pre-professional organizations about scholarship programs to help students in your intended career field.

Look for local and small scholarships like Ascentra’s Scholarship Program. A lot of students tend to compete for national and large scholarships. You may have better luck standing out among applicants for smaller and local awards.

Consider adding work hours. During the school year, you may be able to find positions on or near campus that allow you to prepare for your intended career while earning money. Look for jobs as a teaching assistant, tutor or research assistant. Resident Assistants in the dorms may qualify for reduced room and board costs, while other campus positions may allow you to study during slow times.

There are many opportunities for students to subsidize non-renewable scholarships.  Although it may be difficult to learn about them, it’s worth while putting in the time, research and effort to lower the cost of education.  We suggest turning your scholarship hunt into a part-time job.  Just by committing as little as five hours a week to finding and applying for scholarships can have a big impact on the amount you owe at graduation. 

Ascentra is excited to offer scholarships for high school graduates, undergraduates, trade and vocational students. Fifteen $1,000 scholarships are available each year, and they are renewable for eligible students to re-apply for each year. To learn more about the Ascentra Scholarship Program, click here.

 


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Replacing Non-Renewable Scholarships

  • Jan 22, 2025

 

Many college students will face a financial reality within the next few months: Scholarships and grants that made the current year affordable will soon come to an end. Some awards are only intended to be applied to the first year of college; others carry renewal requirements, such as a minimum GPA or a specific major, that go unmet.

If fewer scholarship and grant funds are available to you or your student next year, start planning now to make up for the shortfall. Here are some ways you may replace non-renewable scholarships or funds provided by scholarships.

Find new scholarships. Although many scholarships are available to freshmen, you may be able to find scholarships for upperclassmen with a little effort.

If you have settled on a major, start with your academic department or college. Search the department website, visit the departmental office and talk to your academic adviser.  Stop in the campus financial aid office and see what scholarships are offered to students who have your academic and extracurricular interests. Check with professional and pre-professional organizations about scholarship programs to help students in your intended career field.

Look for local and small scholarships like Ascentra’s Scholarship Program. A lot of students tend to compete for national and large scholarships. You may have better luck standing out among applicants for smaller and local awards.

Consider adding work hours. During the school year, you may be able to find positions on or near campus that allow you to prepare for your intended career while earning money. Look for jobs as a teaching assistant, tutor or research assistant. Resident Assistants in the dorms may qualify for reduced room and board costs, while other campus positions may allow you to study during slow times.

There are many opportunities for students to subsidize non-renewable scholarships.  Although it may be difficult to learn about them, it’s worth while putting in the time, research and effort to lower the cost of education.  We suggest turning your scholarship hunt into a part-time job.  Just by committing as little as five hours a week to finding and applying for scholarships can have a big impact on the amount you owe at graduation. 

Ascentra is excited to offer scholarships for high school graduates, undergraduates, trade and vocational students. Fifteen $1,000 scholarships are available each year, and they are renewable for eligible students to re-apply for each year. To learn more about the Ascentra Scholarship Program, click here.