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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Encourage Your Student to Apply for Scholarships!

  • Jan 27, 2026

Parents, did you know that the rising cost of education (tuition, housing, books and everyday living expenses) is the top concern for today’s graduating high school and continuing education students?Scholarships, like the ones offered by the Ascentra Scholarship Program, are one of the most effective tools to ease their burden, yet many students never apply because they assume they won’t qualify. The truth is, applying for scholarships can profoundly shape your student’s future, and your encouragement plays a major role.Scholarships don’t just reduce the price of college; they reduce stress! Students today often balance full schedules and multiple jobs, which can limit study time, create burnout and affect grades. Even one or two modest scholarships can cut back the hours they need to work, giving them more time to focus on classes, extracurriculars and opportunities that build confidence and career readiness.

Importantly, scholarships also protect both your student’s and your family’s financial future. Every award they secure is money they don’t need to borrow. Over four years, even small scholarships can translate into thousands of dollars saved in interest, giving your student a stronger start after graduation.

What many families don’t realize is that many scholarships go unclaimed each year due to low application numbers. Local organizations, community groups, employers and associations often receive far fewer applicants than expected. That means your student’s chances may be much higher than they think.

Encourage your student to apply early, often and widely. Treat scholarship applications like part-time work that pays off not just this year, but for years to come. Scholarships aren’t just financial help, they are an investment in your student’s success, stability and future freedom.

Ascentra’s Scholarship Program offers fifteen $1,000 scholarships to high school graduates, undergraduates, trade and vocational students each year.

Students can easily apply online by visiting Ascentra.org/scholarships.

Deadline: March 31, 2026

$1,000 scholarships go to:

  • High school student members planning to enter college
  • Non-traditional student members aged 19+ attending higher education.
  • Student members entering vocational school or a college with a trade program

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Encourage Your Student to Apply for Scholarships!

  • Jan 27, 2026

Parents, did you know that the rising cost of education (tuition, housing, books and everyday living expenses) is the top concern for today’s graduating high school and continuing education students?Scholarships, like the ones offered by the Ascentra Scholarship Program, are one of the most effective tools to ease their burden, yet many students never apply because they assume they won’t qualify. The truth is, applying for scholarships can profoundly shape your student’s future, and your encouragement plays a major role.Scholarships don’t just reduce the price of college; they reduce stress! Students today often balance full schedules and multiple jobs, which can limit study time, create burnout and affect grades. Even one or two modest scholarships can cut back the hours they need to work, giving them more time to focus on classes, extracurriculars and opportunities that build confidence and career readiness.

Importantly, scholarships also protect both your student’s and your family’s financial future. Every award they secure is money they don’t need to borrow. Over four years, even small scholarships can translate into thousands of dollars saved in interest, giving your student a stronger start after graduation.

What many families don’t realize is that many scholarships go unclaimed each year due to low application numbers. Local organizations, community groups, employers and associations often receive far fewer applicants than expected. That means your student’s chances may be much higher than they think.

Encourage your student to apply early, often and widely. Treat scholarship applications like part-time work that pays off not just this year, but for years to come. Scholarships aren’t just financial help, they are an investment in your student’s success, stability and future freedom.

Ascentra’s Scholarship Program offers fifteen $1,000 scholarships to high school graduates, undergraduates, trade and vocational students each year.

Students can easily apply online by visiting Ascentra.org/scholarships.

Deadline: March 31, 2026

$1,000 scholarships go to:

  • High school student members planning to enter college
  • Non-traditional student members aged 19+ attending higher education.
  • Student members entering vocational school or a college with a trade program