What Should I Consider Before Getting an Auto Loan?

Get Started

Learn the essentials of what you should know before finalizing an auto loan.

Q: I’m ready to finance a new car. What do I need to know before finalizing an auto loan?

A: Financing a new car will impact your monthly budget for the length of the loan. That’s why it’s important to weigh all relevant factors carefully before making your decision.

Here are some questions to ask before taking out an auto loan.

1. What is the actual cost of this car? 

On some lots, you can negotiate with the dealer for a lower price, while others may slide in last-minute and unexpected fees that will ratchet up the price. Before you sign on an auto loan, make sure you know how much you’re actually paying for your new wheels.

2. Is this the lowest interest rate I can get from any lender without extending the term?

Don’t sign that loan contract just yet! First, do comparison shopping to see what rates you can get from other lenders. Remember: this number will determine how high your monthly payment will be until you own the car outright.

3. What will my monthly payment be with this loan? 

Your monthly payment will be determined by the loan amount, the annual percentage rate and the loan term. You’re best off running the numbers on a potential loan before you close on it to be sure you can afford the payments.

4. Are there available incentives that can lower the cost of this loan?

Ask the lender about any available incentives that can bring down the cost of the car, such as a cash-rebate incentive or dealer cash. Most incentives will only be offered if you ask, so do speak up!

5. Do I really need an extended warranty?

If you’re buying a new car, it probably includes a factory warranty covering the vehicle up to 100,000 miles, so an extended warranty is unnecessary. If you’re buying a used car, have it professionally inspected and get a vehicle report on Carfax.com to see if you really need that extra protection.

Coca-Cola Credit Union auto loans offer great terms*, easy requirements, and a quick application process. Call 404-676-2586, click creditunion.coca-cola.com, or email creditunion@coca-cola.com today to learn more.

Your Turn: Which factors do you consider before finalizing an auto loan? Tell us about it on our Yammer page.

CHECK OUT TODAY'S RATES

CHECK OUT TODAY’S RATES

VIEW ALL

Need a loan for a new car, home, or college education? We can help! Check out our competitive rates and apply today.

AS LOW AS

2.24% APR** APPLY NOW

AS LOW AS

4.00% APR** APPLY NOW

AS LOW AS

10.25% APR** APPLY NOW

Our top priority is the health and well-being of our members and team members, and we are actively monitoring the coronavirus outbreak (COVID-19). Click HERE for branch hours of operation. Click HERE for the most up-to-date information from Coca-Cola Credit Union.

Close

You are now leaving Coca Cola Credit Union

You are linking to an alternate website that is not operated by the credit union. The credit union is not responsible for content on the alternate site. Privacy and security policies of the alternate site may differ from those practiced by the credit union.

You will be redirected to

Click the link above to continue or CANCEL