Whether you’re upgrading, downsizing, or finally saying goodbye to your high school clunker, car buying is a lot more than finding the right set of wheels — it’s also finding the right financing to match. You’ll probably need an auto loan to make it happen. That’s where we shine!
At Utah First Credit Union, we’ve got flexible loans to help you drive off with confidence, whether you’re buying from a private seller or a dealership lot. With competitive rates and friendly humans to walk you through the process, we’ll make sure your car-buying experience feels smooth, not stressful.
Before you dive into shopping, it pays to prep. Here’s what you can do to give yourself a great experience!
Knowing your credit score upfront gives you an idea of what kind of loan terms to expect. Whether your score is rockstar-level or still a work in progress (no judgment here!), Utah First offers auto loans for all credit types. We consider your whole colorful credit story, not just your score!
Best of all, when you check your score ahead of time, you can even do a little credit cleanup before you apply and potentially score better rates. Think of it like tuning up before a big road trip. It’s almost always worth the effort!
As fun as it is to have a new car, your monthly payments can be a buzzkill if you overextend your budget. Figure out how much you can comfortably afford, factoring in extras like insurance, maintenance, and registration so you don’t tragically fall in love with something outside your price range (we’ve all been there). Having a clear budget also helps you shop smarter and negotiate better.
Getting pre-approved for an auto loan takes the guesswork out of car shopping and gives you a shortcut to a smoother car-buying process. It tells you what you can afford, keeps the search focused, and speeds things up when you’re ready to buy. Dealers and private sellers also give more respect (and better deals) when they know your financing is locked and loaded.
No down payment? No stress! It’s still totally possible to get an auto loan. But if you can put some money down, it’ll lower your monthly payments and reduce what you pay in interest over time. Even a small down payment can make a noticeable difference that your future self will thank you for.
Loan terms matter if you care about how fast you pay off your loan and how much you pay each month. Here’s how they shake out:
At Utah First, we’ll help you balance affordability with your bigger financial goals and get the best deal possible. Your success is our success!
The Loan-to-Value (LTV) ratio is the percentage of the car’s value you’re borrowing. Lenders use it to gauge risk, and it can affect your loan terms.
Moral of the story: If you can bump up your down payment, you’ll likely save cash in the long run. Just make sure the amount you save monthly is worth the amount you put down.
Why purchase a car with an auto loan instead of paying cash? Some of the benefits include:
Don’t forget that cars cost more than just the monthly loan payment. Insurance, registration, gas, maintenance, taxes — it all adds up. Plan for them now to avoid the worst kind of surprises later.
When it comes to financing a vehicle through a credit union or a car dealership, credit unions almost always come out ahead. Dealership financing can be convenient, but their rates aren’t always as friendly.
Utah First is a not-for-profit, which means we pass the savings along to you like any good banking BFF would. Pre-approval with us makes shopping easier, and you’ll know you’re getting a deal that’s designed with you — not their bottom line — in mind. With us, you get a financial partner looking out for your needs at all times!
If you’re using your auto loan at a car dealership, it’s super straightforward. With a pre-approval in hand, you’ll know your spending limit before you leave the house. Once the dealer finalizes the paperwork with us, you get to focus on choosing the right ride. Plus, you keep the negotiating power in your corner instead of theirs.
Buying from a friend, family member, or online seller? We’ve got you covered there, too. When you purchase a vehicle from a private seller, you just need a little extra paperwork to verify the title and make sure the sale is legit. We’ll walk you through it all so you can drive off with confidence and a little extra pep in your step.
Ready to roll? Apply now for pre-approval and let Utah First help you lock in the right loan for your budget and goals. Whether you’re buying from a dealership or a private seller, our team will guide you through the process with less jargon and more “ah, that was easy” energy.
Don’t wait — start your application now and take the first step toward a great loan for your next set of wheels!
