All Utah First branches will be closed on Monday, January 20, 2020 in observance of Martin Luther King Jr Day. Online Banking, our mobile app, and our ATMs will be available for your convenience.
What to Consider When Buying a Car.

What to Consider When Buying a Car

Americans keep their cars for an average of six years; that’s longer than many relationships last. You’ll be more attracted to some cars than others, but base your decision on financial and practical factors to ensure your purchasing decision is sound.

New or used? 
A new car comes with fewer hassles. Maintenance should be minimal for the first few years, and the manufacturer or dealer may cover some of those costs. While you aren’t taking on unknown problems with a new car, make sure to determine what features you need – four-wheel drive, four doors, high fuel economy – before you shop.

Calculate what you can afford
Consumer Reports recommends keeping your total monthly payments to 36% or less of your gross monthly income. Use that figure to estimate what you can afford. Factor in insurance costs as well as taxes, title fees and other costs at the time of purchase, which often can be rolled into the loan.

Weigh your loan options
Getting pre-approved for a loan at the highest amount that you can afford may increase your negotiating power with the seller, since you can show you have the means to make a purchase immediately.

Interest rates can vary widely. A lender like Utah First Credit Union has great low rates and flexible payments for either a new or used vehicle. Their people can help with the ins and outs of financing. There are also websites to help you with your decision.

Shorter loan terms keep interest rates down, while a longer term can mean lower monthly payments. As long as you make payments on time, installment loans like auto loans can help you improve your credit. Once a loan is paid off, the vehicle — and the value it holds — are all yours.

Terri Kaufman, NerdWallet
© Copyright 2015 NerdWallet, Inc. All Rights Reserved


News & Events
Dec 19, 2019 / Credit

The holidays are here. The lights are aglow. And decorations of red and green adorn our homes and communities as we get ready for another year of festivities, fun, and good will toward everyone. It’s a season unlike any other. But it also requires a lot of work. As you shop for the...

Nov 06, 2019 / Money Tips

Here’s a fun fact. This year, Nov. 1 fell on a Friday. That means Thanksgiving (the fourth Thursday of every November) is as late as it can possibly be this year (Nov. 28). Among other things, this means that Black Friday falls just two days before December, and just over three weeks...

Oct 30, 2019 / Money Tips

It’s a cold fall day in Salt Lake City. You’re downtown with friends and pass by a storefront where you see a beautiful new jacket. You take a look at your own (you’ve had it for a while now) and think to yourself, “Sure, it’s only $75, I think I can cover it.” If...

200 E South Temple
Salt Lake City, Utah 84111
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.