Atlantic Blog

Time to buy a car? In order to get your best deal, and save the most money, make a plan to avoid these car buying mistakes.

1. Showing enthusiasm. If you act excited, the sellers know they have a unique product you want. The price instantly goes up. Keep that enthusiasm in check until you've driven home.

2. Buying in a hurry. If you buy on your first visit to a dealership, you don't have time to compare. Take your time. Of course, the seller will tell you they have other people interested in the car.  The seller wants you to be anxious to buy.  Be willing to walk away. The price at most dealerships can fall quickly if you move slowly.
3. Financing automatically at the dealership. The dealership may have you believe they are the cheapest place to finance, but not always. Despite what they say, a 0% auto loan might not be the best deal. Before you discuss financing, negotiate your best price.  You could be paying a higher price to receive the 0% rate. The Atlantic Federal Credit Union auto financing team is ready to help you find the best option.

4. Not getting pre-approved. When you get pre-approved for a car loan you can negotiate with confidence. Atlantic has the Blank Check Approval Program. When you get pre-approved we’ll give you a blank check for your pre-approved limit. The process is simple! Just apply for your auto loan over the phone, 800 834-0432, or online. Negotiate your best price, with the car dealer, knowing you have the check to complete the sale. 

5. Being switched to leasing without doing your homework. Because dealerships make a much larger profit if they lease rather than sell, even the best dealership may try to "switch" you. They'll try to convince you leasing is cheaper than buying. In most instances, it isn't. If you want to lease, fine. Just don't do it on the spur of the moment. Beyond the monthly lease payment, make sure you are aware of all the other hidden costs and potential additional charges. 

6. Trading in your old car without knowing its value in advance. A dealership has the right to give you the least for your old car, but you have a right to get the most. Know your car’s value. Do your research.  Look at consumer vehicle values online at NADA.  The value of your car is an important negotiating tool.

7. Not considering a vehicle service contract. When buying a new car and some pre-owned vehicles you receive a limited warranty. What happens after the warranty? A vehicle service contract can absolutely make sense when buying a used car, but also a new car.  Are you ready to pay for unexpected repairs? Not all service contracts are the same.  Do your research. The Atlantic Federal Credit Union Comprehensive CU Certified vehicle protection covers 18,000+ parts. Take your time, compare the cost and value.  A vehicle service contract with Atlantic allows you to get service at an authorized mechanic of your choice, not the dealership. A vehicle service contract can help protect your investment and if it can be transferred to a future owner you will increase your resale value. 

Big mistakes can mean big bucks out the window. Whether you are looking for a new car loan or a used car loan, avoid these mistakes and spend less. 

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