Atlantic Blog

The average cost of a new vehicle today is around $35,000. Whether you're looking for a brand new car or a reliable used ride, you want to get the most for your money. The process can be made easier by following the RAIN method: 

Research - Check out Consumer Reports, NADA and other sources to make sure the vehicle you want is reliable and right for you. Use the buyer’s guide to find the wholesale price -- the price the dealership paid minus any rebates, hold-backs, or incentives. That is the price you'll use to negotiate.

If you’re planning on trading in a vehicle, review NADA and other sources to know the value of your car.

After you do your research and before you head to the lots, talk to an Atlantic Consumer Loan Specialists about the Blank Check Approval. A blank check means more negotiating power for you. The process is simple! Just apply for your auto loan, with Atlantic, over the phone, 800 834-0432, or online. We’ll help you get pre-approved. You will then receive your blank check, issued for your pre-approved limit. Put the check in your pocket. Negotiate your best deal, knowing you have the check to complete the sale.

Ask - Ask the dealership for information about the average cost of upkeep. This information is critical as you examine the overall costs of the purchase. Insurance is another big cost. Contact your insurance company to find out the rates you can expect with the vehicle you are looking to purchase. Even better, take a moment to contact Atlantic Federal Credit Union Insurance and compare quotes to get the best rate.

Investigate or inspect - If you're thinking of buying a new car, tell the salesperson at the dealership that on this trip you will be test driving only and not ready to make a deal yet. This is your opportunity to get a feel for the car. Will it meet your needs? How does it handle? Will you be happy with it for years to come? 

If you're buying a used vehicle, the inspection process is very important. Ask the dealer for a CarFax report. Check out the exterior and interior. Take it for a test drive and see how it handles, how it accelerates and brakes. If everything looks good, take it to a certified mechanic for a full diagnostic check. It may cost you $100, but not only will you get a detailed report of the condition, most will provide you with a list of problem areas and the cost to fix them. This will be helpful for your last step.

Negotiate - Many people find the negotiation process intimidating, but it's important if you want to get a good deal. Pick out two to three dealerships to visit. 

Tell the salesperson that you're checking out other dealerships and the one that offers the best deal will be getting your business. Ask them "What's the lowest price you can offer on this vehicle?” Take that number and visit your other dealerships. See which offer comes in the best. If you still aren’t happy with the offers, tell them what you think is fair based on the research you have done. If they say no, move on. 

Discuss the purchase price of the vehicle before getting into discussions about your trade. Also, having a blank check from Atlantic means the dealer does NOT need to pull your credit. Just let them know that you are a cash buyer.

If the dealer offers you a better rate than what you have with Atlantic’s Blank Check Approval, get it in writing from them before making your decision. Then, talk to your Atlantic Consumer Loan Specialist to see if they are able to match it.

Purchasing a vehicle is probably going to be the second largest expenditure in your life. Being prepared is key to getting the best deal. 

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