North Alabama Educators Credit Union

4 NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE NAECU.ORG Y OU AND YOUR spouse are strolling through the car lot one Saturday morning and come across the slightly used car of your dreams. Its sticker price seems reasonable, and the bright neon letters promise $0 down and low interest. A er a test drive, the salesman takes you back to his office to draw up the papers. Moments before you're about to sign the dotted line, you look at the final purchase price and financing terms and realize they're worlds apart from what the sticker promised. Sound familiar? Car buyers o en experience this disconnect. Fortunately, you can do a few things to prepare yourself for the car-buying experience and avoid costly surprises. KNOW BEFORE YOU GO Before your trip to the dealership, remember these financial tips: → CONTACT A NORTH ALABAMA EDUCATORS CREDIT UNION LOAN OFFICER ABOUT A CAR LOAN. "We have seen good members with great credit scores near 800 who have been charged an auto loan rate that's four times higher than what they could have received through NAECU," says Greg Olmsted, President/CEO at the credit union. "If we can't offer the best rate, we say so and advise members to finance through the dealer." → RESEARCH THE DEALER'S INVOICE PRICE. Knowing how much the car costs the dealer—rather than just the manufacturer's suggested retail price or list price—is a good starting point if you plan on negotiating the price down. An Internet search can usually provide a reliable estimate of a car's invoice price. That way, you'll have a better idea of how low the salesperson can actually go. → BEWARE OF HIDDEN FEES. If the final purchase price seems higher than it should be, ask the salesperson to explain each fee in an itemized fashion. Fine-print costs such as document fees are o en highly negotiable. When talking cost, always ask if an offered price includes all fees and taxes. IS IT TIME TO TRADE IN YOUR CLUNKER FOR A NEW RIDE? DO YOUR HOMEWORK BEFORE YOU HEAD TO THE CAR DEALERSHIPIT COULD SAVE YOU A BUNDLE. WHEELS AND Deal„

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