Advice & Planning


MCU’s Five Things to Know: Buying a Used Car

Buying a used car is an opportunity to get behind the wheel of a great deal. However, if you’re not careful, you could be driving off with an expensive mistake. To make sure you’re getting the best bang for your buck and a vehicle that will last you for as long as you need, check out our tips below!

1. Shop around. Falling in love with a car can make you want to sign on the dotted line pretty quickly but comparing similar makes and models can help ensure that's you're getting a fair deal. Taking this time will also help you really think about your purchase, opposed to buying with your emotions. To help ensure you’re not overpaying, you can use car buying website like TRUECar and Enterprise.

2. Research the vehicle's history. It may appear practically new but it’s important to look past the car’s paint job and into its history. This includes past owners, use, maintenance and if the car has been involved in any accidents or natural disasters. Running the vehicle identification number (VIN) will help confirm the car's history.

3. Check the warranty. In most cases, auto warranties transfer to the new owner after purchase. In other words, if you buy a car and sell it to a new owner, the warranty will still remain valid for the new owner until the end of the original warranty period. However, it’s important to contact the manufacturer to confirm that you can use the coverage.

4. Have your car inspected by a mechanic. A car may be advertised as being in good condition by a dealership or private owner but getting a second opinion is recommended so you can be sure to make your purchase with confidence. If you take the car to a garage for an inspection, the mechanic will put it on a lift and look for evidence of fluid leaks under the vehicle. Mobile inspectors can't provide this service.

5. Know your financing options! If you’re planning to finance your vehicle, choosing the right option could save hundreds or even thousands of dollars down the road. And while a dealership can sometimes work with you to offer a competitive interest rate, it’s important consider the other aspects of your loan and how they compare to options offered by your financial institution. These include the terms of the agreement, length of the loan and down payment.

When it comes time to make your purchase, MCU members have access to exceptionally competitive auto loans, including:

  • • Up to 125% financing available

  • • Low interest rates

  • • Flexible terms

Today’s Rates

Rates As Low As:
Auto Loan*2.29%
Personal Loan**6.95%
30 Year Fixed3.185%
IRA 18-Month Variable0.05%
Share Certificate 36-Month0.30%

* The APR for auto loans will increase by .50% after consummation if automatic payroll deduction or direct deposit is cancelled.

** The APR for personal loans will increase by .50% after consummation if automatic payroll deduction or direct deposit is cancelled.

***Annual Percentage Yield
Visit our Rates page for more information

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