BUYING A CAR

What's Old is New Again

The road trip on coastal highways. Exploring the wilderness. Or just getting to and from work or school. Whatever your reason, when it comes time to buy a car, you have a lot of decisions to make, starting with choosing a new or used car.

What’s the right fit for you? A new car or used? Both have pros and cons, but with the same low rates and our online application process, it’s easy to get financing no matter which you choose.

Same easy process for new or used

Whether you want something brand new or something that’s been around the block, you can start the process with an online car loan application through Online & Mobile Banking, and you can expect a response within 1 business day.

Control your shopping experience

No need to spend all day at a dealership or trolling Craigslist. With either our partnership with Enterprise Car Sales or the free AutoSmart website, you can search for the exact new or used car you want from the comfort of home. And it’s easy to complete the loan at the Enterprise location or the dealership, as all the paperwork can be transmitted electronically – no need for you to go back and forth between the dealership and the credit union. 

Buying from a private party?

Even if your perfect car is privately-owned, it’s still easy to get the loan you need. Here’s a handy list of the information and documents you need to gather for the vehicle. We’ll take care of all the paperwork for the DMV, and you’ll get the registration in the mail.

Pros and Cons: New vs. Used

New Cars

Pros:

• Car dealers may be motivated to sell. Manufacturers are apt to offer deals like 0% financing on new models, especially towards the end of the year when the next year’s model is on the way.
• Peace of mind. If it’s new, you’ll have the benefits of a full manufacturer’s warranty.

Cons:

• It’s more expensive.
• New cars depreciate quickly. This is one reason to carefully consider. GAP Insurance pays the difference in case your car is totaled in an accident and the insurance payout doesn’t cover the remaining balance of your loan.

Used Cars

Pros:

• Used cars cost less. If you apply for a loan with SF Fire Credit Union, you’ll get the same low rates for used cars as you would for a new car – which likely means a lower monthly payment.
• You may be able to save time. Especially with a private party sale, a used car loan can be quicker to complete – and at SF Fire Credit Union, we take care of all the DMV registration paperwork on your behalf.
• It might be easier to find a used car. With an ongoing shortage of inventory for dealerships, used car loans  give you flexibility to get the car you need wherever you find it - family, third-party, or a car-buying service.

Cons:

• Some uncertainty on vehicle history. Unless you’re buying a ‘certified pre-owned’ car from a dealership, you will have questions about the condition of any used car. Running a vehicle history report, or “VIN (Vehicle Identification Number) check” is a good way to find any possible problems. You should also be sure to take a test drive, or have it examined by a trusted mechanic.
• Depending on the mileage already on the vehicle, you may not have a manufacturer’s warranty. You may want to look into Mechanical Breakdown Insurance depending on the age and mileage of the vehicle.