Having to buy a car is a pain. It takes time. It takes time away from your regular job. It takes time at night as you research car information. And then when you find a car that you want, it takes time to go to the dealer for the test drive.
If, like me, you’re buying a used car, then there is the stress. You definitely feel like you are rolling the dice. Am I buying the right car? Is everything going to be OK with the car? What is the real history of this car?
I hope I make the right decision.
There is a time investment. There is a stress component. Then there is the trauma of negotiating the deal. You are at the mercy of the dealer. The dealer tells you the cost of the car and they tell you the finance rate. The dealer has the power. If you want to lower your monthly payment, then the dealer solution is easy. Turn a 5 year loan into a 6 year loan. Sure, lower your monthly payments but increase your total costs.
The transmission on my 9 year old car just went sideways. That is stressful. At a crossroad. Do I put more money into a 9 year old car or start again with another car? I elected to get another car.
Time is now critical. I am borrowing a car from my mother in law (1991, 2 door Honda Civic… you can appreciate the need for speed to find another car).
I have worked at Atlantic Federal Credit Union for over a year now and have heard about our Blank Check Approval Program. I asked how I could get one and was told, “Just go online and fill out the application.” Wow! Within minutes I had filled out the form and sent it along. Within an hour I had the loan approved. The next morning I had a check to go buy a car.
With a blank check I had the buying power as the negotiations began. I also had a lower rate (much lower) than the car dealer was offering. (And don’t get me started about 0% interest on new cars.) A “blank check” in your pocket helps provide a little more confidence when you settle on price. It is important to remember, the car dealer wants to sell you the car just as much as you want to buy the car. There is something special to be able to say, “I suggest this is a fair price and I can write a check right now. You sell a car and I buy a car.”
Having a “blank check” was brilliant. Getting the approval was quick and easy. Receiving the check was quicker and easier. This was a different car buying story for me. It was a good story.
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