This page contains links to helpful information about buying a new or used car.

The Pit Stop Auto Loan Shop

If you’re in the market for a new or used vehicle, you’ve come to the right place. This page includes sound advice on the vehicle-shopping process.

Here are links to helpful webinars:

“How to Protect Your Vehicle During the Winter Months”

“6 Ways To Know If Your Vehicle Is Lease Turn-In Ready”

“The 3 Most Effective Strategies for Getting the Best Deal on Your Vehicle Financing”

“How an Auto Broker Can Save You Thousands On Your Next Car + Little Known Secrets The Dealership Doesn’t Want You To Know”

If you would like to request a transcript of any of these webinars, please contact us at (609) 631-4300 or toll-free at (800) 449-3221 or via email at info@hamiltonhorizons.org.

Helpful Shopping Tips

   Buying Vs. Leasing

Considering a lease? Vehicle leases offer many benefits, but they also have certain drawbacks. If you’re trying to decide if leasing is the right vehicle financing option for you, check out this overview of the pros and cons of leasing.

   Pros

  • Lower Monthly Payments – With a lease, you pay only for the vehicle’s depreciation during the term of the lease, not the total cost of the vehicle. As a result, a lease’s monthly payments are generally lower than the payments on a vehicle loan – on average, 20% to 25% lower.

  • Sales Tax Savings – When you lease a vehicle, you pay sales tax over the term of the lease rather than in one big payment up front.

  • More Car For Your Money – The lower monthly payments and other savings of a lease can let you afford a newer model vehicle or one that is better equipped.

  • End-Of-Term Options – At the end of your lease’s term, you can turn in the vehicle or purchase it – it’s your choice.

   Cons

  • No Equity – With a lease, you don’t own the vehicle. That means you won’t have the equity that comes with ownership.

  • Insurance Requirements – The insurance requirements on a lease are often higher than with a vehicle loan.

  • Mileage Restrictions – Leases allow you to put only a certain number of miles on the vehicle per year, typically 12-15,000. If you exceed this limit, you’ll have to pay an “excess wear and tear” charge at the end of the lease which may be as much as $.25 per mile.

  • Extra Charges – You may have to pay such charges as a security deposit at the beginning of the lease (usually equal to one month’s payment) and a scheduled termination fee.

Too-Good-To-Be-True Financing Offers

If you’ve ever gone shopping for a new vehicle, you know that there’s a very real danger of paying more than you have to. Take for example the unbelievably low rates on financing packages many dealers offer. Before you sign up for one of these financing programs, be sure to ask these key questions:

  • What is the term of the loan? A loan with a very short term will have higher monthly payments, regardless of how low the interest rate is.

  • How long will the low rate last? Oftentimes, the low rate is only for an “introductory” period that may not last very long at all. And at the end of that period, the rate could go right through the roof. Similarly, the penalty for one late payment could be a significant “bump up” of the interest rate.

  • What is required to qualify for the low rate? Do you have to make a giant down payment, or give up a cash-back rebate? Remember, a vehicle’s purchase price and interest rate are almost never both negotiable. Taking the rebate and financing the vehicle through Hamilton Horizons could be your best deal overall.

Here’s your rule of thumb: Before you sign on the dotted line, call us first to compare our best deal with the dealer’s. It could mean the difference between substantial savings and an acute case of buyer’s remorse!

For more information about our loans, call us at (609) 631-4300 or toll-free at (800) 449-3221.

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Hamilton Horizons Federal Credit Union offers access to TruStage Insurance Services.  For more information, please call 609-631-4300 or toll-free 800-449-3221.