Wescom Financial
Wescom Credit Union | Building Better Lives for Southern Californians

Gearing Up to Buy a Car

Set Real Expectations for Car Buying

Gearing Up to Buy a Car | Wescom Credit Union

Buying a new or used car is a major financial decision for most of us — but it's actually one you can plan for quite well. Incorporating a new car payment into your existing budget can be simple and stress-free given the right preparation to save for an impactful purchase.

  1. Set a manageable budget, first. Figure out how much you can spend to narrow your search upfront. If you have your heart set on a car that is slightly out of budget, consider placing a down payment or trading in an existing vehicle with positive equity value. It's encouraged you put down 10 to 20 percent when purchasing a used or new car.
  2. Use Wescom's online Financial Calculators. Calculate a vehicle payment, compare monthly payments and loans, and more so you can narrow your focus on the car you really need and want.
  3. Stick to a savings plan. Consider opening a new savings account and setting up automatic payments dedicated to your new car so you can get a sense of how much it will be over time.
  4. Factor in car insurance. Make sure to also include car insurance and maintenance fees into your budget.
  5. Apply for a Wescom Auto Loan at wescom.org/Loans/Auto-Loans for competitive rates, discounts for insuring your car with Wescom, and online or in-person concierge car buying options.
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