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As a Senior Personal Banker at First Federal Bank, Patricia knows car buying and financing inside and out, including many tips and tricks that will help a customer make sure they get the best deal possible and a car payment they can manage.

"Right now, you could go to a dealership and fall in love with a vehicle, but in all actuality, you might not be able to afford it," Patricia explains. "I work with customers to write out a budget of what they can truly afford before they go car buying."

Start with Your Bank

The key to getting the best deal? Talk to your bank before you ever step foot on the car lot.

When you secure financing beforehand through First Federal, you know exactly what you qualify for – which means you can focus on negotiating the vehicle price, not the loan terms.

"When you come into First Federal, you're getting the best deal from us," Beltran says. "We're not negotiating rates."

It is also important to consider the downpayment when purchasing a vehicle as it will determine your ongoing monthly payment.

"A larger down payment helps reduce the total amount you're financing, and it makes it less likely that you'll be upside down—owing more than the car is worth," Beltran explains.

Think Beyond the Monthly Payment

Smart buyers budget for more than just the car payment. Insurance, gas, maintenance, registration fees, and unexpected repairs all add up quickly. Considering other lifestyle goals is also important when thinking about taking on a new expense, like an auto loan.

"A lot of times customers are still living at home when they get into a car, and then a couple months later they want to move out and rent," Beltran notes. "We don't want to extend them to the point where they wouldn't be able to afford rent."

When at the dealership, two of the most important things that Patty recommends to customers are reviewing every line of the vehicle purchase contract and don't be afraid to ask the salesperson questions, including charges you don’t understand. Lastly, don’t be afraid to negotiate. Unfortunately, it is part of the reality when purchasing a car and will ensure you get the best deal.

The First Federal Difference

Personal Bankers at First Federal don’t work on commission, and loan decisions are made right here in Idaho.

"We are a mutual bank where we make decisions in-house," Beltran explains. "We're going off of not only your credit report, but how your accounts have been handled with us." Plus, First Federal offers a half-percent discount on your auto loan rate just for having a checking account with the bank.

If you're thinking about buying a car in the next few months, start preparing now. Check your credit score, create a realistic budget, and research vehicles online before visiting dealerships.

"Do your homework before you go in," Beltran emphasizes.

Ready to finance your next vehicle? Visit any First Federal branch or call to discuss your options.