Personal Transportation

Buying a car is a major financial investment and we at North Sydney Credit Union understand that it's also an important personal decision. The first thing to figure out is how much you can afford to spend. The second decision you need to make is what kind of car will best suit your needs. Are you single or a family of five? Will you use it to commute every day or drive only on the weekends? Look at all the options and decide what is right for you.

New or Used

Perhaps you realize that the only way to afford the vehicle of your dreams is to buy second-hand from a dealer or individual. Be cautious in either case. There are many consumer awareness books available. Do your homework. Shop around and take your time. Most of us aren't mechanically inclined, so once you've test-driven the vehicle take it to a licensed mechanic for a final inspection.

Finance

That new car smell can be intoxicating and knowing you won't have any large mechanic bills for a while can be comforting, but most people don't have enough spare money lying around to buy a new car with cash. The next decision will be regarding financing.

When financing, your payment will be affected by whether you will be applying a down payment or not and how long you will be financing your purchase. 

When purchasing a new or used vehicle, think about all costs involved in driving and maintaining a vehicle. Make sure you choose something that meets as many of your needs as possible, while still being something you can afford and enjoy.