Buying a New or Used Auto or Motorcycle
Find the vehicle that fits your lifestyle and your sense of adventure.
Whether you want tips for buying from a dealership or obtaining the perfect loan, we’ll help you find the right deal for you. There are many things to consider before buying a vehicle and planning beforehand can help. Find out the steps you need to take to get the vehicle that’s a perfect match.
Buy or lease?
While some prefer the lower monthly payments of leasing a vehicle, others prefer to buy. The benefit of buying is that there are no mileage restrictions and you own the vehicle.
Calculate if buying or leasing is better for you
Bank or dealership financing?
Getting an auto or motorcycle loan through a dealership can seem convenient, but what you may not realize is that there can be other fees or charges added to the cost of the vehicle. Working directly with a bank gives you the power to negotiate a better price for the auto or motorcycle you want.
While some prefer the lower monthly payments of leasing a vehicle, others prefer to buy. The benefit of buying is that there are no mileage restrictions and you own the vehicle.
Calculate if buying or leasing is better for you
Bank or dealership financing?
Getting an auto or motorcycle loan through a dealership can seem convenient, but what you may not realize is that there can be other fees or charges added to the cost of the vehicle. Working directly with a bank gives you the power to negotiate a better price for the auto or motorcycle you want.
Designate a down payment
Down payments can differ depending on your finances, but larger down payments will get you smaller monthly payments. Making a larger down payment will also save on the amount of interest you will pay over the life of the loan. For new vehicles it is recommended to make a 20% down payment, and for used vehicles a down payment of 10% is recommended.
Find your ideal down payment
Find the right interest rate
The higher your credit score is, the lower your interest rate will be. However, rates can also depend on the loan-to-value of your purchase. If a rate seems too high, see if a larger down payment would help lower your interest rate.
Use our vehicle loan payment calculator
Pick your best loan term
Longer loan terms reduce your monthly payment, but cost you more in interest. The most cost-effective loan terms are typically in the three to five year range.
Find the right loan term for you
Down payments can differ depending on your finances, but larger down payments will get you smaller monthly payments. Making a larger down payment will also save on the amount of interest you will pay over the life of the loan. For new vehicles it is recommended to make a 20% down payment, and for used vehicles a down payment of 10% is recommended.
Find your ideal down payment
Find the right interest rate
The higher your credit score is, the lower your interest rate will be. However, rates can also depend on the loan-to-value of your purchase. If a rate seems too high, see if a larger down payment would help lower your interest rate.
Use our vehicle loan payment calculator
Pick your best loan term
Longer loan terms reduce your monthly payment, but cost you more in interest. The most cost-effective loan terms are typically in the three to five year range.
Find the right loan term for you
Operating costs
When figuring out the real cost of a vehicle, it’s important to remember maintenance, gas, and insurance costs. Adding these up with your monthly payment will give you the total cost of owning your vehicle.
Depreciation
A vehicle’s rate of depreciation is a hidden cost because you don’t realize the effects until it’s time to resell or trade the vehicle. New models can lose up to 20% of their value as soon as they leave the lot. Projecting your vehicle’s resale value will give you a long-term view of your investment.
When figuring out the real cost of a vehicle, it’s important to remember maintenance, gas, and insurance costs. Adding these up with your monthly payment will give you the total cost of owning your vehicle.
Depreciation
A vehicle’s rate of depreciation is a hidden cost because you don’t realize the effects until it’s time to resell or trade the vehicle. New models can lose up to 20% of their value as soon as they leave the lot. Projecting your vehicle’s resale value will give you a long-term view of your investment.
Auto and Motorcycle Loans
From competitive rates, to flexible terms, to personal service, financing a new or used auto or motorcycle with a loan from MidFirst Bank is a stress-free experience.