Clark County Credit Union (Las Vegas, NV)

Should I Hold Off Borrowing Money for a New Car?

Thinking of getting a new (or new-to-you) car? This might be the last time to get in on the exceptional interest rates that have marked our economy for the past few years.

At CCCU, we hear plenty of reasons people are afraid to sign on the dotted line, so we thought we would take this opportunity to talk about auto finance in North Las Vegas and other reasons you might be shy about purchasing a new car.

Can't I Just Take Uber & Lyft Everywhere?

Uber, Lyft, and other car share services are awesome if you use them every now and then. Your lifestyle may be compatible with ride-sharing, if you’re willing to trade the convenience of a car in your garage for the elimination of debt and maintenance. Of course, ride shares are particularly helpful if you find yourself in need of a designated driver or emergency transportation. However, even a short ride with these services can be fairly costly, and rates are only going up.

Let's say an average trip on one of the car services costs you $7 one way. That's $14 roundtrip. If you use this service five days a week, you're looking at $70 per week, and if you need an extra trip to the grocery store, salon, or doctor's office, you can tack on a bit more. With regular use, you could be looking at $100 a week, or $400 a month. But, you're always at the mercy of the car service, and you never own anything to show for your expense.

On the other hand, you could purchase a great, gently used car for a few hundred dollars a month, and that car is available to you whenever you need to hop in and go. No surge prices. No waiting for an available driver. No unexpected minimum ride increases simply because the company feels like charging you more. Getting auto finance in North Las Vegas through CCCU makes it easy.

What if Interest Rates Go Up?

At this point, it is not a matter of if, but when. Low interest rates signal a weakened economy. Fortunately, unemployment is down and consumer spending is up, which means the sluggish cloud of the recession is finally trending upwards.

While it is great to see people back at work, this also means low interest rates can't be sustainable forever. If you're considering buying a car, now is the time to act. In the coming weeks or months, interest rates will likely continue to rise.

When you lock in an auto loan at a low fixed rate, however, you don't have to worry about what the market does. Your monthly payments will stay the same until your loan is paid off.

Contact CCCU for Auto Finance in North Las Vegas

Do you have questions about how the car-buying process could impact your monthly budget? Learn why people turn to Clark County Credit Union to get their auto financing in North Las Vegas. Be sure to use our online Loan Calculator Tool to help you estimate a car payment that will safely fit into your monthly budget. Call CCCU at 702-228-2228 to get started today.

 

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