What you should know about buying a car or truck

July 17, 2020

Choosing a new vehicle involves several steps. Plan ahead, and you’ll land on the choice that’s right for you.

 

If you are thinking about buying a new (or new-to-you) vehicle, there are many factors you will want to consider before you head to the car lot. Preparing ahead of time can help you avoid making a purchase you may later regret.

 

New cars vs. used cars

As you develop your budget, spend time deciding whether a new or used car might be the better investment.

  • New cars can be ordered to your exact specifications, have never been in an accident, will be under a warranty and should require less in terms of maintenance or repairs for the first few years. The price tag can be higher. 
  • Used cars are typically lower in price than new vehicles, they avoid quick depreciation after purchase and they often include lower associated costs like insurance and registration. You may be able to get more "bells and whistles" for your money.

 

Finalize your budget 

Kelley Blue Book recommends that buyers carefully calculate what they can afford before they begin browsing new cars. Be prepared, however, for costs beyond just the sticker price.

If you’re buying new, the features or accessories you want most might not be included in the basic invoice cost of a car. Other things to think about:

  • Newer cars may lead to rate increases to your existing car insurance policy. 
  • Increases or decreases in your fuel budget for the new vehicle. 
  • Trade-in value of the vehicle you want to sell. 
  • Loan terms like length and interest rate, which determine your monthly payments.

 

Find a car that meets your priorities

Once you’ve set a budget, it’s time to think about what type of vehicle you’d like. The following are some of the most common things buyers look for:

  • Fuel efficiency: Smaller vehicles or cars with alternative fuel sources are ideal for those who want to reduce their carbon footprint or pay less at the pump. Also, you might be eligible for additional discounts for purchasing a green vehicle. 
  • Passenger capacity: That convertible might look great now, but there’s no room for a car seat in the back should you need one in the future. 
  • Safety ratings: Pay attention to crash test results, rollover resistance, recalls for similar models, potential blind spots and level of rear-impact protection. 
  • Performance: Rapid acceleration, super-responsive steering and a turbocharged engine are often attractive to buyers who value performance. 
  • Climate-specific features: Cold-weather packages can be attractive for those in colder climates. 
  • Overall style and appearance: The look, design and even color of the car might be important to you.

 

Financing your purchase

Unless you’re paying cash, you’ll need car financing (also known as an auto loan). Compare several car finance options, from both banks and dealerships, to get the best terms. Read more about choosing the best car loan for you. 

 

If you're ready for your next ride, learn more about auto loans and financing options.

Related content

Alternative investments: How to track returns and meet your goals

High-cost housing and down payment options in relocation

Emerging trends in Europe: An outlook from multiple perspectives

Flexibility remains essential for public sector workforces

4 ways to make practical use of real-time payments

Webinar: Cash management strategies for higher education

Higher education strategies for e-payment migration, fighting fraud

Escheatment resources: Reporting deadlines for all 50 states

Crack the SWIFT code for sending international wires

Addressing financial uncertainty in international business

Risk management strategies for foreign exchange hedging

Payment industry trends shaping that are the future of POS

Managing your finances in the military

Financial checklist: Preparing for military deployment

CancelSave & Close How to financially prepare for a military PCS

Military home ownership: Your guide to resources, financing and more

High-yield bond issuance: 5 traits lawyers should look for in a service provider

Financial wellness webinars

Empowering managers with data automation and integration

Administrator accountability: 5 questions to evaluate outsourcing risks

Hybridization driving demand

What are exchange-traded funds?

Supply chain analysis: Merging technology and commerce

5 risks you need to manage when expanding your global footprint

When small companies buy big: The potential of asset-based lending

5 tips for a successful joint venture

Easier onboarding: What to look for in an administrator

Common pitfalls to avoid in the equipment financing process

Top 3 considerations when selecting an IPA partner

In a digital world, Liberty Puzzles embraces true connection

Luxembourg's thriving private debt market

The secret to successful service provider integration

3 tips to maintain flexibility in supply chain management

Programme debt Q&A: U.S. issuers entering the European market

How to maximise your infrastructure finance project

Luxembourg funds: 5 indicators of efficient onboarding

5 steps you should take after a major data breach

Cayman Islands’ Private Funds Law: What you need to know

Complying with changes in fund regulations

Cybersecurity – Protecting client data through industry best practices

Colleges respond to student needs by offering digital payments

Webinar: Key issues impacting relocation in 2021

Want AP automation to pay both businesses and consumers?

You've got goals, hopes and dreams

Digital banking and cloud accounting software: How they work together

Zelle® for business makes faster payments to realtors at Sunriver Resort

The tools you need to make your business boom.

Can faster payments mean better payments?

Automate accounts payable to optimize revenue and payments

Artificial intelligence in finance: Defining the terms

Why KYC — for organizations

The cyber insurance question: Additional protection beyond prevention

Redefining beneficial ownership in the Cayman Islands

Evaluating interest rate risk creating risk management strategy

Adjust collections to limit impact of USPS delivery changes

What is CSDR, and how will you be affected?

Everything you need to know about consolidating debts

Consolidating debts: Pros and cons to keep in mind

Rule 18f-4: An in-depth look at the derivative risk management program and value-at-risk

Rule 18f-4: The limited use exception

Rule 18f-4 overview: Regulatory framework changes for derivatives

Post-pandemic fraud prevention lessons for local governments

Webinar: Smart habits and behaviors to achieve financial wellness

How running a business that aligns with core values is paying off

Meet the Milwaukee businessman behind Funky Fresh Spring Rolls

Starting a business? Follow these steps

What I learned from my mom about money

Take the stress out of buying your teen a car

I own two electric vehicles. Here’s what I’ve learned about buying and driving EVs.

How I did it: Deciding whether to buy an RV

Car shopping Buying versus leasing your next vehicle

Questions to ask before buying a car

What you should know about buying a car

How to choose the best car loan for you

What you need to know before buying a new or used car

Improving your credit score: Truth and myths revealed

How electronic billing platforms improve government payments

4 restaurant models that aren’t dine-in

Tips and tools for tax season and beyond

Can you take advantage of the dead equity in your home?

CancelSave & Close Planning self-care moments that matter (and how to finance them)

How to identify what technology is needed for your small business

How I did it: Turned my side hustle into a full-time job

How to get started creating your business plan

What is needed to apply for an SBA loan

Talent acquisition 101: Building a small business dream team

Make your business legit

7 tips to help grow your business after launch

How to test new business ideas

Key considerations for online ordering systems

Planning for restaurant startup costs and when to expect them

Staying organized when taking payments

How does an electronic point of sale help your business keep track of every dime?

How to fund your business without using 401(k) savings

How iPads can help increase efficiency in your salon

Tools that can streamline staffing and employee management

The different types of startup financing

Opening a business on a budget during COVID-19

Costs to consider when starting a business

How to establish your business credit score

How to redefine challenges with business collaboration

How to sell your business without emotions getting in the way

Empowering team members

5 steps to take before transitioning your business

10 tips on how to run a successful family business

5 steps for creating an employee recognition program

How to reward employees and teams who perform well

The role of ethics in the hiring process

8 ways to increase employee engagement

The costs of hiring a new employee

How to hire employees: Employee referral vs. external hiring

Give a prepaid rewards card for employee recognition

Email marketing: 10 mistakes to avoid

How business owners are managing during the supply chain crisis

How small businesses are growing sales with online ordering

How to expand your business: Does a new location make sense?

Gift cards can extend ROI into 2022

4 steps that give your business an SEO boost

What you should know about licensing agreements

Essential marketing tools for any business

3 simple brand awareness tips for your business

5 principles for avoiding ethics pitfalls on social media

How a small business owner is making the workplace work for women

5 tips for helping employees raise ethics concerns

The growing importance of a strong corporate culture

Rethinking common time management tips

How to choose the right business savings account

The essential business tips for tax deductions

Meet your business credit card support team

Using merchant technology manage limited staffing

Business credit card 101

5 tips for managing your business cash flow

How Everyday Funding can improve cash flow

Does your side business need a separate bank account?

Business credit card support

When to consider switching banks for your business

Do I need a credit card for my small business?

How to apply for a business credit card

How jumbo loans can help home buyers and your builder business

How a small business is moving forward during COVID-19

Prioritizing payroll during the COVID-19 pandemic

How to choose the right business checking account

5 tips to help you land a small business loan

5 questions business owners need to consider before taking out a loan

Leverage credit wisely to plug business cash flow gaps

How to establish your business credit score

8 Ways for small business owners to manage their cash flow

How to make the most of your business loan

How to accept credit cards online

Do you need a business equipment loan?

Break free from cash flow management constraints

How Lip Esteem is empowering women

When small business and community work together

Community behind Elsa’s House of Sleep

Improve online presence your business

How a family-owned newspaper is serving its community

Honey Luxury Beauté: growing a side project into an eye-catching beauty business

How Gentlemen Cuts helps its community shine

How tenacity brought Taste of Rondo to life

Use this one simple email marketing tip to increase your reach

How a travel clothing retailer is staying true to its brand values

How four women pivoted amidst a pandemic

How community gave life to lifestyle boutique Les Sol

How Shampoo’ed is transforming hair and inspiring entrepreneurs

The San Francisco bridal shop that’s been making memories for 30 years

How Al’s Breakfast is bringing people together

Celebrity Cake Studio’s two decades of growth and success

How a group fitness studio made the most of online workouts

How I pivoted my business during COVID-19

How Wenonah Canoe is making a boom in business last

The business behind environmental sustainability

How a bar trivia company went digital during COVID-19

How to build a content team

Investing in capital expenditures: What to discuss with key partners

3 ways to gain loyalty with your customers

How (and why) to get your business supplier diversity certification

5 ways to build your business through community engagement

Strengthen your brand with modern POS technology

Webinar: How to pay for college

Drivers for changing accounts receivable in 2021

Digitizing receivables to transform B2B rent payments

Webinar: User Management

Webinar: Running eBill Service Reports

Customers self-servicing online

Customer self-servicing online

Ease your transition to remote banking

Case study: U.S. asset manager expands to Europe

Interval funds find growing popularity

MSTs: An efficient and cost-effective solution for operating a mutual fund

Can ABL options fuel your business — and keep it running?

Finance or operating lease? Deciphering the legalese of equipment finance

Collateral options for ABL: What’s eligible, what’s not?

Buying or leasing? Questions to ask before signing a contract

Beyond Mars, AeroVironment’s earthly expansion fueled by U.S. Bank

3 reasons your Luxembourg fund needs an in-market administrator

Cryptocurrency custody 6 frequently asked questions

ESG-focused investing: A closer look at the disclosure regulation

4 questions you should ask about your custodian

BEC: Recognize a scam

Fight the battle against payments fraud

The latest on cybersecurity: Vulnerability testing and third-party software

The password: Enhancing security and usability

Tactical Treasury: Fraud prevention is a never-ending task

4 ways Request for Payments (RfP) changes consumer bill pay

Time is money: Intelligent Payment Routing saves businesses both

Increase working capital with Commercial Card Optimization

How AR technology is helping advance payment processing at Avera Health

3 timeless tips to reduce corporate payments fraud

Digital trends poised to reshape hotel payments

ePOS cash register training tips and tricks

Three healthcare payment trends that will continue to matter in 2022

The surprising truth about corporate cards

Managing the rising costs of payment acceptance with service fees

Digital banking for business: How connectivity improves customer experience

Safeguarding the payment experience through contactless

4 benefits to paying foreign suppliers in their own currency

3 ways to adapt to the new payments landscape

How AI in treasury management is transforming finance

Automate escheatment for accounts payable to save time and money

The benefits of payment digitization: Pushing for simplicity

Cashless business pros and cons: Should you make the switch?

Understanding and preparing for the new payment experience

ABCs of APIs: Drive treasury efficiency with real-time connectivity

White Castle optimizes payment transactions

How a 13-year-old created a clothing line that reflects her passions

How this photography business persevered through tough times

Community and Coffee: How one small business owner is breaking down barriers

Improve government payments with electronic billing platforms

Collect utility and telecom bill payments faster

Maximizing your deductions: Section 179 and Bonus Depreciation

3 reasons governments and educational institutions should implement service fees

Rent payments: What’s changing for commercial real estate

Solutions banks can offer during the COVID-19 pandemic

Sophisticated investors reduce costs with block trading

Protecting cash balances with sweep vehicles

Understanding the role of authorized participants in exchange-traded funds

Tech lifecycle refresh: A tale of two philosophies

Choosing your M&A escrow partner

Employee benefit plan management: Trustee vs. custodian

OCIO: An expanding trend in the investment industry

What corporate treasurers need to know about Virtual Account Management

Avoiding the pitfalls of warehouse lending

Treasury management innovations earn Model Bank awards

At your service: Outsourcing loan agency work

Webinar: Reviving mobility, what to expect

Tailor Ridge eBill case study

Webinar: Navigating today’s work-from-anywhere world

Webinar: DEI tips for transforming your mobility program

ABCs of ARP: Answers to American Rescue Plan questions for counties

Overcoming the 3 key challenges of a lump sum relocation program

Why retail merchandise returns will be a differentiator in 2022

Middle-market direct lending: Obstacles and opportunities

New technology streamlines M&A transactions

4 reasons to consider an independent loan agent

Technology strategies to complement your business plan

IRAs simplified

Omnichannel retail: 4 best practices for navigating the new normal

Integrated receivables management solution supports customer focus at MSC Industrial Supply

Real Good

How one organization is funding equity in the Chicago area

Maximizing your infrastructure finance project with a full suite trustee and agent

Rethinking European ETFs: Strategy wrappers and a means to an end

The client-focused mindset: How to network effectively

How to be prepared for tax season as a gig worker

Is your restaurant Google-friendly?

Leveraging the ASC-842 rule changes in equipment lease accounting

The AI journey in finance: How to make it part of your strategy

4 tips for protecting your business against Coronavirus-related scams

5 Ways to protect your government agency from payment fraud

Proactive ways to fight vendor fraud

The latest on cybersecurity: Mobile fraud and privacy concerns

How to improve your business network security

Government agency credit card programs and PCI compliance

Cybercrisis management: Are you ready to respond?

Business risk management for owners of small companies

Buried treasure: Maximizing analytics for treasury management

Protecting your business from fraud

An asset manager’s secret to saving time and money

What is a CLO?

For small business growth, consider the international market

An investor’s guide to marketplace lending

Alternative assets: Advice for advisors

The benefits of bundling services for Luxembourg regulated funds

The unsung heroes of exchange-traded funds

Refining your search for an insurance custodian

The reciprocal benefits of a custodial partnership: A case study

Preparing for your custodian conversion

Depositary services: A brief overview

Combined strength: Luxembourg and your fund administrator

How to choose the right custodian for your managed assets

The benefits of a full-service warehouse custodian

Bank vs. brokerage custody

3 questions to ask your equity, quant and CTA fund administrator

Business tips and advice for Black entrepreneurs

What type of loan is right for your business?

ABL mythbusters: The truth about asset-based lending

A first look at the new fund of funds rule

3 benefits of integrated payments in healthcare

How RIAs can embrace technology to enhance personal touch

How emerging banking solutions enable better decisions

Banking connectivity: Helping businesses deliver the easier, faster, more secure customer experience of the future

Real-time payments: the next major treasury disruptor

Should you buy a house that’s still under construction?

Unexpected cost savings may be hiding in your payment strategy

Webinar: AP automation for commercial real estate

Webinar: CSM corporation re-thinks AP

Faster payments doesn’t mean faster fraud

Webinar: A closer look at U.S. Bank AP Optimizer

Top tips for card payments optimization

The future of financial leadership: More strategy, fewer spreadsheets

Tech tools to keep your restaurant operations running smoothly

A simple guide to set up your online ordering restaurant

COVID-19 safety recommendations: Are you ready to reopen?

Principles to pursue in revitalizing Accounts Payable

How to improve digital payments security for your health system

Higher education and the cashless society: Latest trends

Government billing survey: The digital transformation of the payment experience

Enhancing liquidity management: 4 benefits of visibility

Top 3 ways digital payments can transform the patient experience

How to accept credit card payments without transaction fees

Webinar: Fraud prevention and mitigation for government agencies

CFO report: Driving growth via new business models and technology

CFO insights: Leading the recovery for sustainable growth

The client-focused mindset: Adapting to differing personality types

CFO survey: A shifting focus on ESG in business

Innovative payroll solutions may help attract hourly workers

Digital receivables to meet changing demand

Save time with mobile apps for business finances

The client-focused mindset: What do clients expect?

3 innovative approaches to ESG investing in Europe

An eco friendly debit card with roots in Haiti

The Anaheim Ballet: Making a difference through dance

Meet the student with a passion for science, helping others and reaching goals

Bringing economic opportunity to underserved communities one home at a time

Community activist achieves dream of home ownership

Achieving their dreams through a pre-apprenticeship construction program

Automated escheatment – learn how to prevent and resolve unclaimed property

Webinar: CRE Digital Transformation – Balancing Digitization with cybersecurity risk

Webinar: Recording of the Central Securities Depository Regulation and Pivot

Delivering powerful results with SWIFT messaging and services

Webinar: CRE technology trends

Webinar: AP automation—solve payment challenges with an invoice-to-pay solution

Webinar: Robotic process automation

Webinar: Economic, political and policy insights

Webinar: CRE treasury leader roundtable

Authenticating cardholder data reduce eCommerce fraud

Webinar: Building digital bridges for treasury optimization

Emerging A/R solutions use artificial intelligence to target efficiency

Start of disclosure content
XX-011 Equal Housing Lender
XX-014 Loan programs: credit + home
WI-031 Bank + USBI disclaimer