Perfecting the Car Buying Experience

Owning a car is more than just a convenience – it’s often a necessity. Especially here in Bemidji, Minnesota! Having reliable transportation can greatly enhance your quality of life. However, when it comes to acquiring a vehicle, the experience can be intimidating whether you are buying from a dealership or private party.  That is mostly because most people do not understand how the process works.  In many cases this will be the 2^nd largest purchase you will make in your lifetime behind buying a house.

Our consumer lenders at Security Bank USA have many years of experience in the car loan business and know the process from top to bottom. No question is too small or insignificant. What is fair price?  Is this car going to last?  What problems can be expected down the road?  Should an extended warranty be purchased? Please don’t hesitate to rely on us for advice and shared knowledge. Giving car loans is something we do every day at Security Bank USA. We can walk through each step and help eliminate stress and uncertainty.

Here are some things to consider:

• It is your money.  You spend it on what you want, not what a salesman or dealership wants you to spend it on.
• Consider the advantages and disadvantages of buying new or buying used. 

- Warranty

- Customization

- Maintenance

- Depreciation

- Technology

• Price Shop and Negotiate Wisely! We encourage buyers to try to shop locally, as well as look at what else is available non-locally. Buyers can use those non-local prices to their benefit and still buy local.
• Inspect Thoroughly. When buying new or used, always conduct a thorough inspection, or hire a professional mechanic to assess the vehicle’s condition. Also, check out Carfax.  Carfax can provide great information about the vehicle’s service history, accident history etc.  Most of the dealer websites have a link for Carfax on the vehicles they have. If not, ask for the Carfax information. If they refuse to provide this information, buyers should consider this a red flag. Remember when buying from private Party or some small independent dealers, buyers may have little or no recourse if something goes wrong with the vehicle shortly after purchase.
• Price/Trade in Values. Currently the most common resource used is JDPOWER.COM OR NADA.COM. 
• Factor in Total Costs. Consider the total cost of ownership, including insurance, maintenance, fuel, and potential repairs.

When it comes to purchasing a new or used car, there's no one-size-fits-all solution. It ultimately boils down to individual preferences, budget, and priorities. By weighing the advantages and drawbacks of each option and conducting thorough research, buyers can make a well-informed decision that best suits their needs and lifestyle. Here at Security Bank, we want to help with the process and encourage buyers to give us a call or stop into the Bank. One of our consumer lenders would love to answer questions and offer advice.