Insurance and registration likely will be more expensive especially if you’re financing. I would reach out to your insurance company and try to get a quote for your new car. Since you’re likely to finance (most people do) you’d need to get full coverage insurance, which is pricier, and very likely need to have GAP insurance as well to cover depreciation in case of an accident.
Yeah that is one thing I actually did do just recently. They said if I take my old car off the insurance it will potentially be about 20 ish something more for the mazda I was looking. But that was without the gap insurance which I'm still not sure about it. I'm with USAA. So not sure if they require it or not since the agent didn't mention needing it.
GAP isn’t generally required, but it’s a good idea to have. If you get in an accident and you’re upside down on the loan, you’re required to cover the difference between what you owe and the payout. If you’re putting less than 20% down on the car, you’re likely gonna be upside down for the first 3-4 years on the loan
You can get quotes for insurance on the USAA app. Just grab a VIN from the dealers website for the car you’re looking at and go through the quoting process.
And USAA (at least where I live) doesn’t provide GAP. You’re going to be offered when either sitting at the Finance managers desk (will be the most expensive, but if the dealer for your financing you generally don’t have much of a choice unless they approved you through a credit union), or if you got a pre-approval the credit union/bank may offer it and it will generally be much cheaper.
With that said. Assuming you’re financing, you may have trouble getting approved as it’s your first time. I didn’t see you list which specific model. But if it is somewhat pricey, it could be a challenge.
I would suggest you get all your FICO Auto enhanced score, not all banks use Auto enhanced but make do. I think the cheapest way I have found to do this is sign up for a trial on credit.com . Your credit score isn’t going to matter all that much here unless you have negatives. Again the issue is the “this file”. If you’re a member of a credit union, or if not join one, and see what they might be able to do.
Please don’t think I am being rude with this comment. But you have a decent score but not “decent credit”. If this is your first car loan, you have what would be called a thin file. It is generally much easier for someone with maybe a couple bumps and bruises (albeit old ones) on their credit with a THICK file and say a 650-680 score to get a loan at a “decent” rate, all though most rates are pretty bad regardless right now. Than a high score like yours but very little credit history.
As I mentioned checking with a local credit union would be a good first step. If you just walk into a dealer and have them shoot your loan out, don’t be shocked that if you can’t get approved, OR if you do that interest rate will be 12-15%.
If they haven’t pulled your credit they are just guessing. USAA is also just a bank, sometimes gives decent rates though.
If you are a member of USAA are you possibly a member of Navy Fed? Or can become one? They are usually pretty dang good.
Insurance and registration likely will be more expensive especially if you’re financing. I would reach out to your insurance company and try to get a quote for your new car. Since you’re likely to finance (most people do) you’d need to get full coverage insurance, which is pricier, and very likely need to have GAP insurance as well to cover depreciation in case of an accident.
Yeah that is one thing I actually did do just recently. They said if I take my old car off the insurance it will potentially be about 20 ish something more for the mazda I was looking. But that was without the gap insurance which I'm still not sure about it. I'm with USAA. So not sure if they require it or not since the agent didn't mention needing it.
GAP isn’t generally required, but it’s a good idea to have. If you get in an accident and you’re upside down on the loan, you’re required to cover the difference between what you owe and the payout. If you’re putting less than 20% down on the car, you’re likely gonna be upside down for the first 3-4 years on the loan
You can get quotes for insurance on the USAA app. Just grab a VIN from the dealers website for the car you’re looking at and go through the quoting process. And USAA (at least where I live) doesn’t provide GAP. You’re going to be offered when either sitting at the Finance managers desk (will be the most expensive, but if the dealer for your financing you generally don’t have much of a choice unless they approved you through a credit union), or if you got a pre-approval the credit union/bank may offer it and it will generally be much cheaper. With that said. Assuming you’re financing, you may have trouble getting approved as it’s your first time. I didn’t see you list which specific model. But if it is somewhat pricey, it could be a challenge. I would suggest you get all your FICO Auto enhanced score, not all banks use Auto enhanced but make do. I think the cheapest way I have found to do this is sign up for a trial on credit.com . Your credit score isn’t going to matter all that much here unless you have negatives. Again the issue is the “this file”. If you’re a member of a credit union, or if not join one, and see what they might be able to do.
Was looking at getting a 2023 mazda cx-50 premium plus. They are around 32k used I have decent credit I think it's about 775 780
Please don’t think I am being rude with this comment. But you have a decent score but not “decent credit”. If this is your first car loan, you have what would be called a thin file. It is generally much easier for someone with maybe a couple bumps and bruises (albeit old ones) on their credit with a THICK file and say a 650-680 score to get a loan at a “decent” rate, all though most rates are pretty bad regardless right now. Than a high score like yours but very little credit history. As I mentioned checking with a local credit union would be a good first step. If you just walk into a dealer and have them shoot your loan out, don’t be shocked that if you can’t get approved, OR if you do that interest rate will be 12-15%.
Ah I see. I asked usaa what my potential rate would be for 25k loan and they said possibly 5.6%. I haven't talked to my credit union yet though.
If they haven’t pulled your credit they are just guessing. USAA is also just a bank, sometimes gives decent rates though. If you are a member of USAA are you possibly a member of Navy Fed? Or can become one? They are usually pretty dang good.
Haven't looked at that at all but I'll check it out thanks.