Buying a car can be exciting—but it can also be confusing. At Alcon Employees Federal Credit Union, we want to help you make smart money moves. Here are five common mistakes that can make your car loan cost more than it should.
1. Don’t Shop Just by Monthly Payment
It’s easy to think, “I can afford $400 a month,” but car dealers can stretch the loan or add extra fees. Always focus on the total cost of the car—not just what you’ll pay each month.
Tip: Negotiate the final price, not the payment.
2. Avoid Owing More Than Your Car Is Worth
If you still owe money on your old car, don’t roll that balance into your new loan. This means you’ll owe more than the car is worth—called being “upside down.”
Tip: Pay extra on your current loan or wait until you break even before buying again.
3. Always Ask Questions
Dealership papers can be full of hidden fees and add-ons. Don’t be afraid to slow things down and ask, “What is this charge for?”
Tip: Only agree to fees you understand and want. Once you sign, the deal is final.
4. Know Your Credit Score Before You Go
Your credit score helps decide your loan rate. Don’t let a car dealer tell you what you qualify for. Get pre-approved with Alcon Employees FCU before you shop.
Tip: Being pre-approved gives you power—you’ll know your rate and can shop with confidence.
5. Skip the Overpriced Add-Ons
Dealers often sell extra products like GAP insurance or extended warranties with big markups. The credit union offers these at lower prices—saving you money.
Tip: Ask Alcon Employees FCU before you buy any extras.
💡 Member Bonus Tip:
Get pre-approved before you visit the lot! You’ll know your budget, save time, and often get a better deal.