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Auto Loans

First City offers low rates on new and used cars, with up to 100% financing and easy terms up to 72 months (84-month terms on loans of $15,000 or more). When you're ready to buy, your pre-approved First City auto loan will give you the negotiating power of a cash buyer - and save you time.

Leasing your car and want to take ownership? Have a loan with another lender, but your payments are too high? Let us help you with a low-rate First City Auto Refinance Loan!

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Autoland Auto Buying Service

Autoland, First City's FREE auto buying service, will locate your new or used car for you. No more dealer hassles and haggling. Just tell your Autoland Advisor the car you want (including model, make, color and options). Trade-ins welcome! Great prices too!

Protect Your Vehicle With GAP Insurance

First City offers GAP insurance to protect your car. The policy is available on new and used* vehicles, and may be purchased at any time during your First City loan term.

GAP Insurance

Warning: if your car is totaled or stolen, your insurance typically will only cover the market value of the car. It does not cover your remaining loan balance! GAP Insurance, now available through First City, will cover the portion of your loan that is not covered by your insurance. The cost is substantially lower than dealer policies, and can be financed with your First City loan. Given the rate of depreciation on new and late model used cars, this small investment could save you thousands of dollars down the road!

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How to Buy a Car

When you're buying a car, it's helpful to break the process down into three separate transactions. By carefully handling each transaction separately, you'll be able to bring them together to create a good deal. They are:

  1. Financing your car
  2. Purchasing your car
  3. Selling or trading-in your old car

Transaction 1. Financing Your Car

Beware of cut-rate dealer financing! You should read the small print before you buy a car from a dealer advertising one of those incredibly low rates. Cut-rate financing may only be available on certain models (usually low-selling models that the dealer wants to "move"); or for certain terms; or only if you pay full retail price for the car.

We invite you to compare First City's rates and terms with those offered by dealers and banks. You can be assured that you are getting a great deal at your credit union. But whatever financing you choose, remember to keep in mind the total cost of the car, including the purchase price and the cost of financing.

Beware: Auto dealers exist to make money, and they're very good at it. However, the dealer cannot make money on financing with a 0% rate. So how do they offer such low rates? By making up for it elsewhere, whether it's by raising the price of the car, or the costs of options, warranties, etc.; or by lowering what they'll pay for your trade-in.

Stage 2. Purchasing Your Car

If you are a good and knowledgeable negotiator, you may get a good price at the dealer. If you don't feel comfortable negotiating -- or don't enjoy dealer haggling and hassles -- First City's auto buying service, Autoland, can use its high volume buying power to find the car for you at a good price

Stage 3. Trade-in or Sell?

Generally, dealers will only pay up to the wholesale value of your trade-in. That is the only way they can make a profit when they re-sell it. If they pay more for your old car, you can be sure that they'll also raise the price on your new car to make up the profit difference.

However, if you take the time to sell the car yourself, you get to pocket the profit! If you decide to sell, be sure to clean the car inside and out (a professional detail is normally worth the price), and remember to advertise it effectively (Autoland can market your trade-in for you on its web site.)

First City is your one-stop auto finance and auto buying source!

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