Tips on Buying a Used Car

Each year, St, Cloud Federal Credit Union lends millions of dollars for many different kinds of loans. Buying a new (or new-to you) vehicle can be stressful, since it is usually a purchase that comes with a lengthy investment. At St. Cloud Federal Credit Union, we want to help make the buying process fun for you! When purchasing a used vehicle, there are a few things to keep in mind:

Set your price range – You should plan on making monthly payments that are no more than 20% of your monthly income. Try using the budget calculator to get a good idea of what you can spend. Make a budget and determine your available price range, and don’t shop outside it.

Research – Once you know what you can spend, make a target list of makes and models you would be interested in. check pricing information and vehicle reviews on sites like Kelly blue book or Edmunds. One of the biggest mistakes a car buyer can have is going directly to a salesperson without doing research beforehand.

Check the Vehicle History Report – After you find a car you might be interested in buying, check the vehicle history report. You can look this up using the car’s VIN number or license plate (though license plates can be changes, so it’s best to use the VIN number).

Contact the seller – Develop a good rapport with the seller, especially if it is a private seller. Make sure to ask plenty of questions about the vehicle; owners are more likely to tell you things they left out of the ad this way. Most importantly, do NOT make an offer until you have seen the vehicle. Pictures and descriptions only go so far.

Go for a test drive – The best way to get a feel for the car is to take it out on your own. It is a good idea to drive the car before making an offer as well. If you are not completely confident, get the car inspected by a mechanic before moving forward. It may cost you a little, but can save you thousands in the long run.

Negotiate –When negotiating with the owner or salesperson, start low- make an offer that is in the ballpark of what you are willing to spend, and go from there. Keep in mind that there are a few different taxes and fees that vary from state to state, especially if you are buying from a dealer. Make sure you are aware of all the different taxes and charges before making an offer.

Our number one goal at the St. Cloud Federal Credit Union Loan Office is to help you have fun purchasing a vehicle! We want to make sure you get the right car by offer you a variety of financing options, to make your monthly payments as low as possible. We also provide GAP (Guaranteed Asset Protection) coverage to protect your investment in your new or used vehicle. If you are considering purchasing a new vehicle, new or used, contact us at (320) 258-2190 or visit the consumer loans section on our website for more information.

Affordable Summer Fun in Central Minnesota

Howdy folks, Financial Fitness Phoebe here, hoping this finds all of you happily soaking in this elusive season called summer!

Here at St. Cloud Federal Credit Union, our focus is on helping you save your pennies while getting the most out of life. And frankly, at times, it can seem like everything fun costs money.

Well, central Minnesotans, during the summer months, that’s not completely true. Our area is teeming, week in and week out, with a ton of highly affordable community events and activities perfect for the whole family.

Today, we’ll give you a rundown of a few things to put on the calendar this summer!

SUMMERTIME BY GEORGE

Since it’s inception in 2011, Summertime By George has continuously thousands of people into the center of St. Cloud on Wednesday evenings for live music from beloved local musicians, food from area restaurants and vendors, handmade arts and crafts, and a whole lot more. The weekly outdoor festival happens each week through August at Eastman Park, more commonly known as Lake George.

If you haven’t attended one of these yet, not only are you missing out, but you’re rapidly becoming a minority! Last year’s final Summertime by George night pulled in a whopping 13,000 attendees. We figure this many people can’t be wrong - and at no cost, it’s well worth your while to explore Summertime by George! 

MUSIC IN THE GARDENS

Here’s another regular musical outing in a lovely Mississippi River-side setting. Music in the Gardens brings talented musicians together every other Sunday afternoon near the Gazebo in Munsinger Gardens. Like Summertime by George, the tunes are free - and if you’re feeling decadent, you can snag a root beer float for a buck! 

BENTON COUNTY FAIR

There are a ton of fairs to visit around central Minnesota, but for our purposes, let’s talk about the one closest to the St. Cloud metro area - the Benton County Fair. This is the highlight of summer for a lot of people, and it’s not hard to see why. The fair, held from August 5-10 at the fairgrounds in Sauk Rapids, has something for everyone: barns full of fun and prize-winning animals, great, classic fair food from local vendors, a talent show, live music and a beer garden in the evening and, of course, the fairway. Yes, we know the fair can take a chunk out of the wallet, so budget a little cash for the goodies. And remember - there’s no charge to walk around and people-watch! :) 

QUARRY PARK

We here in central Minnesota have something not everyone has - easy access to beautiful, natural places. One of these is the perennially popular Quarry Park and Nature Preserve.

As far as county parks go, it doesn’t get much better. The 684-acre preserve features a Granite reflecting pool, many miles’ worth of biking and hiking paths, some seriously fun trout fishing, and, of course, the beloved swimming holes that brave souls in our community leap into from high places! All you need is a day pass to cover the whole family - or, if you’re thinking about making a return appearance, you can snag an annual permit for the cool price of $16. 

Well, that’s our short list of things to keep you busy - and in the black - this summer. And we want to know - what’s your favorite central Minnesota activity for summertime? Leave us a comment and let us know! Enjoy the season, everyone!