You’re ready for a new vehicle, but how do you start the process of buying one? To get the best deal, you have to do your homework.

Deciding what type of vehicle you’d like to buy is usually the easy part, but you first you need to know how much vehicle you can afford. You’ll want to consider your financial situation today as well as where you will be in a few years. Do you pay rent today? Will your rent expenses go up in the next few years? Do you have student loans that you’ll need to start paying back? Are you planning a future move to a more expensive city? When you’re planning your budget, build in wiggle room so that you’ll still be in good shape if your financial situation changes.

Compare Vehicles
By doing some easy comparison shopping online you can get a feel for what a good price for the vehicle is. Make sure you compare similar traits, such as mileage and model year (age). Don’t count out new vehicles just because you think they will be more expensive than a used vehicle. New vehicles could be less expensive to maintain than older models and you can often spread the vehicle payments out over a longer term, reducing your monthly payment.

Compare Loan Options
You can find some great auto loan payment calculators on the web, just make sure you factor in all the pieces – the payment amount, the length of the loan term, and the interest rate. Are there pre-payment penalties if you pay more than your minimum monthly payment? Check out local banks and credit unions for special vehicle loan promotions along with dealership options – it pays to shop around.

Compare Insurance
Contact auto insurance companies to compare auto insurance price, liability limits, deductibles, trip interruption coverage and roadside assistance options. You need to know the cost of insurance for the vehicle you want so that you can factor it in to your monthly auto payment. You also need to confirm you qualify for auto insurance for that vehicle.

Consider Protection Products
Could you afford $1,000 for a major repair? If not, then a warranty might be a good idea. Aftermarket warranties kick in after the manufacturer’s warranty expires and can be purchased through a dealership or financial institution.

GAP protection is a one-time charge that lasts for the life of your auto loan and is designed to help you pay off your loan if your vehicle is totaled or stolen. It covers the gap between what your insurance plan will give you and your loan balance. .

Zero Interest or Rebate?
How long do you plan to keep the car? If you will only have it for a short time, it may be best to take the rebate and pay interest on the loan. But if you plan on keeping the car for the full term of the loan, zero percent interest may be the smarter choice. Find out what kind of rebates are available, but keep in mind some manufacturers put restrictions on their rebates so that the benefits can only go to a vehicles’ original owner.

Find all the info you need in one place
Altra Federal Credit Union created a one-stop-shop for auto loan buyers at www.DriveAltra.org. Find all the tools you need to make smart choices – starting with a quick and easy car loan from Altra. We’ll help you figure out a budget, value your trade-in, and provide car loan calculators, comparison tools, current manufacturer rebates, warranties, GAP coverage and insurance. Plus, when you finance your vehicle through Altra Federal Credit Union from June 1-Aug. 31, 2015, you’ll get 90 days with no loan payment! For complete details visit www.DriveAltra.org, call 931-552-3363 or stop by one of Altra’s Clarksville Branches.

Article sponsored by Altra Federal Credit Union, serving 85,000+ members in all 50 states and around the globe. This information is intended solely to provide guidance and is not financial advice.