Skip to main content
Desktop Hero_Own a Car page.jpg

Buying a car is a big deal.

We can help you understand the financial steps to take before buying a car.


Find the right vehicle for you and your lifestyle


Buying a car is considered the second largest purchase you will make in your life, which comes with important questions and considerations.



Understand your budget 

WTB Online.svg


Research your options 

finalize details and post-purchase support.svg


Make the deal


Understand your budget


If this is your first vehicle, make sure you know what you can afford. Get started by creating a budget.

Try our free budget planner >

If you currently own a vehicle but want to upgrade, save up for the difference in cost your new vehicle will be. It is best to not buy a car before your current vehicle is paid off. Instead, while you are paying off your current car, set aside the money that used to pay for your monthly car payment in an interest-bearing account for one year. An interest-bearing account is a place where you keep your money while earning interest on the deposits you make.

Open an interest-bearing account >


Strong credit rating

Your credit rating should be considered when creating your budget. Credit ratings can be the deciding factor on whether you're able to lease a car or not. Identifying how you can improve your credit rating early on, can help support you in successfully leasing a car.

Learn what a credit score is and how you can strengthen yours >

pro tip icon.svg

PRO TIP! Set up automatic payments to your credit card so you never miss a payment deadline. Not only does this keep you on track with your finances, but it also helps maintain a healthy credit score so you can invest in big, important purchases such as a vehicle or house!

Set up automatic transfers >


Insurance and maintenance costs

The cost of insuring a car is a significant factor in the overall cost of a car and should be considered before purchasing. For example, if you are looking to purchase a sports car, it is worthwhile to know the higher premiums that come along with it (as opposed to other conventional vehicles).​

Learn more about vehicle insurance >

Likewise, car maintenance costs can vary from vehicle to vehicle. How much do your vehicle's tires cost to replace? How often does your car need to refuel? How often will it need an oil change? These are questions you want to keep in mind when choosing a vehicle. 


Research your options


When you arrive at a car lot knowing what you want, you are setting yourself up for success. Always research your options beforehand. You can try using Google or simply asking friends and family what their vehicle preferences are. Once you know what kind of vehicle you want, start researching what a fair price looks like for it. 


PRO TIP!  If you are considering buying a new car, your goal is to find the invoice price, which reflects the price the dealer paid the manufacturer for the car. Knowing the invoice price will help you negotiate the car’s price.


You may decide to buy a used car instead of a new one. In this case, researching the recent resale prices for the specific car you want can be very valuable. If the car you want is over the recent resale price, you can try bargaining with the dealership or private owner for a better price.


Pre-financing options

You may be eligible to receive a loan for the car you want. The process starts with a loan interview and finishes with an approved application. In a loan interview, an advisor will cover the following information with you:

  • Income — Bring pay stubs and a notice of assessment for last year's taxes to confirm employment.
  • Your Vehicle Preferences — Dealer? Provide the purchase agreement and name of vendor. Private seller? Provide a VIN (vehicle identification number) if possible.
  • Credit History — Explain any discrepancies you may have.
  • Budget — Explain your budget and whether there will be a co-signer of the vehicle.

Check out our loan rates >


PRO TIP! Be sure to scope out prices from dealerships and sellers outside of your city, you'd be surprised how much prices can vary! 


Shop around 

Shopping around means checking out more than one dealership or seller. You may approach your dream car in one place, however, shopping around can expand your options. You may realize that your preferences of a vehicle change. 


Make the deal


Purchasing a new car is one of the most important investments you will make in life. In fact, if you choose to lease a car, you could be spending four or more years paying it off. Your top priorities should be to negotiate the car loan and decrease the purchase price. 


PRO TIP! If you're purchasing a vehicle from a dealership, show confidence! You have done your research and know what you can afford. This is your time to negotiate a fair price that's within your budget. 


Leave feeling within your budget and confident you received the best deal on your investment. Enjoy the ride!


Tools & Resources

credit lines icon.png



loan calculator.jpg

Loan Calculator


auto insurance icon_tools section.jpg

Auto Insurance 



Discover more


Personal loans

Whether it is completing home renovations, paying for education, or buying a car, we can help you do it.


Plan while young

It's never too early to start banking with services like student accounts, educational borrowing, and selecting investments.


Get financially fit

Get into shape by building healthy habits for your financial future.