Island Savings

Buying a Vehicle

Buying a vehicle is an exciting venture—whether it means you’re getting your first set of wheels or you’re buying a new sports car fresh off the lot. We’d be happy to help you work out the financing.

 

Things to consider

  • First, determine if you actually need a vehicle—there are many public transportation options that may work better for you.
  • It’s also a good idea to come chat with us before you start shopping—that way, we can get you pre-approved and you’ll know exactly how much you have to spend.
  • When you’re shopping for a vehicle, consider what kind of vehicle will best suit your needs. Are you single or a family of five? Will you use it to commute every day or drive only on the weekends? Look at all the options and decide what is right for you.
  • Don’t pay extra for vehicle options you don’t need.
  • Do some comparative shopping—if you find a vehicle you like, check out prices of similar cars online to ensure that the vehicle is priced right.
  • If you’re considering a second-hand vehicle, be cautious and take it to a licensed mechanic for a final inspection.

EXPERT TIP

If you’re trading in a vehicle you already own toward the purchase of a new vehicle, make sure that you find out what your vehicle is worth before you start shopping—that way you won’t short change yourself during the negotiations.

Lease or finance?

At Island Savings, we can provide you with a personal loan to purchase a vehicle or we can provide you with a lease arrangement for a large variety of vehicles.

  • The advantage of leasing is that you can drive a newer car while making relatively low monthly payments. Plus, you don’t need to worry about repair costs in most cases.
  • The disadvantage of leasing is that you may never own that car and there are some restrictions and penalties that come with a lease that you may find unacceptable for your driving style. Read the lease agreement carefully before you commit to anything.
  • Depending on the size of the down payment, financing usually means a higher monthly payment that you may simply not be able to afford. But the fact is, when you finance a car you have the pleasure of knowing that, one day, it will belong to you.

EXPERT TIP

With leasing, your monthly payments are 30-60% lower than for a purchase loan of the same term because you only pay for how much you actually use the vehicle.

Have a question? Simply contact us and we'll provide you with the information you're looking for.

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By Phone

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