Financial Matters: Buying a car

PORTSMOUTH, Va. (WVBT) - Some of you may remember that Kelly Gaita drove her car through high water during the Nor'Easter last year.

Thanks to that very long trip to work that day, she's now in the market to buy a new car!

Robin Warren, with BayPort Credit Union, helps Kelly and Hampton Roads understand the process of paying for a new vehicle.

According to Robin, getting a pre-approval is the most important step! What does that mean? Being approved for a determined amount of money & qualifying the car based on underwriting guidelines.

Other tips to keep in mind:
-- Know what you can afford
-- Pre-approval eliminates the pressures of purchasing costly accessories
-- Be sure to know the pay-off of present vehicle
-- Trade-in value adds to purchase price
-- Gap insurance (insurance designed to protect members against financial loss in the event their vehicle is declared a total loss due to theft, collision, fire, or any insured peril)

BayPort can help! Their website provides rates, along with trade-in values!

If you'd like more information, call BayPort Credit Union or visit them online at www.bayportcu.org .