When Is It Time to Buy a New Car?

1. Your credit score*
2. Amount still owed on your current auto loan (if applicable)
3. Amount you need to borrow on the loan
4. Purchase price of vehicle
5. Down payment (i.e. amount you can pay toward the car at the time of purchase)
6. Interest rate
7. Length of the loan, or "term"

*BancFirst customers can check credit information for free anytime with our Credit Monitoring tool, available in online and mobile banking! 

Deciding whether to buy a new car or keep your current one really comes down to the costs and benefits.

Ask yourself these key questions:

1. Why do you want a new car?
2. Is your current car safe and reliable?
3. How many miles are on your current one?
4. What’s the cost of upkeep?

1. Your car is nearing the end of its life.
2. You've had recent lifestyle changes with different needs, like a longer commute or a new job.
3. Your current car loan is fully paid off.

• Your budget can't cover a new car, but your current vehicle is draining your finances.
• Used cars coming off lease have low mileage and have already been serviced by the dealer, making them solid options. 
• You plan to keep your car for a while and want more long-term value (read: newer cars have a quicker, steeper depreciation).

Our tip: Research each car's history: Does it still have a warranty? Was it in a collision? Make sure you get a stable choice that provides the value you need.

Choose the amount you need to borrow for purchasing a new or used car and calculate your monthly payments using this auto loan calculator.

In a nutshell, refinancing a loan (aka "refi") is replacing one loan with another, usually one with a lower interest rate or a lower monthly payment.

Our Tip: Refinancing typically makes the most sense if interest rates are lower than when you took out your existing loan, or if you've improved your credit score and get a lower interest rate!