When Is It Time to Buy a New Car?

Your monthly payment depends on several factors. Your credit score carries the most weight. BancFirst customers can check theirs anytime through the Credit Monitoring tool in online and mobile banking. Beyond that, your payment is shaped by:

• The amount still owed on your current auto loan, if applicable 
• How much you need to borrow 
• The purchase price of the vehicle 
• Your down payment 
• Your interest rate 
• The length of your loan term

Deciding whether to buy a new car or keep your current one comes down to cost and practicality. Ask yourself these questions before you start shopping:

• Why do you want a new car?
• Is your current car still safe and dependable?
• How many miles are on it?
• What are you spending on upkeep?

If any of these apply to your situation, it may be time to start looking:

• Your car is nearing the end of its life
• Your needs have shifted in ways your current vehicle can't meet, like a longer commute or a growing family
• Your current auto loan is fully paid off

A used vehicle can be the right call in these situations: 

• A new car is outside your budget, but your current one is costing you more to keep than to replace 
• Used cars coming off lease tend to have low mileage and have already been serviced by the dealer, making them solid options 
• You plan to keep the car for several years and want to avoid early depreciation on a new vehicle

Our tip: Before you buy, check the vehicle history for an active warranty and any prior collision damage.

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!