12 Things to Consider When Buying a Car


Buying or leasing an automobile can be costly –  and if not done properly, can lead to a buyer’s regret. However, there are steps you can take to improve the likelihood you are dealing with a reputable seller and making a smart purchase.

With consumer satisfaction in mind, Victory State Bank, the only community-based business bank on Staten Island, is sharing some advice from the U.S. General Services Administration’s “Consumer Action Handbook;” whether you buy or lease a vehicle, these tips may help you get the best deal and avoid problems: 


1)      Decide what kind of vehicle best suits your needs and budget.


2)      Check out the seller. Research car dealers with your state or local consumer protection agency and Better Business Bureau.


3)      If you are buying from an individual, check the title to make sure you are dealing with the vehicle’s owner.


4)      Take a test drive. Drive at different speeds and check for smooth right and left turns. On a straight stretch, make sure the vehicle does not pull to one side.


5)      Handle trade-ins and financing separately from your purchase to get the best deal on each. Get a written price quote before you talk about a trade-in or dealer financing.


6)      Shop in advance for an auto loan. Compare financing options at credit unions, banks, or finance companies. Consider the total finance charges and the Annual Percentage Rate (APR), not just the monthly payment.


7)      Ask what phrases, like “all-new”, “redesigned”, “next generation” really mean in terms of a car’s appearance, structure, and performance.


8)      Read the fine print in ads and promotions. Often, you must have a high credit score to qualify for low monthly payments, no down payment, or to skip a payment.


9)      Read and understand every document you sign.


10)   Don’t take possession of the car until all paperwork is approved.


11)   Consider the effect that different models will have on your insurance policy and premiums.


12)   Compare miles-per-gallon ratings of vehicle models and their annual fuel estimates. Visit www.fueleconomy.gov to research mileage and fuel efficiency reports.



VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

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