Monday, July 1, 2013

Looking to Finance a New or Used Car? Consider a Credit Union.

When looking to finance that next new or used car, always consider checking the rates at your local Credit Union. There are several advantages to financing though a Credit Union that you may not receive if you finance directly through a dealer. 

What are some of these advantages?

A). You know you’re financed BEFORE you shop:
·         You will know up-front what you can afford to spend and what your payment will be each month. You also have the opportunity to shop around for the best terms for you before you even begin shopping for your new car. Don’t let a dealer’s high finance rates stop you from getting the car you want!

B.) Get a Better Deal:
·         Credit Unions offer better deals on auto loan finance rates than you may think! The dealer earns commission on the total sale…therefore they are not motivated to find you the best possible APR, as this would just take money out of their pockets! Your Credit Union is going to have a set finance rate.

C.) You can Leverage your History with your Credit Union:
·         The dealer’s bank is not going to you or your credit history. They will simply judge you by your score and make a decision. Your Credit Union may understand why some payments were missed in the past (e.g. – the loss of a job or a medical emergency) and know that you are working and making money now, A Credit Union can work with its members and is more likely to know more about your personal history and take that into consideration.

If you aren’t comfortable with a lender, or are simply shopping around for the best rate, consider your local Credit Union for your auto financing needs!

Pen Air Federal Credit Union offers competitive rates on auto loans! For more information on current rates, CLICK HERE or call 1-877- 4PENAIR

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