Buying a car can be a daunting process. Pair the seemingly endless selection of upgrades and additions with the variety of financing options presented by the dealership, and you have a recipe for overwhelm. You can avoid the hassle of negotiating financing through a dealership by obtaining financing through a credit union where the process is quick, easy and painless.
Here’s why credit unions are a great place for car loans.
Credit unions offer several financing options.
Auto loans are not unique. A credit union gives you more than one way to meet your financing goals, whether it’s shorter loan terms, lower payments, or refinancing. For example, members looking for an electric or hybrid vehicle can pair a low-rate car loan with a BED energy services buyer discount for lot.
Credit unions do not require a perfect credit history.
A perfect credit score isn’t necessary to secure a competitive interest rate on your next new or used car loan. Credit unions understand that members are at different stages of their financial journey. Some members may be just starting out and have a limited credit history. Others may be rebuilding their credit. If necessary, a credit union can review your personal situation before making a loan decision.
Credit unions help you increase your bargaining power.
Walking into a car dealership without a plan can leave you vulnerable to high interest rates and overspending. But a credit union can get you pre-approved for a car loan before you open the showroom doors. With the check in hand, you can increase your bargaining power and simplify the car buying process.
Credit unions give you access to the lowest auto loan rates available nationwide.
There’s a reason credit unions are known for offering low-interest loans and higher earnings on deposits – it’s true! the NCUA Credit Union and Bank Rates follows the national average rate each quarter. According to their data, you can expect to reduce your loan rate by 1-2% when you choose a credit union over a bank for new or used car financing.
Explore low interest auto loan financing at Vermont Federal. Do you have questions about which auto loan option is right for you? Contact us at (888) 252-0202 or by email at [email protected]. Or, if you have already chosen a car, apply now!