Auto Loan Credit Union – Why Would Anyone Use One? If you are looking for an affordable car loan but are not interested in joining a credit union, you are probably in the market for a new or used vehicle. A dealership or bank may not be able to help you purchase a car or truck; however, there are plenty of finance companies and private lenders that will work with you. You can save money by researching various financing options prior to making any decisions. Here are some of the main uw credit union auto loan benefits:
*APR is annual Percentage Rate. Rates subject to fluctuation. Repayment options vary with each vehicle. 25% cash bonus offer valid only with financing a new vehicle purchased at another uw credit union. installment, half-pay, or flexible, fixed-rate interest rate. And, because your interest rates are locked in for the life of the loan, you will pay far less than you would for an individual loan.
* KNOWING THE BENEFITS. Your a credit union has worked out a refinancing program with you to help you save money. Now you can learn about all the advantages of a refinancing program, including: the benefits to your pocketbook; how it will reduce your financial stress; and what paperwork you will need. This information will help you make the right decision about your next vehicle loan.
* TRACKING A LOAN. With your uw credit union, you can track your loan, know when it is due, and view your payment history. This is especially helpful when you are looking for a new vehicle. Instead of searching dealerships, going through online auto loan sites, or coming up with the money needed for a down payment, you will know within days if you qualify for a loan from a credit union.
* KNOWING WHAT TO PAY. When you refinance your auto loan, you will be able to choose between several payment options. Choose the payment that you can afford and that will work for you. You may be able to combine your loan payment with your car insurance payment so that you always have enough money to get your car out on the road. uw credit union offers many options for payment plans.
* KNOWLEDGE OF Payment Protection Insurance. Payment protection insurance can help you reduce your monthly payments. If you have an accident or your vehicle is damaged, your insurance company will cover the difference. A credit union is an example of a lender who offers this type of insurance. You will find many other lenders who do, as well.
* KNOWLEDGE OF APROCYCLE PRICE. Most consumers shop around to find the lowest interest rate on a loan. You should also consider how much you will save when you use your vehicle less. A credit union has a low monthly payment option that will save you money on both fuel and maintenance. You will likely save money even more when you make your monthly payments to your car dealership.
* KNOWLEDGE OF AFFORDABLE ACADEMICS. uw credit union offers low interest rates on your auto loans. You should take advantage of this. You may also qualify for a discount based on your credit union membership status and even for your income level.
* CONDITIONAL APRR FOR A MAJOR Vehicle. A credit union has several different types of financing programs including high interest rate, low interest rate, as well as no interest rate auto loans. You should evaluate your current vehicle condition. If your vehicle is not in its best condition, it may be more costly to repair.
* CONDITIONALLY APPEALable TO USF DEPOSITORY FINANCIAL AGencies. uw credit union offers several different types of financing programs including high interest rate, low interest rate, and no interest rate auto loans. They are subject to the same laws and restrictions that apply to other lenders. A credit union is required to honor all legal documents written by the auto dealer. If you want to refinance your vehicle go through a credit union.
* CONDITIONALLY APPEALABLE TO CAR FAILURE. A credit union does not provide car financing for the new vehicle purchase. They can however refer you to a lender that does. This type of refinancing requires that the consumer has made at least five payments on credit cards or a single payment on a new vehicle within the past 30 days.
* CONDITIONALLY APPEALABLE TO ALL CAR ENTITLED DESTINERS. A credit union does not finance cars for anyone with a poor credit history. This includes individuals who have missed payments, bankruptcies, and repossessions. Individuals who have had a change of residence within the past three years also do not qualify. This means that even those who have lived in their current residences for a long time do not qualify. People who own cars for themselves only and not for others will not qualify either.
The requirements of a credit union are very strict. You must be at least eighteen years of age, currently employed in a position that you have held for six months or more, and a citizen of the United States. The automobile that you want to buy must be your primary vehicle. Your loan application will be turned down if you have another vehicle that you use for business purposes. If you own your own business, your application may be turned down as well. In addition, if you have a co-borrower or significant other who cosigns on the auto loan for you, then the loan may be disqualified.
There are many reasons why people turn to an auto loan credit union. For many of them, it is a matter of credit history. For others, it is the security of having their payment set into a well-respected institution. Whatever your reason, there is no credit union that can provide you with a car loan that you can’t manage on your own. All it takes is a bit of research and patience to find the one that will suit your needs the best.