Although the thought of finally having a dependable set of wheels can be thrilling, a car’s price tag can quickly quell that newfound excitement. Financing your car through a financial institution can therefore be incredibly helpful. Credit unions are particularly popular among consumers who want hassle-free loans with excellent rates and member (customer) service. So don’t panic when you see your dream car’s price tag – here are five reasons why it’s a good idea to get an auto loan from Members 1st.
1. Stellar rates and flexible terms
Credit unions offer lower rates and more flexible payment schedules than many big banks. Rates for new cars are often under 3%, which comes in under the national average of about 4%. If, for example, a car is financed at $30,000 over the course of a 60 month loan, that seemingly small difference will save you around $1,000. What’s more, at Members 1st, we will finance cars with terms ranging from 12 to 84 months depending upon the model year, thereby allowing you to set a payment schedule that best suits your needs and budget.
2. Good odds of having your loan approved
If you have a poor credit score because of past credit problems, credit unions are a great place to look for auto loans. Unlike bigger financial institutions that have more rigid policies and requirements in place, we’ll do our best to help get you the money you need and discuss your credit history and any issues you may have had so we have an understanding of your particular financial situation. If, on the other hand, you have a good credit score and also happen to be a loyal member of a particular credit union, you might qualify for especially low rates or other perks.
3. Great member (customer) service
Credit unions are member-owned, not-for-profit financial cooperatives. What does this mean for you? Essentially, it means that it’s in our best interest to offer you loans that you can actually pay off, and that you won’t have to worry about being ripped off or taken advantage of.
4. Mutually beneficial relationships between credit unions and members (customers)
Our profits go back to members in the form of lower rates on financial products. Your needs are therefore always front and center. We are happy to work with you to ensure that you don’t encounter any problems while making payments.
5. Access to information
If you’re new to the world of auto loans and find yourself scratching your head trying to understand words like “loan rates” and “payment schedules,” don’t worry. We have a resource centers and tools to help members learn more about how auto loans work and we offer Car Loan Calculators aimed to help you determine what payment plan would work best for you. Taking advantage of these resources will help you make more informed decisions down the road, which will save you stress, time, and, most important of all, money.
Buying a car is a big investment, but it doesn’t have to be a daunting one. Whether you’re in the market for a brand new hybrid, a used car, or a truck, consider going to Members 1st to help you finance your new ride.
Note: With a Members 1st auto loan, we can help you Member Value Protection – optional coverage for an additional price that offers you peace of mind knowing that your monthly loan payment will be cancelled in the event of death, disability or involuntary unemployment. Ask us for details, (800) 283-2328, ext. 6040.
Members 1st also offers a first time car buyers program – just ask for details! We really do make car buying easy!
Need car insurance? Want a quote from Members 1st Insurance Services?
Guest Blogger: Tony Armstrong, NerdWallet
