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Auto Loans: What You Should Know

car loan

It is time for a new family car. Perhaps your child is old enough to start driving, and you want to get a safe car for them to use for learning. The teen will pick out the hottest ride in the lot, leaving you to think about the “grown up” stuff like the car loan.

Auto Loan Terms

Car loan terms are gradually increasing in length. The benefit of a longer auto loan term is solely a lower monthly payment rate. In the long run, the interest on a car loan will cost you more the longer your auto loan term is. If you don’t want to pay additional interest, opt for larger monthly payments and a shorter car loan term.

Auto Loans with Bad Credit

car loansMany of us have been in a position of feeling helpless with bad credit. People with bad credit sometimes think they cannot qualify for a car loan, when in reality they can take steps to improve their chances of a fair auto loan. If you have bad credit and are looking to buy a new or used car, there are action items for you to help you on your way. Order an unofficial credit score report so you know what the dealers and auto loan lenders will see.

Get an auto loan pre-approved if you are looking to buy a car with bad credit. Do smart lender-shopping before you start car shopping so you can find the best rate. Bring proof to lenders that you are a good credit risk with documents like a recent pay stub and references. A lender is more likely to take a chance on you if you have a relationship with the institution already and have proven yourself to make regular payments.

Low Rate Auto Loans

At Great Basin Federal Credit Union, we offer low rate car loans to Nevada locals. We provide auto loans for both new and used cars, so you can find the car loan that is right for you. Our limited-time interest rate offer on auto loans is 2.55% APR. If it’s time for a new or “new to you” car, work with us to get an amazing interest rate and pre-approval!

Auto Loan Refinancing

car loan

Auto loan refinancing can improve your cash flow if the conditions are right. Your family may want to consider auto loan refinancing if your credit score has improved, since a better credit score could mean a lower interest rate on the car loan. If you have recently run into financial troubles, auto loan refinancing may be a worthwhile option for you to lower the monthly payment by increasing the loan term.

Throughout 2014, members of Great Basin Federal Credit Union saved an average of nearly $3,000 per member over the life of each loan when refinancing their car loans from other lenders with us. We can refinance your auto loan at a lower rate than your current lender is providing.

Want to know more about auto loans and auto loan refinancing at Great Basin Federal Credit Union? Contact us and get your questions answered today!

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