Do you have your eye on a shiny new vehicle that would look just right in your driveway, a more energy-efficient vehicle, or an additional car for a new driver?
Purchasing a car or truck is a big decision with many variables, First Choice has outlined 5 things to look for in an auto loan—and the corresponding ways that we assist you through the car-buying process.
1. Terms and Financing
The loan comes down to the dollars, ultimately. The term of your loan could be anywhere from 3 years to 7 years. The longer the term, the lower the monthly payments, but the more you will end up paying in interest over time. Also, beware: if your loan is longer than the amount of time you keep the car, you may end upside down (owe more on the loan than the value of the car) when you are ready to move on to your next vehicle.2. Pre-Approval
Getting pre-approved for a car loan is better than setting foot in a dealership. Wit is a good idea to separate obtaining your financing and the purchase of your car. They are both big unique decisions that will help keep you in control. We make it easy for you by offering online applications through our 24/7 lending center. Apply now through First Choice.
3. Specialty Options: Young Adult Loans
Be aware of the specialty loans at First Choice Credit Union, including our Young Adult car loans. This program looks at your situation a little differently because we know young adults’ stage in life shouldn’t keep them from owning their own vehicle. Young people can develop another level of financial independence while being backed by the knowledge that the credit union has their best interests in mind.4. Solid Advice: Auto Advisors
At First Choice Credit Union we offer Auto Advisors, which is the friend you always wished you could take with you when you go to the dealership. If you would like to simplify the car buying process and have an expert assist you in auto purchase negotiations, please call our office at 561-649-7133 or visit them online.Check out our Auto Loan Resource Center for information, links, and more assistance in the car buying process.
5. Go with a Credit Union
Working with a Credit Union offers you the same services as a bank, but with the added benefits of a member-based relationship and sense of community. Should you run into trouble making payments, your Credit Union is more likely to work with you and find solutions than a far-away bank.Car loans are one of the many ways that we support and serve our members in their financial needs, and we look forward to helping you purchase your next vehicle.
