If you’re hunting for a brand new car, you likely have a solid idea of what you’re looking for — maybe a practical family car appropriate for your growing clan, or a head-turning sports car for weekend fun.
With your checklist in hand and every imaginable negotiating trick up your sleeve, you might walk into the dealership confident in your ability to snag the best price and reap the greatest savings. However, your loan savings are only as good as the interest rate. And with the dealership arranging financing, you could miss out on a good deal.
Bringing your own financing cuts out the middleman and gives you an upper hand. But where do you go for financing?
There is an option around every corner, but if you’re looking for the most competitive rate and flexible terms, Randolph-Brooks Federal Credit Union (RBFCU) can deliver.
Here is a look at three reasons why you should purchase your next car or refinance your current vehicle with RBFCU.
1. Flexible Auto Loan Terms
A 36 or 48-month auto loan term can pay down your loan faster and get rid of negative equity, but realistically speaking, many people don’t have the budget for higher payments that typically accompany a shorter loan term.
RBFCU understands a borrower’s need for affordability, and the credit union accommodates this need with flexible repayment options. Along with conventional loan terms that range from 24 to 66 months, the credit union offers extended repayment terms for borrowers who require a cheaper, more affordable monthly payment — terms include 66, 72 and 84 months, and are backed by a still affordable interest rate.
2. Low, Competitive Auto Loan Rates
Don’t be duped by car dealerships that advertise too-good-to-be-true auto loan rates. The truth is, the average borrower with OK or fair credit is going to pay interest on an auto loan; and in many cases, dealers mark up the interest rate to make more money off the loan.
Why deal with confusing competitors when you can get your auto loan directly from a credit union whose mission is serving its members first and best? RBFCU has affordable, competitive rates on all new and used vehicle loans, with terms from 24 to 66 months starting at an impressive 1.65% APR.
The payoff is a lower monthly payment and increased purchasing power. Rates are determined by creditworthiness, length of the term and the amount financed.
3. Bonus Features
Not only does the credit union offer flexible repayment terms and impressive rates, their auto loans include an array of bonus features that are certain to attract attention and win your business.
For example, use the online vehicle payment calculator to compare financing options and estimate your monthly payments. You can complete and submit an online application when you’re ready to apply. And once you’re preapproved, you can request a Buyer’s Check, which is just as good as cash and gives you added bargaining power at the dealership.
As a bonus, the rate you’re quoted when preapproved is guaranteed for 90 days, giving you the time you need to complete the car-buying process.