Are you thinking about cruising through 2019 in a new (or new to you) car? One way to get that new ride is through an automobile loan. In fact, if you’re considering taking that route, consider obtaining an auto loan from a credit union specifically, as they offer numerous advantages.
What to Do Before Applying for an Auto Loan
In general, before applying for an auto loan, you should keep the following steps in mind:
1. Know your own credit score and credit history, as well as the rates you should expect to obtain with that score.
2. Regarding the idea that applying for a loan lowers your credit score, there’s more to the story than people realize. The truth is:
- Applying for a loan might lower your credit score briefly, but only by a few points. It’s not as bad as we’ve been made to believe.
- If you know you are going to buy a car, try to do your shopping within a two-week period. In most cases, the first time you apply for a loan, your credit score might be affected, but for the next several days, it won’t.
3. Calculate the APR, the total loan amount you need, any down payment that you plan to use, and the loan term. Once you understand the big picture regarding the investment, you will be more capable of determining whether or not you are getting the best deal.
As another note, when you’re talking with an auto dealer, remember to thoroughly review all documents before signing.
Why You Should Consider Obtaining an Auto Loan from our Credit Union
Georgia Heritage FCU offers competitive, low-rate loans for new, used, or refinanced automobiles. We offer pre-approved loans before you shop so you know exactly how much car you can comfortably afford – making the buying experience a whole lot easier.
Additional advantages of obtaining an auto loan from our credit union include:
- Highly flexible terms up to 84 months.
- An easy online auto loan application.
- Personalized service every step of the way.
All loans through Georgia Heritage FCU are subject to credit approval, and the rate you receive may vary depending on individual credit history and underwriting factors. Rates are subject to change at any time without notice.
For more information or to apply for a loan, visit our website or step into one of our credit union branches in the Savannah Metropolitan Area.
