You’ve found the car or truck of your dreams, a brand spanking new 2018 with bells and whistles you didn’t know existed. Yeah!
And you paid for it with a car loan from the dealership. Whoops!
Car dealers have you in their offices at the very moment you’ve exhausted yourself getting the best deal. You’re a bundle of emotions. You’re not in a position to do math.
So they entice you with no interest for a couple of months and then lock you into a car loan with a high rate and bad terms. Ouch. That great deal is costing you a fortune.
But Chemcel Federal Credit Union has good news for you: You can refinance the loan, usually at a better rate. And the lenders with the best rates are credit unions.
Let’s take a look at why a credit union is the place to go for a loan.
1. You Own the Credit Union
Credit unions are not-for-profit institutions owned by their depositors and borrowers. They exist to increase their members’ wealth by paying the best rates on savings and checking accounts and offering loans at the lowest cost.
2. Credit Unions Have the Lowest Rates
In June, the last month reported, the average 5-year new car loan from a credit union was 3.16%, versus 4.86% at the average bank, according to the National Credit Union Association. On a $20,000 car loan, that will save you nearly a thousand bucks.
3. Credit Unions Have the Best Service
Becoming a member of a credit union makes you part owner. When the owners call their credit union, staff jumps to attention. How do you think that works with an auto dealer’s credit department?
In the most recent American Customer Satisfaction Index report, credit unions beat banks … again. Customers have been rating them higher for more than a decade.
4. Flexible Terms
This is Texas, where everything is big, even the variety of car loan terms at your credit union. For example, at Chemcel Federal Credit Union you can get a loan for nearly any kind of vehicle you want to buy. You can get pre-approved, for added bargaining power at the dealership. And you can get terms ranging from three to seven years, with the very lowest rates. There’s nothing hidden or tricky at a credit union.
5. What You See Is What You Get
Speaking of hidden … there are no hidden fees when you get a credit union loan. What you see is what you get. The tax, title and license fees are baked right into the financing, so you know what you’re paying for down to the dollar. The monthly payment they tell you is exactly what you’ll owe.
6. Local Decision Making
At Chemcel, and many other credit unions, your loan officer doesn’t have to call into corporate headquarters in Denver or Charlotte to get approval for your loan. The people who make the decision most likely are working right there in the same building where you’re getting your loan.
To see if you can refinance your loan and save some money, visit Chemcel Federal Credit Union at Chemcel.org today.
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