If you are looking to buy a new or used vehicle, chances are you will look for an auto loan to cover the costs. The loan process can be a little bit intimidating if it’s your first time applying for an auto loan, but we’re here to help! Consider ProFed Credit Union for your auto and recreational vehicle loan needs. Start the application process today or read on for more information about car loans and what to consider.
New Car Loan Interest Rates
Buying a new car is a big decision. It’s important to calculate the best rate and term that fits your budget to ensure you know how much you can spend. Joining a credit union can give you access to loan specials and better car loan interest rates which can help you afford more car for your money.
Some lenders even offer extra protection, such as Mechanical Repair Coverage and Skip-A-Payment for those times when you have too much month for your money. ProFed also has approved dealers who can help you find the perfect new ride.
Used Car Loan Interest Rates
Used cars are important to consider when looking for a vehicle. A certified used car from one of our recommended, reputable dealers will be a great car for a much lower price than a new car. Our dealers can help you pick out the right car after we approve you for a loan amount and lock in your car loan interest rate.
Often, you can get more car features for the same price as a more basic new car by going for something a few years old. Extra protection is an important consideration for vehicles no longer under warranty.
Refinancing Car Loan Interest Rates
If you buy a more expensive new car, your monthly payments may be higher than you want. Like mortgages, it's possible to refinance a car loan financed with another lender to get a lower payment, lower interest rate, or better terms. You can also refinance if your situation improves to pay the loan off faster.
Benefits of Working With a Credit Union
In addition to the possibility of better rates, there are numerous benefits to joining a credit union. ProFed is open to anyone who lives or works in Adams, Allen, DeKalb, Huntington, LaGrange, Noble, Steuben, Wells, and Whitley counties.
Once you have joined the credit union, you are a member and an owner. And all it takes is a small deposit to open a savings account. You then have access to the same products and services that a bank gives you with a key difference; credit unions are not there to make a profit but to serve their members. ProFed offers:
- Personal service. ProFed has a network of approved car dealers that can help you find the right car within your budget.
- Local knowledge. ProFed is right in your community.
If you are looking to buy a car and get excellent banking services, contact ProFed Credit Union. Or better yet, check out our rates.