New Car Loan Interest Rates
The purchase of a new car often means a new car loan for the buyer. When you need a car loan, you want to get the best interest rates possible. The lowest rates are usually reserved for the “lowest-risk” borrowers with a long credit history and a good credit score. This makes it challenging for younger borrowers trying to purchase their first new car.
ProFed Credit Union offers low rates for new cars to both young and seasoned borrowers. Check out our rates, apply today, or read below to find out more about the process of purchasing a new car.
What is a New Car Loan?
New car loans are offered by a variety of lenders and also directly through the manufacturer. The loan is secured by using the car as collateral.
How to Get a New Car Loan
Most people shop for new car interest rates and apply with multiple lenders. Doing so in a short period of time will have less of an impact on your score. Applying for too much credit at once may hinder your credit score, but the credit bureaus accept and acknowledge that rate shopping is frequently part of the process.
Then you can go to the dealership knowing your budget, pick out your car, and finalize your loan. If you are pre-approved, you can feel confident in your selection and save time at the dealership.
Click here to check out our rates and loan protection offers, apply now, or contact us to learn more about our new car loans and other services.