Loans & Credit

Find out about how to finance higher education. In this webinar from ConsumerFinance.gov, you’ll hear from their Office for Students and Young Consumers on the federal financial aid process, college funding sources, and college budgeting techniques. Plus, non-financial ways to help students reach their higher education goals. Presenter: Brian Stone Facilitated by: Heather Brown, Ed.D – CFPB FinEx Lead 

We understand…the exciting part of purchasing a new car is actually selecting and test driving the vehicle, not the loan paperwork that will help you buy the car.

But, doing your due diligence ahead of time and getting pre-approved for your loan at your Credit Union prior to hitting the dealership steps holds many important benefits.

• Shop as an informed buyer knowing your approved purchase amount, along with your approved rate and a monthly payment you’re comfortable with.
• Most often, you can obtain a lower interest rate by financing through your Credit Union, and rest assured knowing your loan will be with a known institution with caring service.
• Simplify negotiations and avoid the “what do you want to pay monthly” tactic. If you negotiate based on a monthly payment you are comfortable with, you may end up spending more than you should, with a very long term to spread the loan out in order to reach your desired monthly payment. Focus on the cost of the car, not the payment.
• Separate the purchase negotiations from the financing. These are two different transactions and by keeping them separate you can ensure the best deal on both.
• When you apply for financing at a dealer, they typically send your application to multiple finance companies they partner with and then present the offers to you. Dealers often have the opportunity to make a profit by increasing the annual percentage rate (APR) on customers’ auto loans.

With flexible terms and industry-low loan rates, MyHCFCU is here to help you get into the driver’s seat. Try out the auto loan calculators on our website to estimate payments based on purchase amount and compare dealer financing to credit union financing with dealer rebates.

If shopping over the weekend, simply take your auto loan preapproval with you and let the dealer know you already have financing through your Credit Union. They may have you complete some paperwork for backup financing, in case you don’t finalize your Credit Union loan. The following business day, reach out to us and provide your purchase order and we will complete the loan and send payment to the dealer. Easy as that!