Breaking Down The Car Loan Process With Navigator Credit Union Studio10
The following information was provided by Navigator Credit Union:
When you buy a new vehicle, a good car loan can make a huge difference in your life. It can save you money, reduce worry, and minimize hassle. Navigator Credit Union explains how you can navigate through the process.
Check your credit reports
Get a report from each of the three major credit bureaus and correct any mistakes that could hurt you. You also want to check your credit score. The interest rates you will be offered will be based on your score.
Shop around for the best rate
Credit unions are non-profit financial institutions, which means that all profits are returned to members in the form of fees and reduced loan rates. Auto loans are no exception. Rates in credit unions tend to be lower than in banks. A lower rate can save you hundreds or even thousands of dollars in interest over the life of a loan. Navigator offers the same low rates for new and used vehicles. Find out by clicking here (https://navigatorcu.org/borrowing-loans-from-credit-unions/loan-rates/).
Choose the shortest time you can afford
As cars have become more expensive, auto loans have become longer. Longer terms reduce the monthly payment, but also increase your total cost. Before buying a car, talk to a financial services representative to determine an affordable loan amount based on your situation. Once you’ve gotten the pre-approval, you can focus on negotiating the best deal for the car you want to buy.
Take advantage of unique resources
Credit unions maintain partnerships with services that aim to facilitate your financial decisions. Trustage (https://navigatorcu.org/insurance/) offers special rates for members of credit unions for auto insurance, and ForeverCar (https://navigatorcu.org/mechanical-repair-coverage/) offers coverage for mechanical repairs at an exclusive credit union. member price. Plus, credit unions can make GAP coverage – Guaranteed Assets Collateral – available at a cost often hundreds of dollars less than you’d find elsewhere, so you know you’re getting a good deal.
About Navigator Credit Union
Navigator has served the Gulf Coast for over 80 years. In 1939, the credit union began offering savings accounts and loans to local shipyard workers, giving them their first access to financial services. Today, anyone who lives, works, loves, or attends school in Mobile or Baldwin counties can enroll. Navigator is a full-service financial institution offering innovative services such as the Save’N Up debit card savings program as well as interest-bearing chequing accounts, high yield savings plans, reward credit cards unlimited, mortgage services, competitive auto loans, retirement planning and more. Visit navigatorcu.org or call 800-344-3281 for more information
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