When it comes to finding the right financing for your car, it’s best to do your research, learn all the best auto loan lending tips, and check out all the available deals.
Our Harlingen credit union provides the best services in financing and other money-lending services such as loans and deposits. An example of the loan services that VFCU has to offer is its auto loans. VFCU provides new and used auto loans for all types of vehicles. Although there are some things to consider when applying for this type of service are :
● 100% financing available
● Refinancing available
● Applying with VFCU is fast and easy
● Disability and life insurance available with the loan
● Asset protection upon purchase
● An extended warranty at a low cost
5 Factors to Remember When Shopping
If you do consider purchasing an auto loan, then there are a few things you should keep in mind.
Know Your Credit Score
Your credit score is based on your credit history, the data is contained in your credit reports and compiles how creditworthy you are. It gives a reference to lenders in determining how much money they will be lending you along with the conditions it would come with, such as the interest. Did you know you can see your score for free when you download the VFCU App? Learn how.
Understand the Debt-to-Income ratio
Lenders must assess your ability to take on other debts. A measure of your overall debt compared to income is known as the debt-to-income ratio (DTI). depending on your DTI and your income your loan amount may vary depending on those important factors.
Decide on a Down Payment Amount
Money down has a great effect on your auto loan. It can be used to reduce your loan amount and has less risk for the lender. It also can suggest you are likely to stop making payments and risk losing the car, along with the money you put into it along the way. A larger down payment and a lower loan amount are more endurable and a much better offer.
Shop Favorable Loan Repayment Periods
Depending on the amount financed, the amount of the loan will be divided up into monthly installments to be paid back after a significant amount of time. The length of that period, along with an APR, will determine the size of your car payment.
We offer comparable rates, compared to other Harlingen banks:
- New auto loan up to 75 months as low as 4.90%**
- New auto loan up to 84 months as low as 6.25%**
- Used auto loan up to 75 months as low as 6.25%**
- Used auto loan up to 84 months as low as 7.25%**
Research the Age of Vehicle
Believe it or not but the age of your car plays a definite factor in your auto loans. The main reason is that new cars are generally associated with lower-rate loans than used cars. This is based on lending risk and since a newer car has a higher resale value, the lender is more prone to losses than the borrower.
In Summary:
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Understand the Debt-to-Income ratio
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Research the age of vehicle- avoid borrowing losses.
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Check your credit score with our Harlingen credit union!
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Decide on a down payment amount – to reduce your contribution.
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Shop favorable loan repayment periods – we offer comparable rates!
Finance with our Harlingen Credit Union Instead & Use These Auto Loan Lending Tips
If you are in need of a banking service with potential benefits, then VFCU has you covered! Members who apply at VFCU will have plenty of benefits that are effective, reliable, and flexible that will benefit any lifestyle. Contact us for more information and see if you can become a member of VFCU!
*Rates are subject to change without notice
**Certain terms and conditions apply. For more information visit our main office or our Harlingen branch.
