Like with buying a home, buying a car is a big financial decision you will make in your life. When shopping for a car, there are many things that come to mind including new or used cars or if you want to go through a dealership or go through a financial institution. Financial options can get confusing. Luckily, at UKRFCU, we can help you navigate your way on picking the best loan for you.
But which financial institution should I get my car loan with: banks or credit unions? The answer is simple — credit unions. Credit Unions earnings go back to the membership in the form of lower fees, lower loan rates, higher interest on deposit, and community support. Banks are usually bigger, serve a larger community, focus less on personal service, and aren’t as involved with local communities. But we’re a different kind of bank; we’re owned by you and working for you to give you control of your financial future.
Below are five reasons to get your next car loan with us:
1. Lower interest rates – Profits made by UKRFCU are returned back to our members in the form of reduced fees, higher savings rates and lower loan rates. That’s why we can give you a lower auto loan rate compared to banks. Our loan rates are as low as 3.09% Annual Percentage Rate (APR) for new and used cars (as of April 1, 2019)*. Learn more about our auto loan rates by clicking here.
Let’s say you’re financing $30,000 for 48 months with a $2,000 down payment and your credit union offers you a rate of 3.09% APR. That would make your monthly payment $620 and your total interest paid over the life of the loan $1,803. However, if the bank across town offers the same loan at 5.94% APR, your monthly payment will be $656, and your total interest paid will be $3,527. The difference is $1,724. That’s three round trips to Hawaii.
2. Easy application process – Our application process is quick and easy. Simply click here to apply. In order to be considered for an auto loan, additional documentation may be required. You can also visit one of our branches to speak with a Loan Originator about your auto loan.
3. Lower fees – As mentioned previously, profits made by UKRFCU are returned back to our members in the form of reduced fees. We keep our fees as low as possible because we don’t enjoy charging fees to our members. For any auto loan fees, you’ll get charged the minimum.
4. Simple ways to make a payment – For some members, they find it convenient to stop by a branch or call our main office to make an auto loan payment. However, there are numerous ways to make an auto loan payment such as through Online Banking, via mail, or by visiting a Shared Branching location. Learn more about it by clicking here.
5. Joining is easy – Joining UKRFCU hasn’t been easier. To learn more about our field of membership and the advantages of becoming a member, click here. In order to apply for an auto loan, you must be a member of UKRFCU. Click here to Apply!
Buying a car can become stressful, and we at UKRFCU, can help you navigate your way to financing your new car at a rate that fits you best. Lending options available for: passenger cars, passenger vans, box trucks, straight trucks, delivery vans, cargo vans, hearse, and limousines.
It’s simple and seamless. Join UKRFCU and get on the road faster with a new auto loan from UKRFCU today.
*Annual Percentage Rate is the advertised rate and can vary based on creditworthiness, age of vehicle and terms of the loan. Your rate can be higher depending on credit performance. Financing up to the retail value of the auto is available. Rate is subject to change without notice. Other conditions may apply. UKRFCU offers auto loans for new and used cars. All rates are subject to change without notice.