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Auto FAQ
Should I take the low dealer financing rates offered ? We have heard the deals - but what's the catch? Should you take the, "$1,500 cash back or the low 2.9% APR financing for 36 months."? Let's take a look at how this all shakes out... Assume a 1999 Toyota Corolla - with the cost of $16,000 and either: 2.9% APR for 36 months, or $1,500 cash back. Other financing:
FNEFCU financing:
YOU WILL SAVE $550.44 IN 36 MONTHS!! Same considerations, let's take this a step further... 48 months with FNEFCU= $348.83/mo or 60 months with FNEFCU= $288.76/mo Even if this isn't the exact special - check out the details! In almost every case, you are better off taking your rebate and financing your vehicle loan with FNEFCU! Start your fall Auto Loan or Leasing Process Today! Call 860-282-0001. Ask for more information about our Car Buying and Leasing service - why go to a dealer at all?! We can be your one stop shop! Upon qualification with approved credit. Rates reflected as Annual Percentage Rate. Financing available up to 100% with approved credit. 6.99% available with 20% down and approved credit. This is only an example. For more details, contact First New England Federal Credit Union. Rates reflect: FNEFCU financing: taking an assumed $1,500 cash back option as a $16,000 vehicle. Use the rebate towards FNEFCU's vehicle loan of 7.24% at 60 months. Other financing: reflects taking the assumed 2.9% APR at 36 months on a $16,000 vehicle! Savings of $550.00 has been calculated by: $464.59 - $449.30 = $15.79 X (36 months) = $550.40! Why get my car loan at a credit union? Nationally, credit unions are among the most competitive vehicle lenders. We’re not-for-profit, so our focus is on member service, not the bottom line. That allows us to typically offer lower loan rates and fewer fees than the competition. We’re also owned by the very members we serve, so you know you’ll be treated like more than just a customer. You are an owner, and it is our goal to make you feel that way whenever we can. Is applying for a loan at my credit union's Web site safe? Absolutely. Your credit union uses state of the art encryption technology to ensure your loan application and personal information remains secure. Upon retrieval of this information, we will handle your web-application with the same confidentiality we administer to all personal documents. The credit union’s loan rate is lower, but other financing gives me lower monthly payments. Why is that? It could be for any number of reasons, you are probably getting a lower monthly payment because you are stretching out the term of the loan. (ie: You are making more payments over the life of the loan) Before getting sold on a lower monthly payment, compare apples to apples. There may be some serious downsides to a loan that on the surface looks unusually affordable. …And be sure to investigate the payment-lowering options at your credit union – Chances are, we have an option that will fit your budget, and won’t beat you up in the long run. What does the phrase ‘upside down’ mean when referring to owning a car? A borrower is ‘Upside Down’ on their auto loan when they owe more than the vehicle is worth. This typically happens in the early months of a loan, especially when little or no down payment has been made. One of the key disadvantages of being upside down comes from an insurance perspective. If your vehicle is totaled, your policy may only cover the worth of the vehicle, and not necessarily the full balance of your loan. |
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