Car loans are more straight-forward than some might think; you find a car you like and can reasonably afford, you finance the car and drive it off the lot. Sometimes this can happen in the span of just a few hours of your time and your signature. But there are some aspects of the car buying process that are helpful to consider before you whisk away in a bright, shiny new ride. Getting the most from your auto loan is easy with a few steps.
When purchasing a car, there are several things you want to consider. Outside of your monthly loan payment, there are things such as fuel, maintenance, registration fees and insurance premiums.
Before you head out to sign on the dotted line, here are some tips to make sure that you get the most out of your auto loan.
Know Your Credit Score - Auto loans are can be fairly easy to secure even with a less than perfect credit score. Generally, a lower score simply means you'll be paying a higher loan rate. Usually, a dealership will offer to finance the loan for you, but UHCU always offers low, competitive rates and our loan specialists can help you get pre-approved quickly.
Extending the Life of the Loan - Getting a lower car payment is achievable by extending the life the loan. While this will generally lower your monthly costs, it extends the length of the loan. It is a good idea to consider how much you can afford to and how long you would like to be paying on your loan before you buy.
Down Payments – Down payments can be a great way of decreasing the overall amount of the loan that you take out and to decrease your monthly payment. But, it is also advantageous to consider the rate that you are given on the loan. If it is a rather low rate then you may want to consider keeping all or some of your down payment and financing a larger sum of the cost of the car.
Add-Ons - One of the most exciting things about buying a new automobile is the ability to customize everything from exterior color to the type of floor mats. Each of these opportunities to make your car more unique or customized to fit your needs can come with a higher price tag though. Consider that while it may be easier to have the windows tinted by the car dealership, there may be a local service that can do the same work at a significantly lower price. Extended warranties can be great solutions to auto care, especially if you plan on keeping the car for many years, but can be very pricey. UHCU can also help you consider the vehicle service contract that meets your needs.
If you've done your research and are ready to buy, we at UHCU are ready to help. Our interest rates remain low and, as always, we are ready to serve you. We offer one-stop shopping for your loans and have insurance offers available as well. We can also complete all documents remotely, while you’re in the comfort of your own home. Making the loan process not only easy, but safe as well. Our loan specialists will help you find the best loan for your needs and walk you through every step of the process. Contact us today via phone at 512.435.4444, 903.597.7484 or 800.531.2328 or the Auto Loans section of our website and we will help guide you in finding the loan that best fits your needs.
