Is it easy to qualify for an auto loan with a credit union?

In 2020, despite months-long COVID-19 lockdowns 和 travel restrictions, more than 5300万辆 售出. 今年, as Americans return to their commutes to work, 暑假计划, 旅游目的地, 新车销量 都上涨了8% 从去年开始. 

如何ever, the process of purchasing a new or used vehicle isn’t always easy. 找到合适的SUV, 轿车, 范, or truck to accommodate your budget 和 needs can take time 和 patience. Fortunately, credit unions can help with that search. By providing low interest rates 和 flexible terms, credit unions give consumers convenient, economical ways to purchase vehicles. 

Do credit unions offer easy auto loans?

Credit unions are different from banks. Whereas banks are for-profit businesses that make money from customers, credit unions are nonprofit financial institutions whose members are owners 和 receive a share of profits through dividends

目前有超过 5000个信用合作社 在整个美国.S., 其中203个 在德克萨斯州运作. 约 1.25亿美国人 belong to credit unions as of 2020. These individuals typically share similar interests or qualifications, such as attending the same college or university, belonging to the same labor union, 或者住在同一个社区. 

Need another reason to hit up your local credit union for an easy auto loan? 如何 about this: They may also offer extra vehicle protection such as multi-shield coverage, 延长保修, 残障保险, 和 保险的差距 以比银行更低的价格. Credit unions will also issue smaller loans for pre-owned cars, whereas many banks require customers to buy newer vehicles to qualify for auto loans. 

Credit unions also provide other benefits to their members, such as low interest rates on home 和 personal loans 和 high interest rates on certificates of deposit 和 savings or checking accounts. 

如何 do I get an auto loan from a credit union?

Before applying for an auto loan, check your credit history. 根据FICO, a “良好”的信用评分 typically falls around 670, whereas a “fair” score is between 580 to 669. If your score could use some improvement 和 you don’t need to buy a vehicle right away, consider taking up to six months to 提高你的分数. A better rating could earn a lower auto loan interest rate, saving you money. 

Here are other steps to follow when obtaining an auto loan from a credit union: 

1. 收集你需要的信息.

The auto loan application process at a credit union is similar to that at a bank. When applying, members should have the following information on h和:

  • 驾照
  • 当前就业信息
  • 当前和过去收入
  • 信用评分和付款记录
  • 汽车保险
  • 他们希望购买的车辆

2. 启动预审批流程.

获得预先批准 365asia手机是不需要的, but it can speed up the car-buying process by helping you negotiate a lower price at a dealership or with a private seller. 

Preapproval means that your credit score 和 history have been pulled to give the credit union a general estimate of the maximum loan amount or interest rate you qualify for. This can help you set a realistic budget before making a purchase. Trading in your current vehicle 和 making a down payment can also help offset the total cost of the auto loan. 

3. Underst和 the terms of your auto loan.

Be sure to look over your auto loan terms before signing. Examine the agreed-upon fees, 指控, loan length, 和 annual percentage rate. 

以下 指控 are based on the st和ard presumptive value (SPV) of all cars, 运动型多功能车, 和 trucks bought in the state of 德州:

  • Title transfer fee: $28 or $33, depending on the county
  • 销售税:6.25% on top of the vehicle purchase or SPV
  • 使用税:6.25% 使用税收 applied to vehicles purchased outside 德州 和 brought into the state or cars used for business purposes 
  • Tag 和 license fee: Base fee is $51.75, local fee ranges from $0 to $21.50
  • 转让注册费:2美元.50

今天就轻松获得365asia手机!

德州 Tech Credit Union offers members easy, affordable financing options for new 和 pre-owned vehicles, low interest rates 和 flexible terms 和 lengths.