Purchasing a new or pre-owned vehicle can be an intimidating process. Finding the right car to fit your lifestyle and budget often takes time, effort, and patience. 但这并不难! An effective, economical credit union auto loan can make this process much simpler.
Here are some tips for finding the right credit union auto loan:
银行s are for-profit businesses owned by stakeholders, including individuals who hold stock in the bank. Credit unions are different — they are not-for-profit financial organizations with members that are considered part owners. This gives them the power to weigh in on specific credit union duties, 日常运营, 规则, 和流程.
目前，超过 5000个信用合作社 在美国各地开展业务.S., 其中203个 在德克萨斯州. 超过 1.25亿美国人 属于信用合作社, often sharing similar interests or qualifications, 比如上同一所大学, 属于同一工会的, 或者住在同一个社区.
Joining a local credit union offers many benefits to members, 包括降低个人贷款利率, 首页, and auto loans and higher rates on certificates of deposits, 检查, 储蓄账户.
For example, the average auto loan rate in Texas is currently 4.24 to 5.27% 由银行签发的. 然而, a credit union auto loan can go as low as just under one percent (depending on the applicant’s credit score) for up to a 48-month loan term.
此外，额外的产品，如 GAP insurance, multi-shield protection, extended warranty, and disability insurance are typically less expensive when issued from a credit union instead of a bank. Members can also obtain auto loans for pre-owned vehicles from credit unions, whereas some banks require patrons to purchase newer vehicles to qualify for loans.
Unlike joining a bank, credit union members must meet established criteria. This includes having family members who have already joined, 居住在某一社区的, 在一个特定的行业工作, or attending a college or university that runs its own credit union.
如果你已经是会员, applying for a credit union auto loan is much like a bank’s loan application process. 在你第一次咨询时, make sure to bring important personal documents, 比如你的身份证, current employment status and work history, 目前收入及历史, 信用评分和付款记录, 汽车保险证明, and information on the vehicle you would like to purchase.
Here are more things to keep in mind when applying for a credit union auto loan:
Before you approach your credit union, look at your current credit rating and history. A “良好”的信用评分 hovers around 700, whereas a “fair” rating falls closer to 600. If purchasing a vehicle isn’t immediately necessary and your score needs some improvement, take some time to work on boosting your credit score before applying for a credit union auto loan. A higher rating could help you secure a lower interest rate.
虽然没有必要, getting pre-approved for a credit union auto loan can help applicants negotiate lower prices when visiting a dealership or private seller.
Pre-approval simply means that the credit union has looked over your credit score and history — along with other supplemental information — to give you a general idea of the loan amount and interest rate you’re likely to obtain. This also helps you set a realistic, affordable budget for your purchase.
Always make sure you understand the terms before signing for an auto loan. 查看商定的费用, 指控, 贷款的长度, 首付, and annual percentage rate to ensure you’re not hit with any surprises down the road.
以下 税费 are typically based on the standard presumptive value (SPV) of cars, 在德克萨斯州购买的suv和卡车:
Texas Tech Credit Union offers flexible and affordable financing for new and pre-owned vehicles with various terms and lengths. 今天就开始行动吧!
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