Why You Should Finance Your Next Car Loan At Your Credit Union?
When shopping for a new set of wheels, your first stop can be CSE! While many people start at the dealer’s lot, you’ll enjoy a lower rate, a simpler loan application, and other benefits when choosing to finance your car at your credit union.
Let’s look at the differences in the auto loan process.
Financing an auto purchase at a car dealership
At a dealer’s lot, the dealer will likely try encouraging you to boost your car budget to the max or even to go over your maximum price.
Once you’ve chosen your car, you’ll need to submit a complicated auto loan application form, which the dealer sends to the finance companies it partners with. The dealer will then share the lender offers with you and ask you to make your choice.
However, in most cases, the dealer is only the middleman. This means they are going to present your options in a way that most benefits the dealership – and not you.
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Most lenders will pay a larger commission for a car that is sold at a higher price and for a loan that is established at a higher APR (Annual Percentage Rate). As a result, your dealer will always try to get you to sign up for a loan that is likely more expensive than what the lender is willing to offer you.
Financing an auto purchase at a credit union
When you work with CSE, you’ll be dealing with local people who know who you are and what your financial circumstances are. No one will try to push you into a loan you can’t afford.
The process of applying for a CSE Auto Loan is simple, quick and easy. It’s CSEasy! You can even apply online at csefcu.org/auto-loans or over the phone by calling 337.477.2000. Also, as a Member of CSE, you already have a jump start on getting the pre-approval.
One of the biggest advantages you’ll have when financing an auto loan through your credit union, though, is a lower APR. You’re working directly with the local lender, and you’ll only hear the actual rate we offer instead of the marked-up rate the car dealer presents to you. Also, credit unions famously offer loan rates that are consistently lower than those offered by large lenders and banks.
Another advantage you’ll enjoy at CSE is a pressure-free setting when determining how much you can afford to pay each month toward your new car.