The average price for a new vehicle in the United States is more than $31,000.
Even pre-owned cars and trucks are expensive, with prices averaging more
than $17,000 at a dealership. Fortunately, you don’t need to wait
until you have enough cash saved in the bank to buy the new or used car
you really want. With an
auto loan from your local credit union, you’ll be able to drive away in the car you deserve, and not necessarily
the only car you can afford right now. Before you start shopping for vehicles
or comparing auto loan rates, here are some things you should know about
auto loans in O’Fallon.
Get the Best Rate Possible
Auto loan rates are determined by a number of different factors, some
of which are out of your control. However, there are steps you can take
and things you can do to get the best rate possible on a
new or used car loan. For example, be sure to check your credit report and fix any errors before
applying for financing. And if your credit score is low, consider asking
a loved one to co-sign on your auto loan application to help you secure
Know How Much You Can Afford
An auto loan will allow you to drive away from the dealership behind the
wheel of a new or used vehicle that might otherwise have been out of your
price range. However, this doesn’t mean you should finance more
than you can afford. Before you take out an auto loan, consider your current
financial situation and determine the monthly payment you can afford each
month. Your credit union can help you determine what your monthly finance
payment will be so you can budget and plan accordingly.
Ask for Help
If you experience financial problems and are unable to meet your monthly
minimum payments, contact your creditor as soon as possible. Auto loan
lenders want to help you meet your obligations, so you may be able to
negotiate a delay in your payment or a revised schedule of payments in
the future. Ignoring your payments will only make things worse, so don’t
be afraid to ask for help when you need it most.
If you need an auto loan,
GCS Credit Union can help. We are dedicated to helping the members of our community secure
competitively low rates and customized auto loan terms so they can have
the dependable and reliable transportation they deserve. Visit a branch
in O’Fallon or cal us at (618) 797-7993 to apply today.