You may have already heard about our SWITCH & SAVE
Campaign, which aims to give you the best offers and information on how to save money on major loans. Hopefully, you’ve seen that credit unions are often able to offer lower interest rates on auto loans. Now, we have some tips for ways you can prepare for a vehicle purchase ahead of time – before you ever set foot in a dealership! (And we also have a cool raffle to tell you about, to sweeten the deal!)
Step 1: Know your credit situation.
Before you apply for any loan, you should check your credit report with at least one of the reporting agencies. You are able to pull one report from each of the three agencies (Experian
) each year for free – so if you haven’t been monitoring your report on a regular basis, now is the time to check. If there’s a mistake, such as an unpaid debt, you need to straighten that out with the credit reporting agency before applying for any loans.
Step 2: Shop around.
Do your homework on the vehicle you’re interested in. Decide what features you think are absolutely necessary and what you’re willing to live without. Knowing your “needs” vs. “wants” can help you keep your head on straight when you’re meeting with a skilled salesman.
Step 3: Get pre-approved.
It’s important to talk to your Delta Community loan specialist before
you make any major decisions. Walking into the dealership with a pre-approved loan ensures you have the best loan rate possible. It gives you the freedom to focus on negotiating the price of the vehicle. Dealers are legally allowed to add to your interest rate on any loan they might offer you, in order to compensate themselves. If you handle the loan portion of the process before you visit the car lot, you’ve already tackled half the battle!
Step 4: Make your purchase and start paying that loan!
Once you decide on your new (or new to you) car, it’s time to enjoy it! But it’s also time to start paying it off. The best policy is to get into the routine of making your car payments from the start, so you get used to seeing that money being removed from your checking account each month.
Now, about that raffle mentioned earlier: if you get a loan from Delta Community Credit Union this month, you’ll be automatically entered for a chance to win a month’s car payment - on us!* Our Delta Community representatives are available to talk one-on-one and answer any questions you may have. They can also explain more about Car Solutions
, a free car-buying service that can help you find exactly the new or used vehicle you’re looking for!
*Get a Car Loan at Delta Community between July 15 and September 30 (“Promotion Period”) and you’ll be automatically entered to win a one-time payment on your monthly car loan payment up to a maximum prize limit of $800 as part of our 2013 Switch Car Loan Sweepstakes. No purchase necessary to enter sweepstakes. To be eligible, must be 18 years old and a U.S. resident, excluding FL. Alternate method of entry available by way of mail-in entry. For complete contest rules and promotional details, visit www.deltacommunitycu.com/SWITCH