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Truity Credit Union Blog > February 2016 > An Auto Loan Preapproval Has Its Advantages

An Auto Loan Preapproval Has Its Advantages

  • 2/19/2016

Surviving without a car in our area is tough; car buying should be easy! We’ve got good news; dealer financing isn’t your only option. Our auto loans can help you buy the car you need – saving you time, stress and money. Hit the dealer’s lot preapproved from Truity and you’ll be able to focus on the purchase price, not loan terms.

If saving money and time is your thing, you’ve come to the right place.

Here are reasons why getting your loan with us is a no-brainer:

Get a Better Interest Rate

A five-year term is the most common loan term for a new or used vehicle, and rates at a credit union are typically much lower than the average rate at a competitor bank. According to the latest report from the market research firm Informa, the average 5-year loan for a new auto from a credit union is over 1% lower than that compared to a traditional bank, which can save you hundreds or even thousands of dollars over the life of your loan.

Setting Your Budget

Once you’re preapproved for a specific loan amount and interest rate, you’ll be able to set a budget for your new vehicle. When setting your budget, don’t forget to leave room for taxes, fees, insurance and other costs that come with owning a car. Keep in mind the value from trading in or selling your existing car, and any down payment you plan to use.

Calculate your payment

Online Shopping Site

Hate wasting a full day driving around, dodging pushy sales folks, looking for the right car? There is a better way! Try shopping for your new car with Truity’s AutoSMART shopping tool. It’s car buying made simple. You’ll have access to thousands of new and used vehicles at over 300 preferred dealerships. Search by make and model, or simply tell us the style you’re looking for and we’ll show you what’s available nearby!

Better Dealership Experience

When you have a preapproval in place, the dealer will regard you more as a cash customer, someone who has the financial flexibility to walk away at any time.

Another piece of car buying advice is to avoid telling the dealer the monthly payment you can afford. Dealerships could use that information against you in negotiations. If you say you’re comfortable with a payment of $350 a month, the dealer might try to persuade you to upgrade to a more expensive model. When you’re preapproved with Truity, you’ll be able to avoid this type of stressful negotiation. You don’t have to discuss monthly payments with the dealer at all. You can leave financing out of the conversation and simply negotiate for the best price you can get.

Truity also has over 300 preferred dealers where buying a car with a Truity loan is as easy as signing and driving – without visiting a branch or waiting for funding to come through.

In Summary

So before you go shopping for your new ride, get preapproved. You’ll get a rate often lower than traditional banks and dealership financing. Set a realistic budget and make car shopping easier using AutoSMART. Going to the dealer with a budget, pre-approval for financing and a vehicle picked out, will help you actually enjoy buying a car.

  • Get a better interest rate
  • We’ll help you set a realistic budget
  • Find your car fast without driving lot to lot
  • Simplify your experience at the dealership

Get Preapproved

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