How to Get the Best Credit Union Auto Loan in New Bedford, MA

credit-union-auto-loanWhen it comes to buying a brand new car, half the battle is in finding the best type of loan for your budget. You don’t want to get a car that you can’t afford just to run yourself into debt or lose the car to repossession. Working with your local New Bedford credit union can help you figure out how much car you can afford and get you the best possible rates on a credit union auto loan at the same time.

How to Become a Credit Union Member

All you need to open up a credit union membership is to start with a basic credit union savings account called a Share Savings. St Anne Credit Union in New Bedford, Massachusetts opens up its membership to anyone who lives or works in Plymouth or Bristol Counties in Southeastern Massachusetts. Some credit unions require membership or association with a particular workplace or organization, but at St Anne Credit Union, you just need to be local.

In addition to a Share Savings, you can also open a credit union checking account and explore other financial options, such as a credit union auto loan, home loan or discover new ways to make your money grow. St Anne Credit Union is the New Bedford credit union located on Union Street. Our credit union is completely member-owned and is a non-profit financial institution. Open since 1911, we serve over 3,100 members and are the oldest established credit union in all of Southeastern Massachusetts.

Why a Credit Union Auto Loan is Best

Once you begin to look around at the different types of auto loans that are available, you will quickly see that getting a credit union auto loan from St Anne, your local New Bedford credit union is the best possible option. Having the ability to shop the loan separately from shopping for the car will help you to stay within your budget and not purchase something you cannot afford. Walking in to a car dealer with a pre-approved credit union auto loan in hand stops the car salesman from doing all of the financing “tricks” that are well-known by consumers nationwide. All the car dealer needs to give you is the price of the vehicle. You take that to your New Bedford credit union and they take care of the rest.

When you begin the loan application with your local credit union that you have joined as a member simply by opening a credit union savings and credit union checking account, you are also able to get the best possible interest rate. Credit unions are often able to offer loans that are between one and one-and-a-half percent lower on average in interest rates compared to banks and the application process is much simpler as well. Because you already work with your local New Bedford credit union and have all of your financing, such as credit union checking account and credit union savings right there, the process will go much faster.

Tips for Getting the Best Deal

Once you start shopping for a new or used car with your pre-approved New Bedford credit union auto loan in hand, it can be overwhelming to see all of the options that are available. Here are some tips that will help you to get the best deal, make the best decisions and have the best possible outcome in your car shopping and buying experience.

  • Know Your Own Credit History – Before you even go to your local New Bedford credit union and begin shopping for a car, it can be helpful to have some idea of what is on your credit history. You can get a FREE copy of your credit report from the top credit agencies by visiting AnnualCreditReport.com. This will help you prepare for what you will hear when you apply for a credit union auto loan.
  • Make a Plan and Stick to It – Experts say that we should shop no more than two weeks for a loan. If you go somewhere before you come to your New Bedford credit union or if you are not approved for a credit union auto loan and look elsewhere, limit your shopping to a two week period. The reason for this is that every time you apply for a loan, your credit score will go down slightly. However, if you make all of your applications within a period of two weeks, the credit agencies count it as just one single inquiry, even if you go to several locations.
  • Pay Attention to the Details – Whether you are working with the car dealer at the lot or a loan agent at your local New Bedford credit union, make sure to pay attention to the details. Read the fine print. Actually read the contract. If possible, take the paperwork from the loan home with you and read it over before signing. Don’t be afraid to ask questions and demand answers if something is not clear. You will be making payments on this loan for a period of years and it is in your best interest to know what you are getting into ahead of time – without any surprises.
  • Consider the Amount of the Loan, Not the Amount of the Payment – When people used to shop for large purchases, such as houses or vehicles, they would consider the actual price of the thing. Today, our economy has influenced a change in the way that we look at large purchases. In fact, many years of bad lenders and loans from questionable companies have led consumers to look at the monthly payment rather than the total cost of the loan. Your New Bedford credit union can help you take a more informed and strategic approach to car buying with a credit union auto loan.

Where to Get a Credit Union Auto Loan in Southeastern Massachusetts

The best place to go for a credit union savings or credit union checking account is also the best place to go for a credit union auto loan in all of Southeastern Massachusetts. St Anne Credit Union has been serving customers who work or live in Plymouth and Bristol counties in Massachusetts since 1911. For more information about our credit union auto loan, home loan and savings investment opportunities, visit our New Bedford location on Union Street or give us a call at 508-993-0011.