Some people think that the best way to get the best deal on a new or used vehicle is to learn how to negotiate at the dealership. While it is true that it pays to be savvy when it comes to the lingo and tactics that are used by car salesmen, the biggest influence on the ultimate price that you will pay for a car or truck depends on how you pay for it. It would be ideal to walk into a Massachusetts car dealer with cash-in-hand to pay for your new vehicle in full, but most people can’t afford to do that these days. A credit union auto loan with the best interest rates in New Bedford can help you to reduce the amount of interest and fees that you pay over the life of your loan.
Unlike other credit unions in New Bedford and the surrounding area, you don’t have to work for a certain industry or belong to a worker’s organization to join St Anne Credit Union. All you need to do to qualify to become a member is to work or live in either Bristol or Plymouth counties right here in Southeastern Massachusetts. St Anne Credit Union in New Bedford has been providing top quality financial services to locals for over 100 years. Stop by and speak with one of our friendly agents to learn more about all of the advantages associated with joining a local credit union.
Tip #1 – Loan First, Car Second
Before you start shopping for a new or used vehicle, make sure to stop by your local credit union in New Bedford to shop for a loan first. The biggest mistake that car buyers make it to visit a dealer without a pre-approved loan in hand, as it puts you at the mercy of the banks associated with the dealer to finance your new car or truck. Begin the loan application process at St Anne Credit Union in New Bedford before you start shopping for makes, models, and prices of cars in the local area. Studies show that credit union interest rates in New Bedford tend to be between one and one-and-a-half percent lower than traditional bank auto loans. A pre-qualification gives you a sort of “blank check” from your credit union to go to a dealer and spend on a quality vehicle up to a certain amount.
Tip #2 – Check Your Credit
Before you even apply for a credit union auto loan or shop for a new car, make sure that you know what your credit score is and take a look at your free credit reports from the three primary agencies, which includes: TransUnion, Experian, and Equifax. Check to see that everything is accurate and contact the agencies if there are any mistakes. It may take a little bit of time to clean up your credit report, but you will save a lot in interest rates and expand your options if you can get your score up over 700.
Tip #3 – Pay Attention to the Bottom Line
How much is the car you want to buy? Make sure you know the total amount, which includes any taxes and fees. Don’t make the mistake of purchasing a new vehicle based on the monthly payment. Instead, focus on the amount that you will ultimately be spending on it in total, including the cost of your credit union auto loan and interest rates in New Bedford. Beware of loans that seem like a good deal, but actually cost more, due to increased numbers of payments, higher down payments, and other typical dealer tactics.
Tip #4 – Know Current Pricing
Another thing that will give you an edge is to learn all you can about the pricing of the make, model and year of vehicle that you are interested in the most. Researching the Kelly Blue Book pricing for your dream vehicle can help you to avoid over-paying. You don’t want to find out weeks or months later that you paid thousands more for your new or used vehicle than you should have.
Get a Credit Union Auto Loan in New Bedford
If you are looking to purchase a new or used vehicle in the future, make sure to visit St Anne Credit Union in New Bedford to ask about our opportunities for credit union auto loans. We also offer home loans, personal loans, and other excellent financial options. To become a member, give us a call at 508-993-0011 or visit our location on Union Street in New Bedford, MA. Our agents can help you get the best deals in loans, savings, and investment opportunities at our credit union in New Bedford.