Getting a new or used car is a very exciting time. In most cases, you need to get an auto loan to cover the cost of your new or used vehicle. There are a few methods to go about obtaining an auto loan, however, with pros and cons of each.
The best way for you to get an auto loan is dependent on your credit, your financial history, and your personal needs. There are many factors that go into each method listed below. Continue reading to learn more about four of the best ways for you to get an auto loan.
Most dealerships offer financing. These are arrangements made between a dealer and the bank or lender in many instances. This is a very convenient and simple method, but there is a chance of a higher-interest rate due to additional fees and no previous banking relationship.
Some dealerships offer in-house financing. There are certain disadvantages to this option and mainly available to individuals with a lower credit score. The financing department can either be owned by the car dealership themselves, or there could be a partnership arrangement with a specific financing company.
Credit Union Financing
As you know Eastex Credit Union operates as a non-for-profit, as a result we typically offer lower interest rates and minimal fees. If you are a member of a credit union, like Eastex, this could be a great option for your next auto loan.
Before you visit a car dealership, get pre-approved with Eastex Credit Union and take out the middle-man. You can discuss your budget and terms with an Eastex Loan Officer. This will help ensure you stick to your budget and don’t fall into any traps by salespeople. Our Loan Officers can help you conduct research, discuss extended warranties, and guaranteed auto protection. They also look into credit life and disability insurance before you ever step foot into the dealership.
Purchasing a vehicle is very exciting, but it involves many important decisions such as determining the best way to get an auto loan. Among the options above, go with the one you know and trust – Eastex Credit Union. We offer low-interest rates, a personalized experience, and great financing to best meet your needs. To speak with a loan officer, call 409-276-2525, option 1, or apply online today.