Thinking about buying a car, let alone financing one, feels akin to a root canal or taxes. It’s not exactly high on anyone’s list of fun pursuits. So, what’s really behind all the numbers and promises? Let’s take a look.
- While the dealership’s 0 percent financing may seem ideal, there is more to securing a great loan than just an interest rate.
- Ever read the fine print on the commercials offering 0 percent financing? Who really qualifies for that? Not many. This is what gets you into the dealership. Once you’re on the lot and you find that car that just calls your name, most of us have no impulse control to wait another day to find the best deal. That’s what they are counting on; that you won’t be able to resist all the wonderful features of the new car.
- Once the dealership adds their loan fees, it’s no longer 0 percent interest.
- The term for 0 percent interest loans typically is only 36 months. Interest rates go up for longer terms.
- What does the 0 percent really equal? On average, it’s equivalent to a $2,000 to $3,000 rebate. How much negotiating room do the dealers have on the price of the car? Usually, more than what the rebate would equal. When you’re negotiating the rate, you lose out on negotiating for the price of the car.
Now, let’s consider financing through your credit union
- We may not have 0 percent financing, but we do not charge a loan fee. And when interest rates are as low as they are now, that makes a big difference.
- When you walk into a dealership with cash, that talks. You hold all the negotiating rights and can usually get more off the top of the price than just the $2,000 – $3,000 rebate.
- We can get you pre-approved so that you have a pre-approved check in hand once you’re ready to start looking. That way, when you fall in love with that car, you won’t have to wait.
- Right now, we have partnered with Wolfchase Nissan/Honda and can help you save even more! Hurry, this is a limited time offer! Click Here for details.
Call one of our qualified loan officers at 901-226-1111 for more information.
HealthNet Federal Credit Union
1591 Chickering Lane, Cordova, TN 38016
(901) 226-1111 | www.healthnetfcu.org