3 Free Online Resources to Use When Shopping for an Auto Loan
According to a recent survey, the top five activities conducted online by future car shoppers include: researching car prices, finding actual cars listed for sale, comparing different models, finding out what their current car is worth, and locating dealerships.
Researching for the best car for the best price is important, but what about the auto loan process? Between knowing your credit score and getting comfortable with the auto loan estimated interest rate, there are additional numbers that could benefit you in the long run when shopping for your next vehicle.
Check out these free, online auto loan related resources:
1. A Quick Video About Understanding Auto Loans
If it’s been a while since your last vehicle purchase, or you’d like to introduce the auto loan process to a new driver, this quick video covers some of the basics of what’s involved in an auto loan, including:
How long most auto loan installments last.
The importance of a down payment.
How your interest rate is factored.
The fine print to look for when agreeing to a monthly payment.
2. Auto Loan Financial Calculators
As you consider the cost of a new auto loan before going to a dealership, auto loan financial calculators can take a lot of the guesswork out of the negotiations and give you peace of mind when committing to a final price.
This auto loan financial calculator computes what you can afford for a new vehicle, including possible taxes and documentation fees. Try out our “How Much Car Can I Afford?” calculator.
3. Learn About the Importance of a Good Credit Score for Your Auto Loan
Before pursuing an auto loan, it may be time to check your credit score. In order to find out the exact details of your credit score, you can run a free credit report. A credit report will have detailed information on your credit history. Having a good credit score can be a useful negotiation tool when deciding certain factors of your auto loan, such as the interest rate.
Want to learn more about credit scores and reports before running a credit report? We have a free credit score and reports module that will walk you through the definition of a credit score, tips to making improvements on your overall score, and what helped design the credit score system.
Your credit union wants to help. Whether it’s sitting down with a personal service counselor to discuss your current financial situation or applying for an auto loan with some of the best rates available, your credit union is here to help. Questions about the auto loan process? Call our Member Contact Center at 1-877-325-2848 or send us an email through our contact form.