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New Year, New Car?

New Year, New Car? By Kelly Twedell
Published January 25, 2010
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The year is still new and for many it is time to purchase a new vehicle. It is no secret that credit unions are known for offering competitive rates and are the best deal around over traditional banks and dealerships. After checking with my local credit union, they even offer a 1% lower rate than their already low rate if you apply online for the loan. It doesn’t get much easier than that. See what your credit union has to offer. It’s a new year and there are new specials out there to be had. Be informed. Most people have an idea what their credit rating is and this is important when securing a loan. Credit unions still are beneficial financially but they still have stringent criteria before approving their members for loans. Since credit unions only make loans available to their members, they are required to be good stewards with their members’ money. Know what you want to spend. Go online and get pre-approved from your credit union and it’s like shopping with cash in your pocket. Once the salesman knows that you have done your legwork with financing, he knows that you are serious and you can get down to the matter at hand. Once you have a figure in mind, you can look for the lowest Annual Percentage Rate (APR), and decide what terms you would like to finance your automobile for. Keep in mind that the longer the term, your payments might seem less, but in the end you are handing over more money in the long run. Everyone is pretty savvy about shopping for the best deals when it comes to home electronics and buying a car should be no different. With some research on price, make and model you are already ahead of the game. Nothing was more irritating than when I went on the lot last year to specifically test drive an economical gas conservative car, and the salesman kept steering me toward the bright and shiny cross-over vehicle with all the bells and whistles flashing rebate signs my way. Even if you are not shopping for a new car, credit unions still offer great rates on used automobile loans and they collaborate with Carfax, so you are guaranteed not to get a lemon. If this article got to you too late and you did not get the best deal, it’s not too late. Refinancing your existing vehicle loan could lower your rate and monthly payment - putting more money in your pocket! Try our Auto Loan Calculator! Also check out Top Safest Cars and SUVs for 2010. Looking for a car dealership near you? Find New Car Dealer or Used Car Dealer in the U.S.

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