Buying a car can be exciting, but it is also a considerable investment. To further complicate things, everyone’s circumstances are different, so there are no cookie-cutter solutions when determining what you need to buy a car. Luckily, at Camino, we are a local financial institution invested in our community’s success. Explore the top car buying options available in our blog to put you behind the wheel of a new ride in record time:
Car Buying Options: What You Need to Buy a Car
New & Used Auto Loans
When considering what you need to buy a car, financing is key. After all, without financing, purchasing a vehicle is impossible.
New and used auto loans with a respected credit union in Montebello, like Camino, are great car buying options that offer fast local approval and great flexible funding for virtually any vehicle. Still, there are some differences to be aware of.
Firstly, because they are less of a risk for lenders, loans for newer cars often have lower, competitive interest rates. That being said, the overall cost of the vehicle may still make a used auto loan a cheaper option.
New and used auto loans can also be great options because they offer flexible terms and up to 125% financing, which includes taxes. Getting pre-approved for these loans will also give you greater negotiating power.
First-Time Auto Loans
What you need to buy a car depends on your situation, and if you are about to purchase your first vehicle, first-time auto loans are one of the best car-buying options available.
Taking out a first-time auto loan with a reputable credit union like Camino is a good option for people with little or no credit who may be concerned about being approved for financing with more conventional types of auto loans.
With these loan programs, you can get up to $40,000 of funding for your first automobile, truck, or van. Members will also have 72 months (6 years) to pay it off with no worry of being penalized for paying it off early.
By getting pre-approved for this loan, you will receive the best rates, flexibility, and a stronger negotiating position at the dealership, which will give you considerable confidence entering this exciting chapter. This advantage is rare for first-time buyers.
To be eligible, you must be at least 18 years old, have proof of auto insurance, have a minimum of 12 months of employment, and have no previous automobile credit.
Second Chance Auto Loans
Second-chance auto loans are some of the best car-buying options when determining what you need to buy a car for those with less-than-stellar credit.
Second-chance auto loan programs can help rebuild your credit and regain confidence in, and control of, your finances. You can receive up to $30,000 in financing with fixed loan rates and flexible terms of up to 72 months, and you will face no prepayment penalty.
Plus, pre-approval will give you leverage when negotiating at dealerships, and you will receive guidance from Member Advisers to ensure you don’t miss a payment.
Call Us to Learn More About What You Need to Buy a Car and How Our Auto Loan Programs Can Help
There are several car buying options available when purchasing a car. Ultimately, what you need to buy a car depends on your financial situation. Fortunately, when you partner with a reputable, local financial institution in Montebello like Camino, you receive local decision-making, fast approval, and attentive, tailored service to ensure the loan program you choose is perfect for your financial situation and needs.To learn more about our auto loan options, visit us at caminofcu.org, call us at 800-835-3400, or contact us to put yourself in the driver’s seat of your finances.