We recently reported on how programs like the Credit Repair Kit from Pioneer Services can help military families figure out how to get the best deals on auto loans for new or used vehicles. But it’s also important for these borrowers to know where to go to get decent financing agreements. One of the newest deals comes from the Navy Federal Credit Union. A press release out today from Vienna in Northern Virginia shows that this military credit union is offering military staffers and their families as low as 1.79% APR for up to 60 months on a range of vehicles. It’s also important to note that for those who did not take advantage of this kind of deal on an already purchased vehicle, borrowers can pursue refinancing with the credit union to get lower interest rates and less car debt.
When new or late model car shoppers with less disposable income are looking to find the best financing deals for a particular purchase, credit unions are often some of the best places to look. Many of these third-party lenders offer better deals than some of the established “big lenders” such as national commercial banks, which can often charge up to 8 to 10% on a car loan even for those with a decent credit score. By contrast, credit unions work on the basis of an already established membership, which means they can often beat the interest rates offered to the general public. This principle goes double for military staffers, since many aspects of lending in this country are designed to help with the specific challenges that military families face. Credit unions like Navy Federal understand that due to the realities of deployment, borrowing can be harder for families who have a breadwinner working for the military. Borrowers who are on active duty or retired can look or these kinds of deals to do better on a new or used car purchase.
Even for those civilians who are trying to find the best interest rates for an auto loan, a local credit union can often help out. Whether you get an affiliation with a credit union through a school, an employer or a church, your local credit union can offer its own interest rates and fees for auto loan qualification or refinancing. Make sure to research credit unions and other third party lenders, and you could be saving yourself hundreds of dollars over the life of the auto loan. Don’t settle for high interest rates that push up monthly payments or stretch your loan out over another year. Doing your homework before visiting the lot can help you to get that clean car title quicker and with less expensive payments.