Your monthly car loan payment is one of the most important monthly loan
payments to make. Other loan payments to note are your house loan payment,
for example. While it may be alluring to finance and purchase your next
car at the same place, you could be selling yourself short if you don't explore
other ways of raising the money.
The temptation for most car buyers to finance through the dealer is the
convenience of the process. In many cases, buyers are approved within 30 minutes
thanks to computerized credit systems.
However, consumers often give up options by taking the path of least resistance.
Other means of alternative financing often give purchasers chances of lower
rates or more flexible payment options.
The first stop for alternative financing is a rather conventional one. Credit
unions often offer loan rates which are, on average, more than 1 percentage
point lower than banks.
Credit unions are able to offer the lower rates because they don't have the tax
burden that banks are pushed to pass on to their customers. Additionally, they
are chartered for the purpose of giving low cost loans to their members.
Joining a credit union is often a lot easier than you might think. While you
typically need to be part of a company, union or other organization, membership
criteria has been gradually liberalized in many areas.
Perhaps the most tempting aspect of this type of loan is that the pressure is
not on you to pay. If you do not make your car loan payments, the amount is taken out of
your accumulated policy assets.
For Your Free Auto Loans Guide, Visit
http://www.CarAndAutoLoans.com.
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