Unsure of How To Compare Auto Loan Rates? Foundation CU Has Answers

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Whether you are purchasing your first, third, or millionth one, purchasing a car is considered to be a milestone event. We understand this at Foundation Credit Union, and we’ll work alongside you throughout the process to ensure you receive the best deal. In today’s blog, Foundation Credit Union will cover the top tips to consider when shopping or comparing car loan rates. 


Decide Which Car You Would Like

There is a common misconception that the most important first step is to get approved for the amount you’d like to borrow first before purchasing a car. In reality, it is wiser to find the car you are wanting to purchase and narrow down the total purchasing amount including fees. Once you know this number, or an estimate of it, you’ll be able to request borrowing approval from your financial institution. 

Knowing essential information such as the year, make, model, color, vin number, and mileage of your desired vehicle is also important. Financial institutions run credit checks on borrowers, but also assess vehicles that potentially need backing for insurance. Having this information readily available will maximize your borrowing experience. 


Stop By Your Credit Union 

After deciding which vehicle you’d like to purchase, it’s time to take your collected information and head down to Foundation Credit Union. We’ll be happy to review the details of your vehicle of choice, and assess the borrowing amount against your credit score. 

Once we align all of the details, we’ll be happy to also talk through insurance providers with you. If you already have auto insurance, then you’re set to take your quote/check to the dealership. If you’d like for us to help you navigate the buying process with you, then we’d be happy to have them contact us. We’ll be happy to work the details out with them directly.


Compare Your Quotes With Local Quote Finders

The final step is to make sure your price quotes are competitive across the industry. Many individuals have experienced rate stuffing or upcharges when buying their vehicle. 

Making sure to compare the ticket price you are given with other dealers in the area, Kelly Blue Book, and other price/interest rate comparison tools will help you get the best value for your money spent. 


Foundation CU Cares About Your Car Buying Experience

Our team at Foundation CU cares about your financial journey and peace of mind. If you’re seeking additional assistance with your borrowing experience or information on how to become a member of our credit union, we’d love to hear from you. Reach out to us online to complete our member application, or give us a call at (417) 895-2772.

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