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Joined: Tue Jan 30, 2018 2:00 am
Delivery Date: 13 Apr 1980
Leaf Number: 765435

Thinking of car finance option

Tue Feb 06, 2018 1:28 am

I have this dream car, and I’m craving to have it. Of course, it is expensive as hell! I have a somewhat stable job that pays well but, it will take me a year to save for that car that is why I am considering applying for a car loan. Which is better, a credit union or a bank?

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Joined: Tue Feb 24, 2015 1:23 pm
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Leaf Number: 402162
Location: North Las Vegas, NV

Re: Thinking of car finance option

Tue Feb 06, 2018 4:22 am

Whichever will give you the best terms for the loan. My current loan (taken out 3/2015) is 1.99% through a credit union. At the time, the banks wanted between 2.9% and 3.2% for the same loan.
2013 Leaf SV - Cayenne Red - QC Port - LED Headlights

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Re: Thinking of car finance option

Tue Feb 06, 2018 6:24 am

Sometimes car manufacturers will offer 0% financing, or at least a rate that is lower than you would normally be able to get, in order to move more cars. There may be caveats to that such as it's only available for specific models/trims, or require minimum credit scores, or require minimum down payment percentages, etc..

Credit Unions traditionally offered better terms on both the interest-earning and the interest-saving side, but that is not always the case anymore. For example, while it's not a loan, I am getting far better rates from Ally on even regular passbook savings than I am with an identical product through my credit union.

On my last car loan (not lease) my CU only beat the manufacturer's in-house APR by 0.5%. I ended up going with the CU anyway because they take 1/2 of the payment 2x a month, making it a little easier to budget, but if it weren't for that I would likely have just stayed with the manufacturer's financing which was only $5/month more.
Blue Ocean 2012 Leaf SV, lost that 1st bar on 11/21/2015 at 26,435 miles.
Lease returned on 12/23/2015. Final LeafStat figures: 225 Gids, 17.44 kWH, SOC 91.89%, SOH 82.36%, 69.49% HX, 54.57 Ahr, battery temp 61.8 F
Now driving a 2015 VW eGolf SEL

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Joined: Thu Feb 08, 2018 11:25 pm
Delivery Date: 13 Apr 1981

Re: Thinking of car finance option

Tue Feb 13, 2018 11:15 pm

I mean, a year is not that long. 8-)

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