Chief Financial Credit Union Offers Alternative Financing Solutions during Current Car Shortage
(ROCHESTER HILLS, MI -) Chief Financial Credit Union is creating financing options for those looking to make a car purchase in the near future.
Since the pandemic hit, the used car market is one of the hottest in the nation. There is a global shortage?of new cars. At the same time, people want to avoid mass transportation and drive to their destination.
People are buying up used car inventory. The demand is so high that prices are increasing rapidly. Experts forecast annual used car sales in excess of?41 million.
With purchasing a car becoming more difficult than ever, being prepared for future financing is important.
Those who are ready with financing will be able to react to opportunities quicker. There are several ways to finance a used car whether you are purchasing through a private seller or a dealership. Consider contacting a credit union to secure pre-approval on your purchase or if you are at a dealership, ask them about all the financing options available to you. Many dealerships can offer you financing with a credit union. Be sure to ask about all your options.
The loan’s interest rate is the first thing to evaluate. You want to shop around and find the best interest rate possible. This dictates how much you spend on finance charges over the loan term.
The loan term is another factor to consider. Many dealerships have set loan terms and do not offer much flexibility. They may box you into a three or four-year car loan. This is going to compress the loan’s principal into fewer payments. The result is going to be a higher monthly payment.
It is also important to review other loan details. How much is the required down payment? Are there penalties for late payments or other fees to take into consideration?
Some customers seek out a pre-approval at the credit union before car shopping. This way, they can go into the dealership with a financing plan already in hand.
Several different options are available for those looking to make an automobile purchase in the future. Chief Financial is offering their customers competitive rates for loan refinancing. Often, they can provide customers with a lower monthly payment.
It is important to still be reviewing the terms and conditions closely when making these decisions. Consumers are able to get approved for a car loan at the credit union.
Chief Financial aims to be a resource to those looking for loan refinancing and help assist the public in their next car purchasing experience.
Contact us today for assistance: https://www.chiefonline.com/about-us/contact-us.html
Chief Financial auto loan experts are available for interview or further information at your convenience. please reach out with additional needs or to schedule an interview.