Auto Loan

Consumers who want to buy a new car, but do not have money set aside, have three options at this time. Either they choose a car loan, or one for personal needs, or go for the leasing option. Of course, each has its advantages and disadvantages, as each bank has or does not have all three of these options listed. Moreover, when it comes to car loans, some finance 100% of the value of the car, others require an advance of at least 15%.

Whether your situation is, Midwest Associates Federal Credit Union is here to assist you in getting the best financial aid for buying a car. Apply online now and get an almost instant loan approval decision via email notification.

A Representative Example

Using the credit simulator we made some simple calculations, in order to be able to figure out which type of credit is more advantageous strictly in terms of the total amount we end up paying. We took as reference $12,000, so not a very large amount, and two loan repayment intervals: in four years (48 months) and in five years (60 months).

The personal loan for purchasing a car is neither more advantageous nor much more expensive, with an annual interest rate of 7.71%. For a loan of 12,000 dollars over four years, the final payment amount is less than 15,300 dollars. So, compared to the loan for the purchase of a car, the difference is about 300 dollars, a value that is maintained even for a longer period, for five years.

Eligibility Criteria to Get an Auto Loan

Need more information about these loan products? Contact Midwest Associates Federal Credit Union today and let’s discuss the suitable offer for you.