Whether you are in need of a new vehicle due to an accident, theft, or other unfortunate circumstance, you are looking to upgrade from your current vehicle, or need another car in the family, getting a new vehicle is an exciting (and stressful) time. At White River Credit Union, our Enumclaw credit union offers a variety of loans with competitive rates and flexible terms. We are also always happy to discuss car loan options with our members to ensure that you are getting the best loan to fit your financial circumstances.
Deciding which car is right for you and figuring out the financial aspects of the loan should not be two separate steps. The auto loan specialists at White River Credit Union are here to work with you, give you all of the details on the vehicle loan options available to you, and help to ease the entire process. One of the first items on the list to figure out is whether you are looking to purchase a brand new car or a used car.
New Car vs. Second-Hand Car Loans
Depending on your financial situation as well as the reason you are looking to finance a car, a major decision in beginning your search is new car versus used car. There are advantages to both of these options, so it is important that you start your vehicle search with this information. Purchasing a new car ensures that you will have the most up-to-date technology, safety, and specs offered by the manufacturer of that vehicle. Everything from advanced touch screen displays to increased cargo room could be included in your new car.
A brand new car loan means that you will likely have lower interest rates. Dealers may offer incentives like bonus cash to further entice customers to purchase new rather than used. However, your loan term will also likely be longer and the overall loan itself will be higher than a used car. Depreciation is also a factor to consider. Every car will depreciate in value each year. Depending on your loan terms and interest rate, it can be very easy to find yourself upside-down (you owe more than the car is worth) on your loan in a short time.
A used vehicle, on the other hand, will not offer all the brand new bells and whistles you would receive with a new car, and you will know that you are not the first owner of the vehicle. As far as a second-hand car loan is concerned, though, the overall amount will be lower and the terms of the loan will also be shorter. You will still encounter yearly depreciation of the car. Second-hand car loans are more open for a wider range of credit types as well. Be sure to ask us for a free CARFAX report to check out the vehicle you’re looking at.
Car Loan Process
Once you’ve made the decision of a new versus used car, you can begin your search for the right vehicle for you and your family. Before you go to a dealership, we highly recommend you talk to White River Credit Union and get a pre-approved loan application. Having that in hand before you walk through the dealer’s doors will help you decide if the dealership is actually offering you a good deal and will show you how much you will be able to reasonably afford given your financial situation. We also encourage you to shop virtually from home via AutoSolutions.
White River Credit Union also has 24/7 loan decision capabilities for our members with a mobile-friendly application process. Additionally, you have the option to get a callback concerning your loan decision within 15 minutes so that you can ask questions and find out more information about your loan.
If you are a first time car buyer, White River Credit Union has a special program to make the process less intimidating for you. We offer financing up to $15,500 and give you a First Time Car Buyer kit to get you started.
Contact Our Enumclaw Loan Specialists
Applying for a brand new car loan or even a second-hand car loan can seem like a stressful process, but the specialists at White River Credit Union are here to help. We have made it as simple as possible to apply for your loan online and start driving your new car with easy financing. In just a few steps, you can drive away in the car of your dreams. Contact us today to learn more about all of our vehicle loan options.