17 Sep

How to Get the Best Deal on Used Cars

Used Auto Loan

Shopping for a used car is like going on a treasure hunt. There are a lot of used cars out there and finding a good deal on a car that meets your needs and fits your budget can be quite challenging. Here’s what you need to know to get the best deal on a used car.

Set Your Budget

Deciding how much you can spend on a car and how you are going to pay for it should be the first step. There are really only two ways you can pay for a car, in cash or by taking out a loan. If you’re paying in cash, budgeting is simple. Don’t spend all your savings and remember to set aside money for registration, insurance, maintenance, and repairs!

Most people take out a car loan so they can protect their savings. It’s smart to get preapproved for a car loan. At RMLEFCU you can get an easy pre-approval to see what fits in your budget. With our easy application process and quick, local decision-making, you’ll get a pre-approval letter ASAP!

Finding Your Car

The internet is a great car shopping tool, especially for used cars. Take some time to choose the right car for you and your lifestyle. Narrow your search by making a list of must-have features and search for models with those features.

As a member of RMLEFCU, you have access to extensive car buying services available through Credit Union Direct Connect and AutoTrek to make finding your perfect car easier! As you move forward with your used car search, build a list of three target car models to research in more detail.

Negotiate the Best Price

 Negotiation doesn’t have to be stressful! Especially if you’ve done your research and have a pre-approval on a loan. Compare the seller’s asking price to the average market price, chances are, the seller is asking more than the market average.

When you bargain with a car salesperson, keep in mind you’re dealing with a pro who knows all the tricks. Don’t focus on a monthly payment. If you have a pre-approved loan, you’re a cash buyer as far as the dealer is concerned and you should negotiate on the price of the car, not the size of the monthly payment. Always be ready to walk if you’re not making progress toward a deal.

RMLEFCU has great car buying services for members. If you have any questions on our car loans and car buying services,  give us a call at 303-458-6660 or email us at lending@rmlefcu.org.

13 Aug

How to Get the Best Auto Loan

new car guy in car keys happy car loan

Finding your dream car is only half of the battle. The other, and quite possibly harder, half is finding the best auto loan rate. If you’re going to borrow money for your purchase, the loan you choose is extremely important.

If you borrow wisely, you can enjoy two important benefits. You’ll spend less on your vehicle, and you’ll have the flexibility to change vehicles and fund other goals within a few short years. Properly planning for a loan before you shop for a car can improve your chances of receiving the loan and car that fits your budget and your style.  Here’s how to get the best deal for your auto loan.

Shop the Loan Separate

Before starting to negotiate on the exact car and price you want, you should begin your loan application process. You can prequalify for a loan which will enable you to set a budget for yourself and have leverage at the dealership. RMLEFCU offers prequalification with auto loans and through September 2019, there is a limited time Relationship Rate offer that’ll knock .75% APR* off your auto loan!

Shop the Total Loan

The only time you should consider the monthly payment is when you have privately calculated how much you want to spend for your car. After that, monthly payments are out of the discussion. Some lenders may focus on the payments to persuade you to borrow more money by extending the number of months in your term. This way, they make more in interest and you have to keep your car longer.

Utilize a Credit Union

A credit union is a nonprofit organization that returns profits to its members through higher savings rates as well as lower fees and loan rates. Membership comes with benefits. Credit unions generally offer lower interest rates than banks do. If you have poor credit, a credit union may be more flexible than a bank. Credit unions build relationships with their members that allow them to offer a more personalized experience. RMLEFCU is Colorado’s only law enforcement credit union and our service to our members is unparalleled. Be sure to check with us before settling on an auto loan with a higher rate!

Your financial situation and the type of vehicle you’re purchasing are key factors in determining the type of lender that’s best for you. If you can’t qualify for a car loan or are being offered high-interest rates, consider getting a cosigner, saving up for a larger down payment, or taking some time to build your credit. If you’re ready to take advantage of RMLEFCU’s limited-time Relationship Rate offer and knock off an extra .75% APR*, contact us now at lending@rmlefcu.org or give us a call at (303) 458-6660.

20 Mar

Easy Step-By-Step Guide to Getting an Auto Loan

Auto Loan Approved

Purchasing a new car is an exciting time for everyone, whether it’s your first car or your third. The thing that’s not fun is spending hours at the dealership figuring out auto loan terms! If you’re a seasoned car buyer or it’s your first time purchasing a car, here’s a great step-by-step guide on how to purchase your car with an auto loan, painlessly.

Check Your Credit

First thing’s first. You need to check your credit report.

Your credit score will play a huge role in the rate you’ll pay for your loan. A high credit score can help you get a low car loan rate, which, in turn, will save you money on interest.

Read our blog post on credit scores and how to raise yours.

You’re entitled to a free copy of your credit report every year from each of the major reporting bureaus, Credit Karma, Experian, and TransUnion.

Shop for Auto Loans

Once you have your credit score in hand, it’s time to check out a variety of auto loans from lenders which can be large national banks, local banks, credit unions, online auto loan lenders, or dealership financing.

You’ll want to compare quotes from at least three lenders. RMLEFCU has auto loans as low as 4.0% APR.* If you are preapproved, RMLEFCU will also pay the Colorado Motor Vehicle Filing Fee! If you also qualify for the relationship rate, ½% will be taken off your loan! It always pays to shop at your local credit union first.

Set Your Budget

Your preapproval offer will tell you the maximum amount you can borrow, but that shouldn’t be the price of your next car. You should set aside about 10% for taxes and fees and use an auto loan calculator to work in your down payment, trade-in value, and lending terms to see what your estimated monthly payment will be.

Find Your Car

Now that you have the price range of what you can afford and are pre-approved for, it’s time for the search! RMLEFCU has an amazing auto broker service through Auto Trek which makes finding your dream car easy! They take care of finding the make and model at the price you want so you can skip driving from dealer to dealer.

If you’re an RMLEFCU member, you have amazing car loan services at your disposal! Give us a call at (303) 458-6660 to learn more!

*Annual Percentage Rate. With approved credit. Some restrictions may apply.

06 Jun

Introducing: RMLEFCU’s Relationship Rate

Our low-rate auto loans just got even better (if you can even believe that)! Now you can take an extra 0.5%* off our already rock-bottom auto loan rates by qualifying for our exclusive Relationship Rate!

What Is It?

The RMLEFCU Relationship Rate allows qualifying members to take an extra 0.5% off of our auto and motorcycle loan rates. That means you’ll be getting an even lower rate for the entire duration of your loan!

How to Qualify

Simply use four of these five RMLEFCU services to qualify for an additional 0.5% off your loan:

Not only will using these services make your finances easier, but they will lower your auto loan rate as well!

The best place to start when shopping for a new or used vehicle is always your credit union! Contact us at 303-458-6660 or stop by a branch to learn more about our auto loan services and get pre-approved today!

* With approved credit. Some restrictions may apply.

06 May

RMLEFCU Makes Car Buying Hassle Free

Quiz: What are seven little letters that could save you a lot of hassles at a car dealership?

Answer: R-M-L-E-F-C-U.

hassle free car buying at RMLEFCUWhen you sit down at the car dealership, you mean business. Before you pick up that pen and begin any paperwork, remember that RMLEFCU has already done a lot of work to make sure you’re not going to have a case of car buyer’s remorse.

We have partnered with 300 dealerships in the Denver area to offer you competitive rates with Direct Connect. www.getacreditunionloan.com

Just mention that you are a member of Rocky Mountain Law Enforcement Federal Credit Union. The dealership will complete the loan paperwork and offer the same competitive rates as RMLEFCU.

Need some info? Check out our auto resource center.  Read More

22 Jan

Car Buying Tips: Getting a Fair Price on a Quality Car

car buying tips auto loan rmlefcu colorado So you’ve made the decision to buy a new car! Now it’s time to start the process of looking for and purchasing the right vehicle. It is, most definitely, a process, but with these hot tips from RMLEFCU you’ll be sure to get your car at the best price.

Research online:

This is probably the best car-buying tip we have. From the comfort of your own couch, you have access to millions of customer reviews, professional reviews, videos, photos, price ranges, etc. You can find out anything there is to know about a car except for perhaps, what it actually feels like to be in that car. You can even go so far as to purchase your car online, but we don’t suggest that. Check out our auto resource center powered by Autotrek for help in finding your perfect fit.

Get preapproved for a car loan

This is key in a few different ways. First of all, financing through the dealership will only allow them to squeeze that much more money out of you through “financing deals” and “special interest”. Having the money ready from a different source cuts their negotiating power and adds to yours. Second, getting a preapproved loan allows you to shop around, in no hurry, for the best deals. While most dealerships won’t go below 4% interest, a lot of credit unions, like RMLEFCU will often go as low as 1.99% APR*. That’s practically free money! During February, 2015 we are sweetening our already great rate by offering no payments for 90 days! Read More