What to Look for in Your Next Auto Loan

Purchasing a car is an exciting experience, but it can also be incredibly stressful. One of the most important aspects of buying a new or used car is getting the right auto loan. To ensure that you get the best terms possible, there are a few things to consider when looking for your next auto loan.

Interest Rates and Terms

When considering any type of loan, the interest rate should be at the top of your list of considerations. Interest rates are determined by several factors, including credit score, income level, and the amount that you are borrowing. Be sure to compare interest rates from multiple lenders before settling on one so you can make sure you’re getting the best possible deal. Ideally, you want to find a lender with competitive interest rates and flexible repayment terms, like us here at RMLEFCU.

At RMLEFCU, you can buy a new or used car (or refinance your loan from another institution) and get a rate as low as 5.25% APR*.

Loan Terms

The length of time that you have to repay a loan—known as the loan term—is another important factor to consider when shopping for an auto loan. Typically, auto loans range between 36-72 months; however, some lenders may offer longer terms depending on your situation. At RMLEFCU, we offer our members flexible terms so they can select the best one for their current financial situation.

Down Payment Requirements

Another factor to consider when looking for an auto loan is whether or not the lender requires a down payment or any additional fees. Generally speaking, putting money down on an auto purchase can help lower interest rates and monthly payments; however, some lenders may waive these requirements if they believe that you are a reliable borrower. Additionally, be sure to ask about any additional fees such as origination fees or application fees before accepting any offers.

Our Auto Loans Were Designed with You in Mind

Ready to get back on the road? We understand completely. Stop by any RMLEFCU branch, and our Certified Financial Counselors will sit down with you and discuss the best path forward. If you’re ready for an auto loan this very second, head on over to this page to submit your application. If you have any questions, please don’t hesitate to reach out to us at (303) 458-6660.

*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change.