Vehicle Loans

Buy New

The timing is right!

Whether you love taking road trips, need a more economical car for commuting, or want a more comfortable ride, we can help. Our terms make it easy to buy, and we’ll work to keep payments low.

Refinance

We can help lower your monthly payments.

If you’re in a high-rate auto loan, don’t hesitate to reach out. Our rates are extremely low, and we can get you into a new loan that’s easier on your budget – quickly. Check what you’re currently paying with another lender. Odds are, we can lower your rate and monthly payments — for cash in your pocket.

Easy Application

Apply on your terms.

Life is never one-size-fits-all; applying for a loan shouldn’t be either! You can apply in-person, by calling or clicking here. We’ll work with you to get the loan right for your needs, with often same-day loan approval.

Understanding  Your Vehicle Loan

Financing offers can be confusing, but at Valley 1st Community Federal Credit Union, we make getting an auto loan easy and straightforward. As with everything we do, we always have your best interests in mind!

When considering a car loan, there are many variables to consider — and all impact the amount you’ll pay. The key is to understand all angles for a more informed decision:

• Purchase Price — This is the total amount you’re looking to spend on the vehicle and will have the most significant impact on your monthly payment and budget. The larger the ticket item, the larger your payment amount. And typically, the more expensive the vehicle, the more expensive your insurance and upkeep.

• APR — Your APR, or Annual Percentage Rate, is the interest you pay on the loan, stated as a yearly rate. It’s the lender’s return in exchange for the funds to purchase the vehicle. The rate you pay will be determined by your credit score, repayment term (length of the loan), and the age of your car.

• Payments — The higher the interest rate, the higher your monthly payments — and the more you’ll pay over the life of the loan. That’s why shopping for your absolute best rate is essential.

• Length of Repayment — This is the “term” of your loan or the amount of time you have to repay. If you choose a longer-term (i.e., 72 or 84 months), the lower your monthly payments will be. However, you will pay more in interest over the life of the loan since you’re paying for the funds longer.

• Fees — Other items to consider are unwanted fees, like prepayment penalties. Some institutions penalize you if you choose to pay off your loan early. Also, watch for document fees, which add to your final cost. It always pays to read the fine print!

• Credit History — Your credit score and repayment history are significant in determining your loan rate and monthly payment. Your score is comprised of past payments and the strength of your credit portfolio. Your portfolio includes the type of credit in your history. The higher your score, the better, and you’ll be rewarded with a more favorable (lower) loan rate.

Questions? 

We’re here to help you navigate your choices and learn more about the lending process. And no matter the loan you choose, you can trust that with us, you’re getting the best possible deal.

Source: https://www.interest.com/loans/auto/20-for-every-1000/ and https://www.creditkarma.com/advice/i/what-is-apr. 

Feel Confident With Our Car-Buying Tips!

At Valley 1st Community Federal Credit Union, we’re ready to help you buy your first car. But before you shop, arm yourself with these car buying tips:

• Shop when it’s easier to negotiate.

It’s usually one week before the end of the month or during a big holiday promotion. Year-end can also be a good time. These are the times when salespeople want to make the sale.

• Go for a test drive.

This step is critical and will help to ensure you’re happy in the long run with your new vehicle. Take the car for at least one test drive (experts recommend even more). What to watch for? Consider comfort, noise, ease of entry (getting in and out), power, and braking. If something doesn't seem right, go to the next vehicle.

• Protect your credit history.

Don’t have the dealer run a credit report before the test drive. This is not a requirement to allow you to take the car for a ride. Too many searches can lower your credit score, and no entity can run a report without your permission.

• Don’t commit to buying on your first visit.

Buying a car can be fun and an exciting experience. But this will work to your detriment – and many dealers will press you to buy on your first visit. Why? They’d prefer you not compare their offer with other dealers or to do further research.

• Save the papers you sign.

Get a copy of everything you sign, and do not sign anything that has not been filled out completely (sales contract, odometer statement, title, receipts, etc.). Electronic copies work perfectly.

• Get preapproved for the financing.

This also helps you negotiate a better price for your car – and you keep the transaction separate from the car purchase. You’ll also steer clear from pressure from the dealership, and you can quickly move on the deal once you’ve decided on the car. 

Commonsense Payment Protection

We offer a variety of products to help you achieve your goals, but sometimes it’s easy to overlook the products that enhance your financial security. Remember, peace of mind is irreplaceable.

When it comes to borrowing money, there are simple steps you can take to protect yourself and your loved ones. For example, consider adding payment protection to your loan. For a small investment, you can alleviate stress, and your peace of mind is assured. 

1. GAP Coverage

Also known as Guaranteed Asset Protection, it’s valuable coverage that we can add to any auto loan you have at Valley 1st Community FCU. It will pay off your loan balance if your car is stolen, accidentally damaged beyond repair, or otherwise declared a total loss.

Why does it make sense?

GAP coverage protects your investment and family. Auto insurance covers only the replacement value; however, there often is a “gap” between your loan balance and the final insurance settlement. Unfortunately, this can be hundreds or even thousands of dollars. With GAP coverage, your remaining loan balance is paid in full for peace of mind.

1. Credit Life & Disability Insurance

This coverage will safeguard your loans, so loved ones don't inherit your debt or loan payments should you die or become disabled.

• Credit Life Insurance pays your loan balance in the event of your death. It is available for a nominal cost on all consumer loans, except your mortgage.

• Credit Disability Insurance is another excellent option. If you’re injured or ill, the coverage makes your loan payments for you – so you can relax until you’re back to work or the loan is paid in full.

• Involuntary Unemployment Coverage is an added safeguard and makes your loan payments, should you lose your job.

1. Mechanical Repair Coverage (MRC)

Car repairs are incredibly costly. But when you purchase MRC, you can rest easy. It will pay for repairs if something unexpectedly breaks down, potentially saving you hundreds or even thousands of dollars. The coverage can be added to your loan at the time of application – or anytime in the future up to 15 model years old or 150,000 miles. 

For repairs, you can choose your preferred repair shop. And if you decide to sell, coverage is transferable to the next owner, making it more appealing to potential buyers.

Additional benefits:

• Rental Car Reimbursement

• 24-Hour, Toll-Free Roadside Assistance

• Emergency Travel Expenses

Ask for MRC and protect yourself from unwanted repair bills.