Auto

Tips to buying your next car:

Complete an application either over the phone, fax, mail or e-mail. Get pre-approved for a particular dollar amount.
Shop for the vehicle . Negotiate the purchase price including tax and title fees not to exceed the pre-approved dollar amount you qualify for. If you find a vehicle for more than originally pre-approved for we can try to re-qualify you for the larger amount.
Supply the Credit Union with the purchase agreement from the dealership, or the vehicle information (Make, Year, Options, and mileage) and seller's name address and phone number if a private owner. The value of the vehicle is determined by looking at a current version of the NADA car book.

Compare the warranties and insurance offered from the dealership:
Mechanical Breakdown Insurance (MBI): Dealer warranties may cost you more and offer less coverage. This MBI policy saves you money with lower premiums and protects you in case of mechanical failure. We offer new car bumper-to-bumper coverage, including towing, repairs and car rental. MBI policies are available for both new and used vehicles. You may even finance MBI coverage as part of your auto loan.
Credit Life and Credit Disability insurance protects your family in the event of your disability or death. With this low-cost coverage, your family will not need to worry about making your credit union loan payments.
Guaranteed Auto Protection (GAP) A low one-time flat fee will pay the deficiency between your loan balance and your insurance settlement should your vehicle be totaled in an accident or permanently lost to theft. It also pays your deductible up to $1000. You may even finance GAP as part of your auto loan.

(MBI, Credit Life and Credit Disability insurance and GAP are NOT insured by NCUA, NOT underwritten, issued or guaranteed by NCUA or any other federal governmental agency, are NOT required to purchase as a condition of the loan)

Before you get hooked on that new or used vehicle, don't forget about financing. TPS Credit Union offers you an opportunity to get pre-approved for your loan before you begin shopping. This will help you focus on the vehicle you can afford and enable you to negotiate a purchase price with confidence with the dealership or private owner.

We can also help you judge the dealer's best offer, establish a fair trade-in value for "Old Faithful" plus much more. For savings and convenience in your next new or used vehicle purchase, be sure to call the credit union first.

0% Financing: Why Credit Union Rates May Be a Better Choice

Shopping for a new vehicle? On the surface, 0% financing may seem like the best deal. And in some cases, this may be true. On the other hand, 0% financing with the dealer is not always the best route. It pays to do the calculations before you decide which deal is best for you. Here are things to consider:

-Not everyone qualifies for low-rate financing. You generally must have near-perfect credit to receive these teaser rates.

-If you qualify for incentives, you must choose between low-rate financing or factory cash-back offers. Choosing TPS CU financing and applying the factory rebate to reduce the total cost of your loan may reduce your payments and save you money in the long run. Use our web site loan calculator to determine the difference between paying full price at 0% and taking the rebate with another financing rate.

-Monthly payments on low-rate loans may be more than you can afford. In many cases, financing deals are short-term; usually 24-36 months.

Rather than opting for a short-term loan with high payments, you’ll find you have more flexibility with a longer-term loan. Because there are no pre-payment penalties at TPS Credit Union, you still have the option of paying off your loan in a shorter period of time and saving interest. However, for months when you need extra cash, such as during the holidays, you have the option of making the lower payment.

Do the calculations yourself. Many members are amazed to find that the total cost of the car is actually less when they use the rebate to reduce the total amount of their Credit Union loan – even when they select a 60-month term on a Credit Union loan.

If you have questions about financing a new or used vehicle, please contact a loan officer at 419-381-2323. One of our loan representatives can discuss the benefits of financing with TPS Credit Union. All loans are based on approved credit.

Apply Now!

Today is:
	Auto