What To Know About Auto Loans

Published on November 20th, 2019

At Leyden Credit Union, we offer auto loans near Melrose Park and we want to make sure you have all the information necessary in order to make smart loan decisions. Choosing a loan is a big decision, right after buying a vehicle, so it’s important that you have explored all potential options that will ultimately help you with your payments.

 

Pre-Approval

You have more leverage if you go to a car dealership with a financing offer from your credit union or lender in your hand. Pre-approved loans will guarantee what you can afford, which will save you time while shopping and pricing vehicles. LCU can provide you with a preapproved auto loan.

 

Spending Amount

Consider using an auto loan calculator to figure out how much your monthly payment will be and if you can afford it.  It’s also important to remember that if you are trading in a car that has not been paid off, you would have to add the remaining balance on to the new loan and that will affect your monthly payment.

 

Term

You need to consider how long you want to take in order to pay back the loan.  The maximum term amount varies from lender to lender.  You want to choose the shortest term that you can comfortably afford.  If you choose a longer-term loan, you’ll have lower monthly payments; however, you’ll pay more in interest on the vehicle than you would with a shorter term.

 

Credit Score

Your credit score matters when it comes to the loan a lender can offer you. If you are going through a bank, credit union, lender or even the dealership, your rate will depend on the credit score that you currently possess.

 

How We Help

Leyden Credit Union offers auto loans near Melrose Park on both new and used vehicles. Based on your credit qualifications, we have many different finance options. Learn more about what we can do for you today to help you get the car you want. Turn to us for your vehicle loans and we will make sure you get the best deal possible. You can contact us at 847.455.8440 for more information or you can apply online.


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2701 N 25th Avenue Franklin Park, IL 60131 Call 847-455-8440 Fax 847-455-1245 Contact Us