当你在寻找一辆新车时, one component of your auto loan you want to keep in mind is the loan rate.
为什么这一点如此重要? Your auto loan rate can significantly impact the amount you pay monthly for your vehicle and over the length of your loan. While you may regularly hear auto loan rates discussed, how much do you know beyond the basics?
了解信用社汽车贷款利率
Although you likely understand that you want the lowest rate possible, 你的信用记录会影响你的分数, 还有更多的故事. Keep reading to learn some lesser-known details about auto loan rates and how credit union auto loan rates differ from what traditional lenders offer.
利率波动
Your auto loan lender, whether it's a bank, credit union or dealership, can set rates as they choose. This is because there's no set interest rate for 汽车贷款 by the Federal Reserve, 就像抵押贷款利率一样.
无论你什么时候买车, always check rates in advance to give you an idea of what a reasonable interest rate is, 这样你就可以准备好开始这个过程了.
他们使用单利
你知道计算贷款利息的方法有很多种吗? 汽车贷款使用单利.
当使用单利时, 你按所借金额的固定比例支付, 你的付款将首先用于支付当月的利息. 任何剩余金额适用原则.
单利让你的付款保持一致, with the same amount going towards interest and the principle each month. This is only true as long as you make your payments on time and don't accrue late fees and penalties.
你的汽车贷款利率的差异
Now that you know three significant pieces of information about an auto loan rate, it's beneficial to see how your interest rate can impact how much you pay.
Here's an example based on the current average auto loan interest rates if you purchase a new vehicle with a 60-month term for $34,000.
利率:7.02%
月供:674美元
60个月支付总额:40,414美元
利息支付总额:6,414美元
利率:3.60%
月供:620美元
超过60个月支付总额:37,203美元
利息支付总额:3,203美元
如你所见, 当你的利率上升不到3%时, you can find yourself paying more than double the interest over the life of your loan.
这就是为什么你必须获得尽可能低的利率. It can save you hundreds or thousands of dollars over your loan term.
信用社汽车贷款利率有何不同
While you have your pick of banks and dealerships as your lender for your auto loan, 信用合作社成为首选有很多原因.
Your local credit union will generally provide the lowest interest rates to their members. They are also known for offering fantastic customer service and getting to know their members personally.
Credit unions offer flexible payment schedules and are more accommodating with who they approve for a loan. If you have any questionable spots on your credit history or you're still working to build credit, 你可以考虑向信用合作社贷款. They will look at you as a person, not just an application passing through their system.
You will need to qualify to be a member at a credit union, which is rather easy to do. 一些信用合作社的会员资格是根据你所在的地区而定的, 工作, 或者是某个特定协会的成员. You can also sometimes join based on being connected to someone who is currently a member of the credit union.
Don't let the membership requirements deter you from experiencing the benefits of getting an auto loan from a credit union.
了解如何获得最好的汽车贷款利率
现在你对汽车贷款利率的运作有了更多的了解, 他们对你贷款的影响, 以及信用社的汽车贷款利率与其他加拿大28软件有何不同, be sure to use your knowledge to get the best auto loan rate you can.
The lender you choose and the choices you make related to your loan terms can significantly determine the quality of the loan you receive and the payment amount you make.
At Arbor Financial Credit Union, we want to help you get a loan that works for you.
