Comparison shop 

When you’re looking for a car loan, it’s best to take your time and shop around. You don’t want to settle for the first financing they offer you at the dealer—at least if you want to save. In fact, you can even get prequalified with many lenders so that you arrive at the dealer knowing exactly what you are qualified to borrow. This is where you’ll want to compare interest rates and loan term, along with fees, monthly payments, and the total loan amount. Sites like the Consumer Financial Protection Bureau have tools to help you compare loans and interest rates. And you can shop auto loans easily online with your local financial institution. 

When it comes time to get specific to your situation, you can seek pre-approval as many times as you want within 14 days, and it will only count as one hard pull on your credit report. So there’s no harm in doing your research!

Find a lender you can trust 

Don’t just look at the loan’s fine print (although that’s certainly something you need to do). You’ll also want to take a look at the lender. Do they keep the community in mind and offer support right in your hometown? 

That personalized service can help you demystify the process, ultimately saving you money with help to find the best loan. Many credit unions can offer pre approval before you even head to the dealer, setting you up for a smoother process from test drive to driving your car off the lot. 

Calculate your car loan 

Before you even start looking at loans, it’s a good idea to calculate how much loan you’ll need. There are plenty of free online loan calculators out there. They factor in the cost of the car, length of the loan, interest rate, and how much your down payment and trade-in value are to know what monthly payment you should expect. The more information you have upfront, the better you can assess which loan is right for you. 

Take advantage of promos 

Sure, it helps to get your vehicle at a great price to save money, but that’s not the only way to save. You can also find your loan on sale at a promotional rate. That might include a limited-time low interest rate, or a cash-back rebate. It’s a good idea to check your credit now to see if you can qualify for some of these ultra-low rates. Your score is easy to monitor when your online banking includes a built-in credit monitoring tool. 

Consider refinancing for a better rate 

Sometimes you don’t need to get a whole new ride to take advantage of a new loan. When you’re in love with your car or truck, but your loan leaves something to be desired, you might just need to refinance. Refinancing your existing auto loan at a lower interest rate can help you save big, while letting you save up for your next vehicle. 

When it comes time to upgrade your ride, get the funds to move forward with an auto loan from RMCU. Apply today and thanks to quick turnarounds from local decisions, you will be hitting the road in no time at all.