There’s no doubt the American economy took a hit with the COVID-19 outbreak. Car dealerships largely sat idle from March to May, and now they’re driven to move inventory. That means you might find a great deal on a new or used vehicle.
Before you start shopping for a vehicle, it’s a good idea to:
- Know your credit score.
- Learn why it pays to be pre-approved for an auto loan. For example, a Fast Lane pre-approved auto loan from Cinfed literally puts a blank check in your hand. With your financing already in place, you're free to focus on finding the best deal on the car you want.
- Use a car loan calculator to help you predict your monthly payments and stay within your budget.
Take advantage of credit union car loan benefits
When you combine a great deal on a new or used vehicle with a loan from a credit union, all the better. Credit Karma details several benefits to a credit union car loan. Apply online for a Cinfed auto loan and get information about your trade-in. It’s quick and easy – and you’ll typically hear from a Cinfed loan officer in less than 24hours.
Learn more about auto loans
Watch this short video to learn more about how auto loans work. If you have questions, please call your local Cinfed branch to chat with a financial coach. If you’d rather visit or apply for an auto loan in person please read our COVID-19 updates to know what to expect.
*APR = Annual Percentage Rate. APR is based on credit history, vehicle year, and term of loan. Proof of current rate required. Rate discount floor limit is 2.24% APR. Not applicable to current loans with Cinfed. For new Flex Loans, promotional rate discount can be applied; floor rate limit is 3.24% APR, 90 days to first payment not offered. Subject to credit approval. Offer expires September 30, 2020. Federally insured by NCUA