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A new car or truck is in your horizon — your Horizon FCU! Whether you are shopping for your first car or need an upgrade to accommodate your growing family, we offer low-interest loans with flexible repayment terms, customizable to your borrowing needs. Our decisions are made locally so you can count on quick responses, and we'll even give you pre-approval so you can drive your sweet new ride right off the lot. Ready… set… apply!
- Get behind the wheel quickly and affordably
- Buy new or used cars or trucks
- Customizable loans with low interest rates
- Flexible repayment terms to meet your needs
- Easy application process
- Quick, local decisions
- Expert service from people you trust
- You can also protect your loan with Members Choice Borrowers Security
- And we help you protect your new investment with GAP and GAP Plus insurance
- Access to 24/7 roadside assistance with Credit Union Auto Club
*Terms, conditions and qualifications apply.
Car Buying Tips
Here are some things to consider when you're ready to buy a car. These things will help you see the big picture, and perhaps point out some forgotten items.
Tips on buying a new vehicle
- Find out the total cost of the car you want to buy, including interest rate and loan term. You'll need to know how much you need for a down payment and what you can afford to pay monthly.
- Decide between which options you need and those you can live without. Costly options can drive up the price and might not be worth it in the long run.
- Talk to friends and co-workers who own that type of car. Find out about dealers they've done business with and trust.
- Compare the cost of extended warranty packages to the cost of repairs you might realistically incur.
Tips on buying a used vehicle
- Check out the model you're interested in buying. National Highway Traffic Safety Administration (NHTSA) will tell you if a car model has ever been recalled and give you information about that recall. Also determine its reliability by checking for the frequency-of-repair records.
- Find out the value of the car you want to buy, including options. Find out the retail and wholesale price of the car or truck you're interested in buying. This will improve your negotiating position.
- Look for the "Buyer's Guide" sticker on a window of the vehicle. It is required by law and tells you important information regarding the warranty and possible problems with the car.
- Test-drive the vehicle you plan to buy and have a mechanic you trust do an independent inspection.
- Ask the seller if the car has ever been in an accident. Check for rust, dents, paint discolorations, etc. If you're seriously considering a car, using CARFAX® Vehicle History Reports are a good idea to learn about the car's history. (Some dealers will give you the CARFAX® on a used vehicle.)
- Make sure any oral promises made by the dealer are included in the sales contract or your Buyer's Guide sticker.
- Keep the original or copy of the Buyer's Guide sticker when you purchase the vehicle in case anything goes wrong and there is a question regarding the dealer's liability.
Other tips on car buying
- When you're ready to shop, consider carefully dealer add-ons, manufacturer incentives and miscellaneous fees.
- Add-ons like pin stripes, rust proofing and floor mats that only cost the dealer a few dollars could end up costing you hundreds.
- Many car manufacturers offer dealerships monetary incentives for selling their cars. So stick to your price, even if the dealer tells you he wouldn't make any money by selling the car at your price.
- Ask the dealer about fees up front and make sure they are negotiated into the final price. Some of these are document fees, additional dealer markups, national advertising fees, adjusted market value fees and destination charges.
Please see us about a loan or apply here on our website!
- Special Rate or Dealer Rebate?
Special Rate or Dealer Rebate?
0% Financing May Not Be Better
Many dealers are offering special financing on new cars. It's important to look closely at all the facts, because 0% or low-rate financing may not always be the best deal for buyers.
Will you qualify for the special financing? Only those with excellent credit histories are usually eligible. Credit blemishes could mean a higher loan rate.
There may be strings attached to the deal such as:
- Vehicle restrictions -- Not all vehicles will qualify for special financing. You're often limited to certain models or dealer stock.
- Price restrictions -- You may not be able to negotiate the price and could end up paying more.
- Rebate restrictions -- If you take the financing deal, you may not get a cash rebate.
- Term restrictions -- Some deals require a shorter term, which means higher monthly payments.
- Down payment requirements -- You may be required to provide a larger down payment, such as 10% down.
Dealers usually offer a choice between special financing and a cash rebate. It's important to evaluate your options. Taking the dealer's cash rebate and financing at your credit union could be a better deal.
|48-month new car loan||Dealer financing 0% APR||Credit union financing 1.99% APR*|
|Car sales price||$20,000||$20,000|
|Dealer rebate||- $0||- $3,000|
|Total interest paid over 48 months||+ $0||+ $705.33|
|Total amount you'll pay||$20,000||$17,705.33|
|Total savings||$ 2,294.67|
|Estimated monthly payment||$416.67||$368.00|
|*Read Important Disclosure|
*APR = Annual Percentage Rate. This APR is for example only; please see our current rates for complete details. Your rate may vary based on your credit history, loan amount and repayment method.