What You Need to Know about 0% Financing and Buying a New or Used Car

Date July 10, 2013

With the price of an average new car well over $25,000, buying a vehicle is, indeed, a big decision these days. Fortunately, there are ways to keep your costs down.

  • Buy used instead of new. This could save you thousands of dollars right off the bat. Yes, you’ll want to have the vehicle carefully inspected. And yes, you’ll miss that new car smell (get a “new car scent” air freshener!). But if you’re willing to make a few sacrifices, a used vehicle might be just the ticket.
  • Save on your financing. A lower interest rate means lower payments. However, beware of some 0% offers. Read the small print, as oftentimes the 0% rate is only available on certain models and may not be available for the model you want. Sometimes it makes more sense to get the rebate and finance at the Credit Union. Your payment may actually be lower, plus you’ll get the car you really want.
  •  Do your homework. Visit edmunds.com or caranddriver.com to read reviews, decide on a make and model, and set a target price.
  • Get your financing pre-approved. Contact MCCU before you shop and we ill get everything in place for you. You can even get pre-approved online using InstaLoan. That way, you’ll know exactly how much you can afford to spend and you won’t be pressured into accepting a higher rate at the dealership.
  • Let someone else do the shopping. Let our Auto Expert Advisor find your car, get the financing for you, and deliver the car to you! They’ll work to get you the car you want at the best price possible, usually lower than what you’ll get if you go to the Dealership!

Do you want to keep your car and lower your payments?

We can help with that with an auto loan refinance! With low rates and no payment due for the first 90 days (interest will accrue) you may be able to save money on your current car loan. Use our easy payment calculator and see how much you can save! And when you’re ready, apply for your loan and get a decision fast!


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