News
| Auto Loan Terms - Monday, April 19, 2010 at 09:45
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There is more to know about an auto loan than just the payment! The interest rate is important but there is even more than that in the picture. Be sure to carefully consider the length of the loan. An auto loan for a number of years that exceeds the reliable life of the vehicle is a disaster waiting to happen. For example, we recently saw an auto loan on a three year old vehicle that had over 40,000 miles financed at a major bank with a term of 6 years. This vehicle will be nearly worthless well before the loan is paid off. The dealer and the bank arranged this loan to make the monthly payment a small amount. But, they set the borrower up for serious financial problems well before the loan will be paid in full.
Before signing any loan papers at a dealer or a bank, call our credit union’s loan officer and discuss the terms. If there is a risk, our loan officer can identify it. Then it is, of course, a decision that can be made with increased awareness. Perhaps our loan officer will be able to offer better terms with a credit union loan.
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Contact Us |
The Thrift Credit Union
1230 Peachtree St NE
Suite 250
Atlanta, GA 30309
Atlanta: (404) 733-0640
Toll Free: 1-888-THRIFT-2
Fax: (404) 733-0645 |
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