Pre-approved Auto Loans


Before you shop and get your heart set on a certain make and model, wouldn’t it be nice to know exactly how much car you can realistically afford? With a pre-approved auto loan, you can shop  and feel good about that potential purchase and how it will impact your budget.

little_car_on_money2Buying a car is typically the second-largest purchase you’ll make after a house. Like with any loan, you’re going to have monthly payments. Those payments mean a fixed payment, every month, at the interest rate you qualified for based on your credit history, for a certain length of time. If you can’t afford those payments down the road, you could end up losing your car or may have to sell it and start over to get something more affordable. A great perk of a pre-approved auto loan is that it helps you figure out how to fit that monthly payment into your current budget. It also gives you time to make any necessary adjustments. Use our financial calculators to help you work out your numbers.

Having a pre-approved auto loan transforms you into a “cash buyer” and in turn, puts you in the driver’s seat  when you’re at the dealership. It will help you be in a better position when negotiating your purchase and will help you stay on track because you already know exactly what you can spend. Be sure that while you are shopping and looking at the prices that you keep in mind that there will be sales tax and other fees that will go into the deal before you can drive away. And, if you have a trade in, that could be a plus or you may choose to sell your current vehicle yourself. In any case, keep your potential trade in well maintained, cleaned and  have an idea of its current going rate by checking out its Kelley Blue Book value or through Edmunds.com.

 Ready to get started? A Members 1st Pre-Approved Auto Loan allows you to lock in your rate for 30 days until you make your decision. All rates are based on the model year. We offer a variety of terms to suit your needs. Check out our auto loan rates today and get ready to apply.

Note: Be sure to ask us about Member Value Protection. This is optional  coverage you can elect to have when you apply for your loan. It gives you the peace of mind of knowing that your monthly loan payments will be cancelled in the event of death, disability or involuntary unemployment.

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