How to Get a Better Car Loan


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Shopping for a new car? You may think it's easier to just finance your dream car at the dealership, but getting pre-approved at Brazos Valley Schools Credit Union makes car buying easier. You apply for the loan first, get pre-approved for a maximum amount then use your pre-approval like cash when you go car shopping.

Is it hard? No. Just log onto bvscu.org and apply today.

So, what are the benefits of getting pre-approved? For starters, when you're pre-approved for an auto loan, you'll know upfront how much you've been approved to borrow. Remember, we work for YOU. Additionally, if you want a GAP (Guaranteed Asset Protection) policy, and/or an extended warranty, you could be saving hundreds of dollars by purchasing it from us than if you purchase it as an "add-on" at the dealership.

You will also get a better rate.
New auto loan rates at credit unions are nearly 2% lower than banks, on average, according to research.* Used car rates are typically 2.25% lower than at most banks. So what does that translate to in dollars and cents?

If you're financing $30,000 for 60 months and your credit union offers you a rate of 3.74%, your monthly payment would be $549.87 and your total interest paid over the life of the loan would be $2,992.20. That same loan - $30,000 for 60 months - at 5.74%, would have your monthly payment at $577.79 and your total interest paid would be 4,667.40. That's a significant difference.

You'll spend less time at the dealer.
If you've ever purchased a car from a dealer, you know that a significant portion of your time is spent with someone from the finance department negotiating terms of the deal. If you are pre-approved for an auto loan at BVSCU, you can skip this entire process. Credit union financing puts you in charge of the car-buying process while saving you money!

*Research from CU Insight, a trade publication for credit unions, April 2019. Insurance, GAP and warranty products are not products of BVSCU and are not guaranteed by the Credit Union. Programs, rates, fees, terms and conditions subject to change without notice. Membership is required to apply and obtain a loan. Credit Life and Short-Term Disability Insurance available except on real estate loan products. Insured by NCUA.