If members, like so many people out there, get so caught up in the excitement of car buying that they get stuck with a high interest rate loan, they can always refinance it for a lower rate loan from their credit union. It's to serve our member owners. As with leases, members get more car for their monthly payment, but a big back-end price if they want to buy. Some credit unions also have started lease programs of their own. Dealers can manipulate the cost of the car and its financing to give buyers the low monthly payment they want and still make a tidy profit.
Dealers also can be hard to beat on new car financing, as well.
Neither banks nor credit unions can match dealers who decide to offer 0.9 percent and 1.9 percent financing. Information centers offered Making sure members get the overall best auto deal is the aim of the mini auto-information centers found at credit union branches and on credit union Web sites. Information includes everything from car insurance to wholesale purchase prices to the ins and outs of leasing. If the dealer has a lower rate, it's OK for them to finance with the dealer. Bankrate Inc. All rights reserved.