Stuck in a Las Vegas Auto Loan? Let CCCU Help
It's grating to be stuck in traffic, stuck in line at the grocery store or stuck in an interminable line at a drive-up window. But these irritations hardly compare to feeling stuck in a Las Vegas auto loan that is no longer serving you well.
The loan experts at Clark County Credit Union can help you become “un-stuck” from a car loan. Just as people refinance their home, you can refinance your auto loan to lower your monthly payment, shrink the term or both.
Feeling Stuck in Your Auto Loan Is More Common Than You May Realize
Many people feel stuck with their auto loan. Maybe you, too, felt rushed through the car-buying process – hustled along as an overzealous sales person seized upon your interest in a car and dangled in front of you what appeared to be a “great deal” that would expire that day.
Unfortunately, it happens, but it doesn't happen at Clark County Credit Union or our affiliate dealership, Members Auto. We encourage our members to take their time with this decision, and we work hard to find a loan with the best terms possible after they've found the right vehicle.
Interest rates offered by car dealerships can be between 1 percent and 1.5 percent higher than those offered at credit unions. The difference can cost you hundreds – sometimes thousands – of dollars over the lifetime of the loan.
You May Deserve a Better Score Than Your Dealer Offered You
While there are many reputable dealers, there are also some unscrupulous dealers. Most of them don’t really lend the money for the loan you sign with them – the loan actually comes from a bank that pays them a commission to get you to sign their loan papers. And that means the rate you pay may be higher than the rate you actually deserve due to your credit score. We suggest you get more than one offer for the loan. Compare rates with a not-for-profit credit union where they actually want to provide service for you, rather than to get a profit from you. This simple tip could save you hundreds of dollars on the life of your loan.
Change Can Be on the Horizon
You could negotiate better loan terms if you:
- Are earning more money now than when you bought your car. A higher income could allow you to assume a higher monthly payment so you could pay off your car sooner (since loans with shorter terms generally have lower interest rates).
- Have paid off a credit card, student loan or other debt, freeing up money you didn't have when you bought your car.
- Have improved your credit score. A higher score could lead to a loan with a lower interest rate.
On the other hand, sometimes people feel stuck with their auto loan and want to refinance to a loan with a longer term. If this scenario sounds familiar, you may end up paying more in interest, but it may be worth it: reducing your monthly payment could free up money you could really use right now.
Let the professionals at Clark County Credit Union steer you to the best Las Vegas auto loan for you. Contact us at 702-228-2228, option 3 to find out how we can get you “un-stuck”.