Woohoo! Time to celebrate! I applied for my first car loan ever and I've been approved! Yes! The process was so easy and the loan officer at my CU helped me navigate this new territory.
I've never purchased a car before. I was very fortunate to have my first two cars gifted to me by family (granted, their combined value was less than what I pay in rent per month, but very generous gifts nonetheless). Since I'll be surrendering the keys to my beloved Green Machine to the new Spokester in a few short weeks, I've put my car shopping into high gear and applied for an auto loan at my CU.
I was honestly surprised at how easy the loan application process was at my credit union. I popped in less than an hour before closing, and a loan officer was happy to help. I had lots of questions about interest rates, monthly payments and 60-versus-72-month loan periods. I had a budget for my monthly payment in mind and the loan officer was happy to crunch numbers, lots and lots of numbers, to find the loan term, interest rate, and amount that would fit my budget.
My loan officer also told me that my CU allows members to apply for auto loans online! This is such an awesome feature, especially for those of us that are too busy to make it into a branch. (You can usually find out if your CU or a CU in your community offers this online application service on their website. Search MaineCreditUnions.org to find a CU near you!)
In less than 30 minutes my CU ran my credit, helped me complete my application, and told me I'd have an answer in about two days. I didn't even have to wait that long though, because less than 24 hours later I received an e-mail from my CU saying I had been pre-approved for my first auto loan!
Now the fun part begins -- SHOPPING! I'm so happy to be pre-approved for my loan as I start car shopping. Knowing my budget and my monthly payment before I start test driving will certainly help me narrow my search. I'm just so glad the process was painless, stress-free, and that I learned something along the way.
Do you have a car loan through a CU? Will you be getting your first car loan soon?