KeyPoint Credit Union Blog


From CEO, Brad Canfield

0% Auto Financing Isn’t as Good as It Seems

Commuting into work today, how many of you looked at your dull vehicle, wondered what happened to its overall shine and decided you’re ready for a new ride? Or maybe you have spent too much money, stress, and time away from work trying to maintain your old car.
Buying a new car sounds like a good idea right now, and it’s a great time to start planning for it. After all, Silicon Valley software engineers like to look stylish behind the wheel. The end of any month always is a good time to buy. The 2014 models will be coming out in the next couple of months, and you’ll be able to haggle with dealers over the 2013 models that they’ll want to move off the lots.

Be Wary of Strings Attached to 0% Financing

Undoubtedly, you’re hearing about offers for 0% financing from car dealers that are designed to grab your attention. But if you take a closer look at those offers, you’ll find that they’re not the best deals for you. There often are several restrictions attached to that 0%:
  • You must forego the manufacturer’s rebate.
  • 0% financing applies only to select vehicles.
  • You must take a short-term loan with higher monthly payments.

Take the Rebate and Finance Through KeyPoint

You’ll end up with a better deal if you finance your new vehicle purchase through KeyPoint Credit Union and take the manufacturer’s rebate. We’ve created a chart that shows you the difference. Despite a slightly higher APR at KeyPoint (1.99% versus 0%), you’ll actually save money over the life of your auto loan by financing through us.

If you’re a software engineer who’s new to the country and shopping for a vehicle, go negotiate the best price for the vehicle you want and secure the financing through us. You can apply today for a KeyPoint Credit Union auto loan, even if you’re not yet a member of our credit union. Then cruise Silicon Valley and drop by a KeyPoint branch office so we can admire your new wheels.


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