Choosing the right auto loan is an important step in buying your next car. With so many loan options available, it can be hard to figure out what works best for your budget and goals. At Members 1st of NJ Credit Union, we’re here to simplify the process and help you finance your new ride with confidence. From competitive rates to special programs like “Drive Now, Pay Later,” we offer the tools you need to get behind the wheel. Here’s how to find the best auto loans for your unique needs.
New Car vs. Used Car Loans
The type of car you’re financing also affects your loan terms.
New Car Loans
If you’re dreaming of driving away in a brand-new car, you’ll benefit from lower interest rates due to the vehicle’s higher value. Members 1st provides rates starting at just 4.45% APR* and offers loan terms up to 84 months, allowing you to spread out payments and keep them manageable.
Used Car Loans
Used cars are generally more affordable upfront, but they may come with slightly higher interest rates. That said, Members 1st offers competitive rates for used vehicles (up to four years old) and repayment terms up to 84 months to fit your budget and preferences.
No matter your choice, Members 1st makes applying simple and convenient. You can even save extra by purchasing from our preferred partners for a 0.50% APR discount.
Understanding Interest Types
The type of interest applied to your loan can significantly impact your overall costs, so it’s important to know the difference in order to get the best auto loans.
Simple Interest
Simple interest is calculated based on the remaining balance of your loan. This means your interest payments decrease as you pay down the principal, potentially saving you money over time.
Precomputed Interest
Precomputed interest is calculated upfront over the entire loan term, meaning you’ll pay the same amount of interest even if you pay off the loan early.
Members 1st’s auto loans feature simple interest, ensuring you only pay interest on the outstanding balance, not an amount calculated from the full loan term.
Specialized Loan Options
Depending on your needs, you might explore alternatives like lease buyouts, refinancing, or dealer financing. Here’s how these compare to Members 1st’s offerings.
Lease Buyouts
If you’ve decided to purchase a car at the end of its lease, Members 1st can help you finance the cost effectively.
Auto Refinances
Want to lower your car payment or interest rate? Refinancing an existing loan with Members 1st could help you save. With rates as low as 4.45% APR*, there’s no better time to explore your options.
Dealer Financing
While convenient, dealer financing often comes with less favorable terms or hidden fees. By securing a loan through Members 1st, you gain the advantage of transparent terms and potentially better rates.
Tips for Choosing the Best Auto Loans
To make sure you’re getting the best deal, follow these tips:
1. Evaluate Your Budget
Start by determining how much you can afford for monthly payments, vehicle insurance, and maintenance. Don’t forget to factor in future financial goals as well.
2. Compare Loan Features
Look beyond interest rates and consider loan terms, prepayment penalties, and fees. With Members 1st,, you’ll benefit from straightforward terms and money-saving features.
3. Get Pre-Approved
Applying for pre-approval before shopping gives you an edge during negotiations and helps you focus on cars within your price range.
4. Read the Fine Print
Make sure you understand all loan terms, especially the type of interest applied and any additional fees. Transparency is key, and at Members 1st, we take pride in providing clear information upfront.
Drive Now, Pay Later
For those looking to ease into car ownership, Members 1st offers a unique Drive Now, Pay Later program. Here’s what sets it apart from the rest:
60-Day Payment Deferral**
Skip your first two payments and start enjoying your new car without the immediate financial pressure. This option gives you the flexibility to settle into your new purchase.
Low Rates Starting at 4.45% APR*
Members 1st offers highly competitive rates, with the added benefit of a 0.50% APR discount when working with our preferred partners.
Local, Community-Focused Service
With branches in Vineland and Bridgeton, we focus on serving our South Jersey neighbors with quality, personalized service.
This special offer is designed to help you drive away with confidence and comfort, knowing you’ve made a smart choice for your finances.
Apply for the Best Auto Loans Today
There’s no better time to find the financing plan that fits your goals. At Members 1st of NJ Credit Union, we’re committed to making your car-buying experience smooth, affordable, and stress-free.
From our Drive Now, Pay Later program to flexible repayment options, we offer everything you need to finance with confidence. Start your application online, pre-qualify to negotiate with ease, or visit one of our branches to work with a team member in person.
The car you’ve been dreaming of is closer than you think. Apply today and discover why Members 1st offers some of the best auto loans in New Jersey.
Not a member yet? Becoming a member is simple! You’re eligible if you’re an employee of one of our approved groups, a member of certain associations, or a family member of an existing member.