The best part when looking for a new vehicle…. SHOPPING! But many people overlook one important step which is getting pre-approved for the auto loan. It’s truly a simple process that can make car-buying go more smoothly and save you money. (Who doesn’t want to save money?!)

Pre-approval is a quick assessment of your ability to pay off a loan based on your credit history and current financial state. How this process works at FFCU is simple. You first come visit us at the credit union, in person, online, or on the phone and provide proof of your identity — such as your driver’s license and/or Social Security number — your household income, and perhaps your housing costs. We will then run a credit check. Then you’ll find out how much we would be willing to lend you and at what rate.

Here’s why you should get pre-approved.

You can get a better interest rate

If you haven’t done your homework, your dealership might try to talk you into a loan at a not-so-great rate. But getting pre-approved at Family Financial Credit Union means you can assess the dealership’s offer, and you don’t have to accept it. Bringing your interest rate down just one or two percentage points can save you hundreds, maybe thousands, of dollars over the life of your loan. (Like we said above, who doesn’t want to save money?!)

You can set a true budget

Once you’re pre-approved for a loan, you can plan your purchase. We have a great calculator on our website that you can use to factor in a down payment and how many months you would like to have on the loan. And don’t forget about cheap mexican auto insurance and the other costs that come with owning a car.

When you’re pre-approved for a loan, you have the competitive edge in car-buying. You can say no until they say yes. Remember, FFCU is here to make the whole loan process as simple as possible! (And of course….help YOU save MONEY!!)