Buying a new car? Before you go shopping, stop by smcu.com to save thousands of dollars. When people finance a car at the dealership, they often only look at the monthly payment without considering all of the interest they’ll pay over the life of the loan. These shoppers could save thousands of dollars just by arranging the loan separately and getting pre-approved before heading to the dealer.
As an example, a $25,000 car financed at 10 percent for five years will have a monthly payment of $531. Over the full life of the loan, the borrower will pay more than $6,870 in interest, making the total cost of the car approximately $31,870. That same car financed at 8 percent for six years will have payments of $506 per month and will cost $30,414, a savings of more than $1,400.
By getting a preapproval before you go to the dealer you’ll have the power, knowing that you already have a great deal on your loan. That allows you to negotiate the price of the car, rather than the payment. You can even buy GAP or Mechanical Breakdown Protection through SMCU at a price that can be significantly less than the products you would get through the dealer.
Save Time While Saving Trees
SMCU offers a fast and easy online loan application. You can get an answer within a few minutes. We’ve also partnered with DocuSign, a leading electronic documents firm, to allow you to sign your loan documents online. By cutting down paper required in the lending process, SMCU is helping to conserve valuable natural resources.
How does it work?
Go to smcu.com and apply. You can use the online payment calculators to figure out how much loan you can afford and use that amount to complete your application. You don’t need to know what kind of car you want to buy to get a pre-approval.
Once your application is complete, you’ll usually get an answer in just a couple of minutes. Some applications need a bit more information, though. In those cases, one of SMCU’s specially trained loan representatives will review your application and get back to you within 24 hours to let you know what else we need.
Find Your Car
Once you are approved, you go shopping. When you find the car you want, get a purchase order, including the purchase price and the details about the car. Then fax or email the purchase order to your loan representative.
Sign Online with DocuSign
Once SMCU receives your purchase order, your loan representative will draw up your loan documents and send you a link via e-mail to log into DocuSign to affix your digital signature. After you submit your electronically signed loan documents, we will cut you a check. Take it to the dealer when you pick up your new car and drive away happy. You spend zero time in the finance office and get the car you really want.
SMCU’s Autoland Program: A Real Person to Guide You Through the Auto-buying Process
Of course, you can also avoid the dealership altogether by taking advantage of Autoland, our in-house auto-buying service. They’ll scour the whole west coast to find you the exact car you want at the price you’re looking for. Autoland will negotiate with their extensive network of dealers to find the right vehicle for you. Once they find your car, they will deliver it directly to you or to any SCMU branch. The small Autoland fee can even be financed directly into your SMCU auto loan.