April 7th, 2011

What If You Don’t Have Great Credit?

Beat The DealerSeattle Metropolitan Credit Union offers fantastic rates on auto loans. Qualified members can get a rate as low as 3.00%* for a loan up to 72 months on a new or used car. It’s a great deal for anyone who has the credit to take advantage of it, but what if you don’t have great credit? If you’ve had repayment problems in the past, you know that lenders aren’t necessarily lining up to give you cheap money to buy or refinance a car. Often, when you are able to find a loan, you end up paying extremely high interest rates, which make your monthly payments larger than they need to be.

The good news is that SMCU may be able to help. While you may not qualify for our lowest rate, that doesn’t mean that you have to be stuck paying an interest rate that is 20 percent or higher. As a member-owned financial cooperative, SMCU is able to offer loan rates that can work for anyone’s budget. In some cases, members have been able to cut their interest rate in half compared to what they were paying at other lenders, even if they have had some previous credit issues. Those savings can make a real difference in the amount of money left over at the end of every month.

If you got stuck with a high interest rate on your auto loan because you thought you didn’t have any other options, take a few minutes to stop by an SMCU branch or call the Contact Center. Specially trained representatives will review your situation and work with you to find ways to help you save money on your loan.

Not only might you save on your auto loan, SMCU may be able to save you money in other places. While you are talking with one of the branch representatives about your auto loan, they will look to see if you qualify for an SMCU Visa® account. Even with new credit card regulations, some credit card companies charge exorbitantly high interest rates that make it difficult to repay the balance you owe. Rates on SMCU Visa® accounts are often much lower than you would find through other companies. Reducing your interest rate can help you get out of debt much earlier, sometimes years sooner, than you would be able to otherwise.

Loans aren’t the only places you can save money. If you have a checking account at another financial institution, SMCU Reps can review it with you to see if you’ve been paying fees that you don’t need to be, especially if your formerly free checking account now has a monthly charge. SMCU offers free Online Banking and Bill Pay as well as a large network of fee-free ATMs all around the world. SMCU has been helping our members get a better deal since 1933. It’s the entire reason we’re in business. If you think you are paying too much for your car, your home or any of your accounts, call or visit us. We can help.

* Rates as of 3/18/2011 and are subject to change. All rates are expressed as Annual Percentage Rate (APR). APR reflects any prepaid finance charges. Rates, terms and conditions subject to change without notice. Rates and financing are offered based on applicant’s credit qualifications and other underwriting criteria.

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