Buying A Vehicle | Loan
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The more you know about vehicle pricing and the buying process, the better you are able to negotiate a good deal and save money. JHFCU has several options that can help you find the vehicle you want at a price you can afford.
JHFCU
has partnered with CUDL in an effort to make buying your next new or used
vehicle easier and more convenient.
CUDL allows you to get your Credit Union auto financing within minutes, right at the dealership! From 7 a.m. until midnight, seven days a week, including holidays, participating CUDL dealerships can approve your JHFCU auto-financing without the need to visit your Credit Union branch.
Through the CUDL program, we have partnered with dealerships in the area to offer you a convenient way to purchase a vehicle and get your Credit Union financing. This program utilizes JHFCUs current low auto loan rates and terms when financing your vehicle. Best of all, the CUDL program is simple for both members and dealers to use!
Here’s How It Works:
1) Decide on the make and model of the vehicle you want
2) Visit any participating dealership
3) Apply for a JHFCU low-rate auto-financing through the CUDL system.
Within minutes, you’ll have a financing decision.
Once the financing is approved, the dealer receives
the JHFCU's terms and conditions, completes the sales contract, and
you drive the vehicle off the lot.
Don’t worry about the paperwork—through CUDL, JHFCU and the dealer, it is all taken care of electronically. We are making this convenient service available to alleviate some of the stress that accompanies the auto buying experience and therefore allows you more time to enjoy your new or used vehicle.
Be
sure to look for the CUDL logo when shopping at the dealerships. This
logo signifies that the dealer can offer JHFCU financing. Make sure to
identify yourself as a JHFCU member and ask for your financing through
the CUDL system.
To find a local participating dealership, simply go to our CUDL AutoSmart website.
With the Motor Vehicle Certification Program (MVCP), you can obtain pricing information on new cars before you even visit the dealership. You can receive information on the actual invoice price, plus up-to-date information on rebates and incentives. MVCP also has a network of dealers who will honor pre-established pricing. When you request that option, the MVCP consumer advisor will send you a certificate (or certificates) for dealers offering special pricing (or you can print one off their website), and you can double check your price once you visit the dealer. For more information, call MVCP at 410-522-5000 or 1-800-345-0990, or you can visit their website at www.mvcp.com.
JHFCU also offers members access to Web Carbook, where you can look up
prices for new vehicles and options, research used cars values, compare
vehicles, or find out vehicle safety information. You can even request
a quote for your vehicle from area dealers. To access Web Carbook, click
here. You may also get NADA information by clicking here.
One
of JHFCU's many partnerships is with Enterprise Car Sales. Enterprise
offers features such as a no-haggle price system, 7-Day/1000 miles repurchase
policy, limited powertrain warranty, and more. They also occasionally
offer special rebates if you finance through JHFCU, too. For more information
about Enterprise, please visit their website at www.enterprise.com/carsales.
Several new car dealerships also advertise with JHFCU and offer special consideration to JHFCU members. The list of dealers and contact information can be found on the back page of our Money Matters newsletter, available in all of our branches and online.
Some dealerships can offer JHFCU financing on-site. This is an added convenience for members who want a JHFCU loan. However, applying and closing your loan directly with JHFCU offers some advantages, such as allowing us to verify the price/value of the vehicle and to set up convenient repayment options.
Enterprise also offers a great deal to our members for car rental services. Click on the images below for more infomation!
Ever feel overwhelmed trying to decide which type of loan best meets your financial needs? To help you learn more about possible borrowing options, JHFCU has partnered with Experion Systems, Inc. to offer an online loan advisor! This interactive website component will allow you to answer questions about yourself and, based on your answers, shows you which loan products would be best for you. You can also click on any of the recommendations to find out more, or even apply for a loan online. To get started click here.
You can apply for any kind of JHFCU vehicle loan online, over the phone, or in person at any one of our branches. Generally, your loan request can be processed in minutes. When applying, contact us to find out if you need to submit any additional materials with you application. The Credit Union offers the following types of vehicle loans:
JHFCU has helped members save THOUSANDS of dollars when they requested their rate to go “Down, Please”! This innovative program makes it easy to save money. Bring your car or truck loan to JHFCU from another lender, and we'll lower your rate by 2%* (as low as 4.75% for new vehicles purchased less than 4 months ago). Whether you just bought your vehicle with dealer financing last month, or you bought it 3 years ago, as long as your loan payments are currently up-to-date, you can save money with JHFCU and pay off the vehicle over the term of the original loan.
Applying is easy! You can apply in person at one of our branches, over the phone, or online by logging into your account. To take advantage of this offer and improve your financial health, be sure to bring us:
*Floor rate is currently 5.25% on vehicles older than 4 month and 4.75% if newer than 4 months. Rates subject to change. Minimum loan $3,000. No off-lease vehicles. Existing JHFCU loans are not eligible for refinancing. Loans will go through our regular underwriting process, where rate is based on applicant's credit and may vary. Book value of vehicle cannot exceed 125%. Current JHFCU loans and off-lease vehicles are not eligible. Other restrictions may apply.
Regardless of what kind of vehicle you desire, new or used, JHFCU offers you the option of applying for a pre-approved auto loan. Before submitting an application for pre-approval, members are encouraged to determine what kind of car they wish to purchase (new or used), the probable term of the loan, and the amount of down payment. These factors will affect your estimated payment amount and, therefore, will affect your pre-approval. Members may be approved for a maximum of $50,000. Those who want to apply for more than $50,000 need to submit a purchase order at the time of application. JHFCU will also finance registration fees, taxes, lien fees, and up to $1000 for any warranties.
If you've been pre-approved for an auto loan, the Credit Union will send you a letter detailing how much money you can borrow, the term of the loan, and the interest rate on your loan. The approval will be valid for 60 days from the date of the letter.
When financing a new car, JHFCU may be your lowest cost option, and there are other benefits to financing with the Credit Union as well. Rates are typically 2-3 percentage points lower than what banks or finance companies offer, and even though special dealer rates may be lower, it's most likely because they will charge you more for the car if you take the low rate. (In most cases, you have a choice of a rebate or lower rate, and taking the rebate and applying it towards the purchase generally works out much more favorably for you!)
The Credit Union offers a choice of 48, 60, or 72 month terms and can finance 100% of the value for qualified borrowers. Rates for all car loans are determined by an evaluation of the applicant's credit, and members can receive an additional ½ % off with Direct Deposit to JHFCU. A JHFCU car loan offers extra flexibility through a variety of repayment options: you can set up a payroll deduction so that part of your payment comes right out of each paycheck. You can also transfer money online or over the phone from your checking or savings account. Or, if you have an account elsewhere, you can elect to have payments debited monthly via ACH, the Automated Clearing House system. Finally, you have the option to bring in or mail your monthly payment.
When applying for a used car loan for a car purchased through a private dealer, you may need to submit additional materials along with your application: such as purchase order or inspection certificate. Contact the Credit Union if you have any questions. The vehicle cannot be more than 20 years old. Older vehicles may be financed at our unsecured loan rates for qualified applications.
JHFCU also offers Auto Plus loans for both new and used cars. With Auto Plus, you can borrow up to 125% of the vehicle's retail value and take advantage of our low rates. Plus, when you get an Auto Plus loan from the Credit Union, you'll receive free GAP (Guaranteed Auto Protection) insurance, which pays off your remaining loan balance should your car be stolen or damaged and determined a total loss. Rates for new and used Auto Plus loans are 2% over the stated car loan rate as determined by evaluation of the applicant's credit and direct deposit option.
You can also finance your new or used boat, Jet Ski, RV, or mobile home with JHFCU. Check our rate page for current rates and terms, or call the Credit Union for more information. Rates for recreational vehicles are determined by an evaluation of the applicant's credit and direct deposit
A Home Equity loan or line of credit is another financing alternative for your vehicle purchase. With rates as low as prime minus 1/2% with no closing costs*, and the possibility of tax-deductible interest**, a JHFCU Home Equity loan may be worth considering. Contact the Credit Union for more details.
*Rate is for qualified borrowers with lines of 80%
or less loan-to-value and includes a half-percent discount for direct
deposit. Home Equity line of credit rates are based on the Prime Rate,
as published by the Wall Street Journal on the 25th of each month, and
can adjust monthly. Other restrictions may apply. Closing costs will be
added to payoff balance if loan is closed within one year. Contact JHFCU
for details.
** Possible tax deduction (“In general, you can deduct the interest
up to $100,000. Some restrictions apply. Consult with a tax advisor if
you have questions or refer to IRS publication 936, Home Mortgage Interest
Deduction, or Tax Topic 505, Interest Expense.”)
Once you have the vehicle you want, protect your new investment by taking advantage of the following programs:
Consumers purchasing insurance through MAIF (the Maryland Automobile Insurance Fund) often end up paying extremely high-interest costs at outside financing companies. The Credit Union has established a program to allow members to finance MAIF Premiums at a lower rate. Call Member Benefits, Inc. at 410-882-0810 for more information on how to take advantage of this program.
You can protect your car's value with Guaranteed Auto Protection (GAP) insurance, a low-cost insurance that pays off your remaining loan balance should your vehicle be stolen or damaged and determined a total loss. GAP can even pay up to $1,000 off your auto insurance deductible (deductive coverage not available in all states). You can have complete coverage for only $295, which can be added to your loan balance, if you wish. Cars purchased over the past 18 months can be insured retroactively. Call JHFCU for more details.
Borrowers can also protect themselves and their loved ones with Loan Protection Coverage available at JHFCU. This low-cost coverage can pay off your Credit Union loan balance if you become disabled; protecting your credit rating at a time when funds may be limited. It also ensures that your loved ones won't end up paying your loan balance, should you die before the loan is paid off. Premiums can be added in with your loan payment, so no separate payment is required.
For more information about any of the above programs and services, please call us or stop by any of our branches and see us in person. Let JHFCU help you get the vehicle of your dreams!