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Should I finance through my credit union if they promise to beat the dealer's interest rate by 1.99%?
I was approved at my credit union for a 60-month car loan at 7% due to my lackluster credit history. However, I told them I might finance through the dealer if they can beat the credit union's rate. The rep immediately responded back that the credit union guarantees it will beat any rate by 1.99%. Should I finance through my credit union with this verbal promise?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“That sounds like quite a deal from your credit union.
While you will have to fill out a credit application with the dealer, the savings in interest should make the credit hit worthwhile.
See how low you can get the dealer to go with your bank’s preapproval letter and you might walk away with the deal of the century.
Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free
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- Gregory R.
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