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Can we beat
zero percent financing?
Yes we can!!
If you thought there was no way your Credit Union could beat zero percent
financing, think again. Right now Credit Union auto loan rates are as low as 4.75%*. Auto dealers and manufacturers are continuing to offer special
incentives to boost new car sales. With the Credit Union’s low rates and
manufacturer rebates, the formula is just right to save you money. When offered the option of zero percent or a rebate, how do you decide which is the better deal? The answer is fairly simple and depends on the purchase price of the vehicle and the amount of the rebate. Let’s say you are purchasing a
vehicle for $25,000 and will be financing the entire purchase price. The dealer offers you the option of zero percent financing or a $3000 rebate. Which should you choose? Look at the chart below for the answer.
|
$20,000
Purchase |
| |
Dealer |
SSOFCU |
| Purchase
Price |
$20,000 |
$20,000 |
| Less
Rebate |
|
$3,000 |
| Amount
Financed |
$20,000 |
$17,000 |
| Annual
Percentage Rate |
0.00% |
4.75% |
| Term |
60 |
60 |
| Monthly
Payment |
$333 |
$319 |
| Total
Repayment |
$20,000 |
$19,140 |
| Savings
with SSOFCU |
|
$860 |
As you can see, financing with the Credit Union would save you a total of $220. Granted $220 over 60 months isn’t a lot to get excited about, but it is a savings and that’s money in your pocket! However, if the purchase price is $20,000 and the rebate is $3000, your savings would be over $850. Now that’s something to get excited about! The bigger the rebate, the lower the purchase price, the more you save. Also, consider the fact that zero percent financing may only be
available for limited financing terms and on select models. In addition, only
purchasers with “approved credit” may qualify for zero percent financing, while manufacturer rebates are available to everyone. Check your options first, then negotiate your price and compare which is best for you. If you would like some help with your comparison, give us a call - that’s why we’re here!
*All loan rates may vary based on you individual credit history and financial condition.
Here is How
Low Loan Rates Can Help You!
Everyday in the newspapers, on television, and on the internet we read or hear about record low loan rates. A question you may be asking yourself is: “ How can I benefit from these low rates? ”. To provide an answer we have listed below a number of ways you can save money by using your Credit Union.
Mortgage Loans
SSOFCU just lowered its 10 Year Mortgage Rate to 4.9%. In addition to the low rate, our closing costs are extremely low. Our typical closing costs do not exceed $1,200. The table
below illustrates how a member can refinance a $50,000 mortgage and save $15,068.
| |
Loan
Amt. |
APR |
Terms |
Interest |
Savings |
| |
50,000 |
6.50 |
15 |
$28,429 |
|
| SSOFCU |
50,000 |
4.90 |
10 |
$13,361 |
$15,068 |
Auto
Loans
If you refinance you auto loan with SSOFCU from another financial institution we will reduce your rate by 2% with a minimum rate of 4.75%* . As you can see by the table below, a simple refinance of you auto loan can save you $659.
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Loan
Amt. |
APR |
Terms |
Interest |
Savings |
| |
15,000 |
6.75 |
48 |
$2,161 |
|
| SSOFCU |
15,000 |
4.75 |
48 |
$1,502 |
$659 |
Home Equity Loans
There are many benefits of a Home Equity Line of Credit. Most important is the low interest rate. Our Home Equity Line of Credit with a rate as low 4.25%* and no closing costs is a great alternative to other high cost solutions. .In addition, the interest is often tax deductible (consult you tax advisor). Now is the time to use the equity in you home to consolidate those high interest rate credit cards or finally add that extra room to the house.
In order to learn more about the above loan products or any of the other loans we offer, please call us at
478-745-0494 or come by a local office. We would love to save you money by lowering the interest that you pay.
*All loan rates may vary based on you individual credit history and financial condition.
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Holiday
Closings
Labor Day
Monday, September 1
Columbus Day
Monday, October 13
Auto For Sale
SSOFCU currently has the following
car for sale:
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1999
Hyundai Elantra
91,788
$3,900 |
Education
Session
On August 27, 2003 come join us for our next education session in the Cafeteria Conference room at MCCG. Our topic will be Student Loans. Come learn how to prepare for high cost of a college education.
Two separate sessions will begin held at 11:30 and 12:30.
Drinks and cookies will be provided.
Automated
Bill Payment
What is Bill Payment and how can it save you time and money. Automated Bill Payment is a product that let’s you pay your bills online directly from your checking account. When you open or change your current account to an E-Checking account, you will have access to unlimited bill payment items each month without additional charge. In addition, you will receive the following benefits:
- Electronic Monthly Statement
- Online Access
- Unlimited ATM Transactions
- 90 Day Free Trial Period
All this for a low monthly fee of $3.95. You can sign up online
or come by a branch office.
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