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Beacon Car Loans 101

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Getting your car loan through Beacon means awesome service, great rates, convenient payments through Beacon Online, and flexible payment options (make payments on your loan weekly, bi-weekly, monthly – whatever works best for you and your budget). We’ve compiled a Q & A to answer everything you need to know about Beacon car loans and a few great hints to help you nail the car buying experience.

 

Q: Alright, I’m interested in getting my car loan through Beacon – where do I start?

A: All you have to do is fill out our simple online application to get pre-qualified. We’ll tell you how much money you qualify for, the lowest interest rate we can qualify you for, and everything else you need to head to the dealership armed and ready to buy. If you’d rather speak to our branch staff in-person, no problem! Just stop into your local Beacon branch and we can get you pre-qualified and answer any questions you might have.

Q: I went to a dealership and they told me I could get my loan through their finance company right on the spot and drive away in my new car. Isn’t that more convenient?

A: Car sales staff will do almost anything to get you to finance your car through their company instead of a credit union (or bank). Why? They get an extra kick back when you purchase through the dealership. So, they make extra money by talking you into getting your loan through the dealer instead… is that the sort of person you want to trust to get you the best deal? When you work with Beacon, our branch staff doesn’t make any extra money off of your loan – so you know you can trust them to make sure you’re getting the best deal for you … not for themselves.

Q: Ok. I know which car I’m going to buy and I’m ready to make my purchase. Now what?

A: Simply have the dealership fax the purchase agreement to your local branch. We’ll get started finalizing the paper work and have everything ready for you when you get here. You walk in, we give you the check, and you head back to the dealership to sign on the dotted line and drive off in your new car!

Q: The sales person says they can get me financed through another credit union or bank without having to leave the dealership. Why can’t I get my loan through Beacon that way?

A: Some credit unions and banks will let you get a loan indirectly by going through a dealership instead of dealing directly with their branch. A dealership will send your credit application out repeatedly to all of the financial institutions in their system until they get an approval response back. You might have your credit application ran by 25 different institutions – or more – before you get an answer back. And each time your credit is ran, it negatively impacts your credit score.

The real reason the sales person doesn’t want you to leave, is because statistically speaking – as soon as you walk out that door – even with a purchase agreement, there’s a chance you’ll change your mind. They would much rather let you take a hit to your credit score and get you financed through someone else on the spot instead of risking their commission by losing the sale. Don’t fall for the bait.


*The annual percentage rate listed is our best rate and is available for 2012 and newer vehicles only. Your rate may vary depending on your credit score and model year of vehicle. Not available for the refinancing of an existing Beacon Credit Union auto loan. Subject to approved application and collateral review. Some restrictions apply. Rates, terms and conditions are subject to change without notice. 1.99% APR offer expires September 30, 2014. Each account insured up to $250,000 by American Share Insurance. By members’ choice, this institution is not federally insured. Equal Housing Opportunity. Promo code: Auto2014.