Driving through the open roads on a daily basis is a freeing and relaxing feeling. The terrains of Texas offer open roads, vast drives, and hot skies up above. In a state that offers so many different environments, a reliable vehicle is a must-have. After years of wear and tear have accumulated and routine maintenance no longer becomes a viable means of fixing issues, the notion of purchasing a new vehicle may need to be considered. Each state offers different means of obtaining a new car, and the great state of Texas is no different.
If it’s time for your vehicle to retire, then you may be in line for a new ride. After searching for months and looking at cars for sale from Rio Grande to Abilene, you finally spot the one you’ve been looking for. Now comes the big question; how can you afford it? Most people don’t have a wad of cash laying around that they can throw down on the desk at a dealership. It takes planning, financing, loans, and credit approvals in order to drive away in your dream car. Although there are many hoops to jump through before you can start your engine, there are also some options available that can make the process less stressful.
Most people take the route of obtaining a loan when getting the car they desire. However, a recent article in the Credit Union Journal found that there are four large misconceptions that follow suit when getting a car loan. They are as follow:
1. Seeking multiple loans or pre approvals will destroy your credit rating
2. Car dealers will always find the best loan and rate
3. Consumers believe they need perfect credit to qualify for a credit union rate
4. Consumers believe that refinancing an auto loan is costly
These misconceptions prove to consumers that there are other options available to them when financing a vehicle. The state of Texas offers multiple Credit Unions for car shoppers, such as the Rio Grande Federal Credit Union. Opting for this approach, rather than a traditional car loan, may save you time and money in the end. By choosing a credit union in Texas to help finance your vehicle you go into business with a not-for-profit company, allowing you the best finance ratings. Members can easily refinance existing car loans to lower rates, and be rest assured that the benefits are going into your pocket, and not the company.
It’s important to understand that when you’re exploring other options to purchase your vehicle, you are aware of any loan laws within your state. In the state of Texas, the Office of the Consumer Credit Commissioner (OCCC) oversees all loan guidelines and is in charge of setting the maximum interest rate. If concerns or issues arise when filing for your loan, you must file a complaint with the regulator who oversees your loan. If this regular is not the OCCC, then the Texas Department of Banking can direct you to the proper company.
Filing a loan to drive off in the car of your dreams is never a stress-free process. Texas offers many Federal Credit Unions as alternatives to traditional loan methods. These unions can cut out unnecessary stresses and offer more benefits. It’s important to know who is regulating your loans, and where the ratings are coming from. If you ever have a questions or concern about your loan, contact the regular that is in charge. Finding great, affordable cars for sale in Rio Grande, or anywhere else in the Lone Star state- and flying down the open roads of Texas in one- isn’t as far out of reach as you may think. With the proper research and loan choices, it can be all yours!
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Alex White is a freelance writer who enjoys blogging about the automotive industry.
