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Oftentimes, the higher the amount of money you are able to pay upfront, the lower the interest rate on your loan. As a result, that also usually means smaller payments each month, as well as shorter-term lengths.

Saving up for a down payment before you purchase your car can lower your overall loan amount and interest paid which will be a net positive for your budget!

“Term” is another word for the life of the loan. While a longer-term length can save you money in the short term, which puts more cash in your pocket each month, it will drive up the overall cost because you will end up paying more interest the longer your loan goes on.

The interest rate on your car loan will vary depending on a few things.

• Your credit score
• Length of term
• Down payment amount
• Type of lender and their rates

Generally, borrowers who get the lowest interest rates have a combination of high credit scores, substantial down payments, and shorter loan term lengths.

When it comes to the type of lender, it can make a real difference for your interest rates. When you borrow from a credit union, you’re borrowing from a member-owned nonprofit. That means lower rates and higher dividends for you!

We offer two separate .25% discounts for a total of .5% off your APR!

You get .25% off for setting up automatic loan payments.

And you get .25% off when your payments come from a GLCU checking or savings account and have made a deposit of over $500 in the past 3 months.

If you’ve got more questions about car buying, we’ve got you covered. Contact the friendly Great Lakes Credit Union team to answer questions and provide the car buying support you need.