What Are My Auto Loan Options at Rivermark Credit Union?
A car can mean a lot—it’s the means to go on a trip, the key to a shorter daily commute, or a better way to transport your books to school or your guitar to that gig. It’s also one of the largest purchases you’ll make, and the implications can have far-reaching consequences for your credit and your livelihood.
At Rivermark Community Credit Union, we can help you through the process of applying for a car loan or through a refinance and answer questions about your credit and preapproval. Since we care for the financial health of our customers, we want you to know all about what auto loan options are available to you.
Purchasing a New (or New-to-You) Car
No matter what type of car you’re going for—new or used, or if you want to refinance your loan from another lender—we’re able to help you with one of the lowest rates around. We won’t charge you fees, and the online application is easy. For new cars, we can offer 100% financing and terms up to 84 months.
You can get preapproved for your loan either online or at your local Rivermark branch, and you’ll receive an Express “Blank Check.” With this in hand, you’ll have greater freedom to negotiate as a cash buyer at your licensed dealership of choice. When you receive your Express Check, you can take your time choosing the car that’s right for you—you’ll have 30 days to use your Express Check, and the loan won’t activate until you choose the perfect vehicle. Once you’ve made an agreement with the dealership, it’s as easy as writing in the agreed price, up to your preapproved limit. Once you sign the check, present the check and Dealer Instructions page to the dealership, you can drive off into the sunset.
And if this isn’t the first car loan you’ve applied for through Rivermark, you can also receive a 0.25% APR rate discount as a repeat auto loan reward.
Since buying a car can be a stressful process, we’ve made it easy to apply for your loan online. You may use your laptop, smartphone, or tablet to fill out and sign the paperwork, or you can call us to apply by phone during or after business hours (that includes weekends and holidays). You have a busy life, and if you need a car immediately, we’re there for you.
Refinancing Your Current Car
If you’re currently paying down an auto loan from another financial institution, you may be able to refinance and lower your monthly car payment when you transfer your loan to Rivermark. Once you’re approved, we’ll take care of transferring the loan for you. Not only can you possibly lower your monthly car payment, but you can extend your loan term, and there’s no loan fee to refinance. As with buying a car, you may call us to apply for your refinance during or after business hours, including weekends and holidays. We have low rates for you. Plus, loan terms can extend as far as 84 months.
Have you ever just wished you could skip a car loan payment? If your loan is through Rivermark, you can! Once you have your loan established with Rivermark, we have a program called Skip A Payment. Auto loans are eligible for this program—it’s a service we offer just in case you have a month where money is tight or if you have an emergency. If that happens, you may skip your auto loan payment for a $30 Skip Payment Fee per loan. The only caveat is that you can only skip payments twice within one calendar year, and those two months cannot be two months in a row.
Car Buying Services
If you’re having trouble figuring out what car you want or what features you need, we have good news for you. Rivermark has partnered with Auto Solution to help you shop for a car, to find exactly what you’re looking for and what fits your requirements. There’s no upfront cost for this service.
Once you find the vehicle that fits you and your lifestyle, Auto Solution will advise you of the cost, and you have the option to include it in your auto loan through Rivermark. While choosing, you may arrange for a test drive or have the vehicle delivered to a location convenient for you, and you’re under no obligation to accept the vehicle. You can even consult about a trade-in.
The most important (and exciting) thing about this is that you don’t have to visit a dealership. On average, members say they save over $2,000. If you’re having trouble getting to the dealership during business hours, but you need a car immediately, this is a great opportunity for you to find the perfect car at a great price. When you’re ready, you can find Auto Solution’s contact information on the Rivermark website.
Now that you’ve found the exact right car for your budget and lifestyle, you should think about protecting it. What if it’s totaled in an accident? What if it’s stolen out of your driveway? That could be a financial hit you can’t recover from quickly. That’s why we have Guaranteed Asset Protection Advantage (GAP)—to protect you against these risks. Some of the advantages of this coverage include that you’ll automatically have a $1,000 credit toward financing a replacement vehicle through Rivermark. You’ll also have the protection of your own credit rating, and up to $1,000 of your insurance deductible will be covered. Visit the GAP page for more information.
Aside from your car being totaled or stolen, you might want to also have protection against mechanical breakdowns beyond the manufacturer’s warranty. Our extended auto warranty program (called Mechanical Breakdown Protection) is equally comprehensive and actually costs less than most dealer programs.
Here at Rivermark Community Credit Union, we know you live a busy life, and banking can complicate things. We aim to change that. Visit us online or give us a call so we can show you how to simplify your banking experience.
Questions About Auto Loans?
Our auto loan resources page can help you make informed decisions as you prepare to shop for a car or apply for an auto loan. And, as always, you can call Rivermark and speak directly to a lending expert by calling 503.626.6600.