Financing a car can be a burden on anyone, but it can be especially difficult for people who may not have a dazzling credit score. People in this situation often find themselves shopping at a “buy here, pay here” establishment, which can leave them swimming in fees and interest rates.
Fortunately, Allegius Credit Union is working to turn the tide for people in need of a reliable vehicle, no matter their credit score.
“We're always looking for ways that we can differentiate ourselves and offer programs that other institutions in the area aren't offering,” John Figueroa, member development and marketing manager, said. “Having a car to take your family on a trip over the weekend, or just to get yourself from point A to point B, can be a turning point for some people in their lives, and having a reliable vehicle is key for that.”
The “New Roads” financing program is available to any member in the market for a vehicle and offers tools for every step of the way. Members can use the “Find my ride” feature to determine what they can afford by inputting their desired monthly payment over a set period of time. Then, they are able to look through listings of available vehicles within their price range.
Once they find a vehicle they like, members can apply for pre-approval with Allegius Credit Union straight from the website. The application will go to a staff member who will work with the member’s financial standing to determine the best plan for the individual. Every part of the process stays local, so members can rest assured that any questions they may have can be answered through email, over the phone, or even in person.
“We want to make it easy so that our members can hop on, poke around, see if they like anything, and then we're right there to assist them at every step of the way,” Figueroa said.
No matter the credit score or financial background, Allegius is dedicated to finding a suitable plan to help members purchase a vehicle that’s right for them.
“No one is perfect. People have late payments on their credit history for a lot of valid reasons – maybe you just graduated from high school and you're getting ready to go into college, or you're looking to get your first vehicle and you've never had any type of credit before. In any of these situations, it can be incredibly hard to make a good financial investment while getting the car you need,” Figueroa said.
Someone with a less-than-perfect credit score may be turned away from other financial institutions without taking into account the reasons behind the bad credit. The staff at Allegius sees more than a score, however, and the team will work with members to determine the best way to purchase a vehicle that both helps them in the moment and in the long run.
“With this program, people that normally wouldn't get approved for a car loan at a more normal rate are able to walk out with a much more reasonable rate. The difference can be a few hundred dollars. For a family that's kind of struggling, that's basically a month's worth of groceries or a portion of their rent or a portion of their mortgage. It's been huge to help out people in situations like that,” Figueroa said.
Allegius also offers refinancing options for people who may be struggling to pay a higher interest rate at another financial institution. Members are also given the option to make no payment for 90 days, and qualified buyers can receive up to 100% financing on their chosen vehicle. Each financing plan is catered to the individual member based on their needs and financial abilities.
To learn more about the “New Roads” financing program, click here or speak to a staff member in person at one of the four locations across the Region.
To learn more about Allegius Credit Union, visit allegius.org.