Purchasing a vehicle is one of the biggest purchases many people make in their lifetime, and the process can be financially stressful. That’s why First Trust Credit Union goes above and beyond to make the process as smooth and worry-free as possible, according to Marketing Director Dorene Martinson.
“There are a lot of variables to consider when buying a new automobile,” Martinson said. “The biggest stressor for many people is the initial cost, but there are other things to consider such as the reliability of the vehicle you choose, whether you need a warranty or mechanical repair plan, and how you will protect your loan for the duration of the loan term you choose.”
First Trust Credit Union has flexible options to fit any and all of your auto loan needs and preferences. With loan rates starting as low as 4.99%* on new and used vehicles, affording a loan can be a little easier on the pocketbook. First Trust does not charge any application fees, and you always have the option of no payment for the first 60 days of your auto loan. You can apply online or drop by one of First Trust Credit Union’s locations to discover all your options, such as Mechanical Repair Coverage, Debt Protection, and Guaranteed Asset Protection (GAP) coverage.
These three options are always available on auto loans, and they provide peace of mind for borrowers. First Trust Credit Union understands that life happens and with life comes mishaps, accidents, and other unforeseen circumstances that can damage your vehicle. When these unexpected events happen, First Trust Credit Union wants you to feel prepared by taking advantage of Mechanical Repair Coverage. Setting up this coverage with First Trust Credit Union means the auto parts your car may need, along with the labor costs it takes to install those new auto parts, will be one less thing on your mind. First Trust Credit Union offers a variety of competitive auto repair plans that you can choose.
Allison Wozniak, senior member service representative for First Trust Credit Union, processes auto loans on a regular basis.
“Mechanical Repair Coverage is just like a warranty you would get from a car dealer upon purchase, and usually ours is quite a bit cheaper,” Wozniak said.
Purchasing a vehicle, whether you are buying new or used, can take a toll on your bank account by itself, often landing you in debt. This expense can be overwhelming when you throw a case of unexpected disability or death into that debt payment plan. This is why First Trust Credit Union provides assistance and peace of mind in such cases through its Debt Protection product.
Rachel Contreras, member service representative for First Trust Credit Union, said she believes in this product so strongly because it benefitted her earlier in life when she experienced a medical leave from work.
“If a member passes away or becomes ill and has to be out of work for a while, their loan would still be paid through the Debt Protection plan. It gives members one less debt to worry about paying,” Contreras said.
The last option is First Trust Credit Union’s GAP coverage. Because a vehicle’s value begins to depreciate as soon as you purchase it, many auto insurers will only reimburse you the vehicle’s current value rather than the vehicle’s purchase price if it is stolen or totaled in an accident. This means that you would still have to pay the difference on the remainder of your auto loan. However, when you opt for GAP coverage, First Trust Credit Union will pay that gap between the assessed “current” value of your vehicle and the actual dollar amount you financed for the vehicle.
One of the last places you want to find yourself visiting at any credit union or bank is the Collections Department. Fortunately, First Trust Credit Union has a team of collectors who pride themselves on working with the members to help get them through any financial hardships they are experiencing.
“Debt Protection products are great because we have had members (with loan payments) that have had to be off work,” Leslyn Quartuccio, collector at First Trust Credit Union said. “Both products (GAP & Mechanical Repair) are also good if members do take advantage of these products.”
In conclusion, there is a lot to consider and stay on top of when considering an auto loan, or any other kind of loan.
“We at First Trust Credit Union offer such products because we genuinely care about the financial health of our members, and as a credit union we want to live up to the standard of ‘People Helping People,’” Leslyn Quartuccio, collector at First Trust Credit Union said. “This is the fiber of what credit unions were based on at conception, and still remains what credit unions are all about today.”
To learn more about First Trust Credit Union and its auto loans, Mechanical Repair Coverage, Debt Protection, and GAP coverage, visit firsttrustcu.com.
*All loans subject to credit approval with rates based on consumer credit scoring system. Rates subject to change without notice.