FLEX AUTO FINANCING:

A UNIQUE AUTO LOAN OPTION

 Here's the situation: Vehicle prices are rising as new auto models are evolving faster than ever before and the reality is most people need some sort of financing in order to make a vehicle purchase.

For the most part, borrowers ultimately make purchase decisions based on monthly payment - their main concern is trying to fit the payment into their budget and during these trying times, it seems to get more difficult every day to do so.

There are a couple of options to choose from when it comes to financing a vehicle. The two main choices are: conventional auto loans and leasing.

When you make a purchase, you pay the full price of the vehicle. That's why payments on a purchase, in general, are higher. Once you purchase the vehicle, it's yours - the title is in your name. With conventional auto loans, many borrowers have to keep extending terms to lower the monthly payment enough to meet their budget. By doing that, you end up tied to a loan for years, often longer than you would want the vehicle - which leaves minimal flexibility.

When you lease a vehicle, your payment is based on the amount the vehicle is expected to depreciate over the length of the lease. Leases are ideal for some because you can get a more expensive vehicle than you would with a purchase. But remember, leasing is similar to renting. While you may be making lower payments, you're still not making any progress towards owning the car. Also, a lease is a binding contract that you usually cannot break without paying stiff penalties. 

Now - how would you like to take the best features of a conventional auto loan and combine them with the benefits of leasing? Well, you can find that option at NorState Federal Credit Union.

NorState FCU introduces FLEX AUTO FINANCING.

Flex Auto Financing, like a conventional loan, allows for the vehicle to be titled in your name so you can sell, trade, refinance, or payoff at any time. And similar to a lease, Flex Auto Financing offers you a lower payment (up to 40% lower) due to your payment being based on the portion of the vehicle you are using during your loan term. You also get the benefit of terms up to 72 months and vehicles up to 5 years old are eligible. 

You aren't going to find this type of loan option anywhere else in our local area and we hope you'll consider Flex Auto Financing for your next vehicle purchase or refinance.

For more information on Flex Auto Financing CLICK HERE, call us or stop in to speak to a loan officer today.