Below is a decent/unique offer by Truiliant Federal Credit Union. They first went live with this offer in May, but it was just brought to our attention over the weekend. Thanks to BankVibe reader Henry for submitting this one to us!
If you are in the market for either new or used auto loans, then this deal has the potential to save you a substantial amount of cash.
Here is the rundown…
Some manufacturers’ promotions offer the choice of 0% financing, a $4,000 rebate or a combination of both on new vehicles. While these manufacturers’ promotions seem unbeatable, credit limitations will apply and only certain makes and models are eligible for the promotion. With the “Zero Rate Auto Loan” you can save even if there is no manufacturer’s promotion.
In contrast, Truliant’s Zero Rate Auto Loan requires normal credit qualifications and allows you to finance all of your interest up front, saving you money on your monthly payment and lowering your finance cost. Plus, even if you are thinking about buying a used vehicle or refinance an auto loan you have somewhere else – this loan will also work.
Below is a comparison of a manufacturer’s 0% financing, $4,000 rebate with a conventional loan and $4,000 rebate with Truliant’s Zero Rate Auto Loan, with a 60 month term. Even if there is no manufacturer’s promotion, you can still save with a Zero Rate Auto Loan.
As always, here is the fine print: Subject to credit approval. Conventional loan comparison based on average Truliant auto loan rate as of 5/01/2009. For Zero Rate Auto Loan: cost of financing includes mandatory GAP insurance ($349) and varies based on loan amount (GAP insurance optional on other types of financing); maximum loan amount of $30,000; maximum term 60 months; prepayment of finance charge also available.