Mission Fed
AUTO LOAN GUIDE
Mission Fed Auto Loan Guide
Contents
Auto loan facts.........................................................................................................4
How auto loans work................................................................................................5
What can I afford
?...................................................................................................7
What are my car must-haves
?..................................................................................9
Where to get an auto loan.......................................................................................11
What you need to apply for an auto loan.................................................................12
Get a copy of your credit report and know your credit score......................................13
Are you a first-time car buyer
?................................................................................14
What is a co-signer and why would you need one
?..................................................15
Let Autoland find your next vehicle for you................................................................16
Feel secure with a CARFAX
®
report for a discounted rate...........................................17
Protect your purchase with Mission Fed....................................................................18
Refinancing an existing auto loan.............................................................................19
Important auto loan tips...........................................................................................21
Sources..................................................................................................................23
2
Buying a
new car
is exciting!
It’s also a major purchase, and you want to make sure you understand
the process. There are a lot of things to consider beforehand. You can
begin with guring out the car’s make and model, price range and how
you will pay for it. Luckily, purchasing your new car can become a reality
with an auto loan.
Whether this is your rst car or you’re looking to replace your current car
with a new or used one, an auto loan allows you to put yourself behind the
wheel with the nancial exibility that makes your car purchase affordable
for your budget and lifestyle.
Mission Federal Credit Union is delighted to offer this comprehensive
Auto Loan Guide for your car-buying journey. This helpful guide will
walk you through important items to consider when determining the best
nance options for you.
3
4
Auto loan facts
While the automobile powered by gasoline was
invented in Germany in 1886 by Karl Benz, the big
three automobile companies in the U.S. became
Ford, General Motors and Chrysler by the 1920s.
But how would someone afford a car during that
time? If they couldn’t pay cash, they needed an
auto loan from a nancial institution!
This caused quite a stir as to whether loans could
be given out for cars that were meant for personal
use and not business needs. Ultimately, vehicle
ownership was declared an innate right as part
of one’s pursuit of happiness.
You can get a car loan from a nancial institution,
the dealership or an online loan website.
Interest rates on car loans vary from lender to lender.
Car loans are not just for new cars. You can get
an auto loan for a used car, to buy out your lease
agreement or to renance your original auto
loan, too.
5
An auto loan allows you to borrow money from a lender
to pay back over time, meaning that you may not have to
pay out-of-pocket for your new or used car.
How auto
loans work
Loans come with their own terminology, and knowing
what these terms mean will help you prepare and
understand how you will pay the loan back to
your lender.
Mission Fed Auto Loan Guide
6
Extended warranty contract: This optional
protection on some of your vehicle’s specic
components supplements any warranty coverage
provided with the vehicle. Generally offered at
the dealer.
Finance charge: The amount that represents the
cost of credit/borrowing or how much the loan will
cost you.
Fixed rate nancing: A loan where the interest
rate stays the same over the life of the loan.
Guaranteed Asset Protection (GAP)
Advantage: In case your vehicle is stolen or
damaged beyond repair before paying off your loan
and you owe more than your insurance company
will pay, GAP Advantage will reduce or eliminate
your remaining loan balance, and generally there is
a maximum percentage of the Retail Book amount.
Monthly payment amount: This is the amount
due each month to your lender on the auto loan. This
payment combines both your principal balance due
and the monthly interest accrued on your loan.
Option contract: Allows a buyer and seller to
enter into a contract for the sale of goods or real
property, but the sale is contingent upon certain
terms, like a timeframe or an action, such as
securing nancing for your new car.
Negative equity: This is the amount owed
above a vehicle’s trade in value or the amount the
dealer is paying you for the trade in. If your vehicle’s
trade in value is $16,000 and your credit payoff
(loan balance) is $20,000, your negative equity
would be $4,000.
Negotiated price of the vehicle or cash
price: The agreed-upon purchase price between
the buyer and seller, which includes any rebates,
discounts or special offers from the seller.
Total of payments: This is the total amount you
have paid after all your scheduled loan payments,
which is disclosed in your auto loan agreement.
Down payment: This is the initial amount you
pay to reduce the amount of your loan before any
interest is accrued. A down payment may be
required to obtain a loan.
Annual Percentage Rate (APR): This is
the yearly cost of the loan to the borrower.
This is similar to the interest rate, but the APR
also includes other fees and charges to reect
the loan’s total cost.
Term: The term of a loan, commonly called the
life of the loan, is how many months you have to
pay the loan back. Typical auto loan terms run
anywhere from 36 to 72 months.
Amount nanced: This is your loan amount.
Lender: The lender is the nance company,
bank or credit union that either nances your loan
directly or buys the loan contract from the dealer if
you nance your car loan through a dealership.
Credit Life & Disability Insurance:
In case something happens where you become
disabled, insurance can cover some of your
monthly auto loan payment while you heal. If you
pass away, your outstanding loan balance will be
reduced or eliminated for your loved ones.
Credit report: Credit reports are used to evaluate
your auto loan application, as well as applications
for credit, insurance, home loans and employment.
Credit reports include information such as where
you live and your credit history, including payment
history to lenders and how much debt you owe,
whether you have been sued or led for bankruptcy.
Credit score: Your credit score is a number that
represents your credit risk based on your credit le,
including how often you pay your bills on time and
how many lines of credit you have. The higher the
score, the better your history of credit. This score
may be factored in to decide your loan’s rate
and term.
Car Loan Terms:
Mission Fed Auto Loan Guide
7
What can
I aord?
Looking at your nances is an important part of
guring out the answer to the question,
“How much car can I afford
?”
While looking at your income and
monthly budget are two key steps,
make sure to consider the following
when guring out what car you
can afford:
Make and model: When determining the make
and model of your next vehicle, think about your
lifestyle needs, wants and must-haves. This will
help you gure out the type of car that will best t
your lifestyle.
New or used: While a new car comes with the
latest technology and bells and whistles, you may be
more comfortable with the price of a used version of
your dream car. Make sure to consider your budget
in this case—what can you afford now, and what are
your essential needs when it comes to driving and
feeling comfortable on the road
.
Trade-in value: If you are trading in your current
car, you can factor your trade-in value towards the
purchase price of your new vehicle.
Rebate: The dealership may be offering a rebate
on certain vehicles. Do your research to nd out if
you should be expecting one (which you can apply to
your loan as a down payment).
Tax, title and registration fees: Make sure
to factor these into your budget! These fees depend
on where you live, the type of car, year and model.
Generally this is about 10% of the purchase price.
Vehicle insurance: Be sure to contact your
insurance company to get a quote for the vehicle
you want to purchase. Proof of insurance is required
to fund the loan.
Your budget: Make room in your budget so
that you can feel comfortable with your monthly
payment and the other expenses that accompany
owning a car. This doesn’t mean completely limiting
yourself on how often you go out for dinner or enjoy
8
a treat at your local café - it just means nding
places you can save money that can go toward
your auto loan payments. Ideally, you do not want
your vehicle expenses to be over 20% of your
monthly budget.
It’s important to keep in mind some of the costs
you may not have factored into your car-buying
experience, too.
You may be so focused on the actual price of the
vehicle that you forget about sales tax, which varies
from state to state; vehicle registration, which will take
place after purchasing the car; or a potential dealer
rebate that can save you money.
With a Mission Fed Auto Loan, your low rate and
exible terms will help you feel comfortable with your
monthly payment.
Mission Fed offers a number of Car Loan Calculators
online. Use our “How Much Car Can I Afford” calculator
at www.MissionFed.com/Calculators/Auto/AutoAfford
Or, if you would like to calculate how much your auto
loan payments will be before jumping into the driver’s
seat with your car loan, Mission Fed offers a “How Much
Will My Auto Payments Be
?” Calculator.
To calculate your monthly car payments go to
www.MissionFed.com/Calculators/Auto/AutoCalculator
9
What are my
car must-haves?
Outside of the make and model of your car, you now
have the opportunity to look at what features you can
potentially include or add to your new car.
Many automobile companies are jumping into
the future with technology, and are able to even
customize car interiors so you can create a car that
works for not just yourself, but your passengers, too!
Here are some potential items to consider when you
are ready to look deeper into the details of what
your car must have to make your driving experience
as enjoyable as possible:
Bells and whistles: While air conditioning,
comfortable seats and radio access are essentially
standard features in modern car makes and models,
there are many ways to elevate these features to
new heights.
If you’re driving during cold nights, you can ask for
heated seats. In fact, some cars are now equipped
with automatic start features that allow you to start
your car before you’re even in it, meaning you
can enter an already warm car. If one person gets
a little too warm or cold, you can also install
dual-zone automatic climate control so you and
your passenger can drive around comfortably.
10
Mission Fed Auto Loan Guide
You may also consider keyless entry, which would
allow you to open your doors without having to
search for your keys when you have multiple things
like groceries, bags or babies to carry back to your
car. You can also upgrade your radio to satellite
radio, which allows you to explore thousands of
radio channels and specialty programs that would
not be available with a standard radio.
Entertainment: Some cars are becoming
Wi-Fi compatible, which will allow for you and
your passengers to hook up to the Internet without
using mobile data. Wi-Fi allows you to connect
your phone wirelessly to your car to play music,
and some cars may be pre-programmed with app
capabilities like Pandora, Stitcher or Spotify. Your
passengers will enjoy streaming movies and videos
on their smart devices, or you can have a DVD
and/or Blu-ray player installed for a hands-free
movie-watching experience.
Smart features: Smart features offer drivers a
way to drive safely with convenience. Voice controls
and Bluetooth connectivity allow for hands-free
calling and texting while driving. Built-in navigation
systems are also moving toward becoming more
voice-control friendly versus the typing method most
commonly used today.
Other smart features include the development of
car cameras and sensor technology.
Back-up and 360-degree surround-view cameras
allow for parking and backing out of parking spots
or garages with ease, while sensor technology like
blind-spot monitoring can signal when you are too
close to other cars or objects.
Additional sensor technology includes automatic
emergency braking, which can sense a potential
collision and initiate braking, along with automatic
high beams which turn off your high beams if other
cars are passing you.
Safety gear: Both rst aid and car safety kits are
good investments in case you get a at tire or you
or your passenger gets hurt while on the road. Car
safety kits may include ashlights, gloves, rags, tire
sealant, jumper cables, reective warning triangles
and more for instances where you need to pull over
due to a at tire or issues with your car battery.
Make sure that you also have easy access to your
spare tire, too, so either you or a roadside assistant
can change your tire and get you back on the road.
Kid-friendliness: Kid-friendly vehicles may
include ample trunk space and backseat cubbies
for backpacks, snacks and entertainment items like
books or movie-watching devices like tablets or
DVD/Blu-ray players. And speaking of snacks,
you may want cup holders for water bottles or juice
boxes. Other features may include 4-doors
and spacious seating arrangements to avoid
an overcrowded car.
Keep in mind that some of these items may not be
available for the car you have in mind. Make a list
of your non-negotiable items that make sense for
your lifestyle and budget, and see what other makes
and models would offer a compromise between
your must-haves for now and a few years from now.
Your success is
our bottom line.
Mission Fed Auto Loan Guide
11
Where to get
an auto loan
Once you’ve gured out your ideal car, the next
step is to decide where to nance your auto loan.
Here are your options:
Direct lending: In direct lending, you get a
loan directly from a bank, credit union, or nance
company. To make sure you discuss all of your loan
options and receive answers to your questions and
any other information you need, nd out if you can
make an appointment with someone at the credit
union or bank to discuss your loan options before
you start car shopping or apply online to get a
preapproval. Be sure to ask the Dealer for an
“option contract” if you want to nance directly
with your local credit union or nancial institution.
Dealership nancing: Dealerships are a
convenient option since you can secure your loan
and purchase your car at the same location.
Dealerships will most likely have partnered with
other lending institutions, so there may be options
to choose from, as well as options for those with
lower credit scores. And while dealerships may
offer cash back or incentive programs, they are
typically the middle-man between you and the
actual lending-partner. This means that in the
long run, you will be working more with the
lending-partner and not the dealer who you
met and worked with to buy your car.
Credit unions are known to offer lower rates
than other lending institutions due to being
not-for-prot and member-owned.
It may surprise you that you do not have to have
a checking account or be a member of the credit
union to apply for a car loan. At Mission Fed, all
San Diegans are welcome, and you can apply for
an auto loan before opening an account.
12
The auto loan application process can take as little as 10 minutes when you have all of your documents in order.
You have the option of either applying online at www.MissionFed.com or in person at your local Mission Fed Branch—
just be sure to make an appointment if you choose to apply in person.
You will also receive a request that will authorize your lender to obtain a credit report as well as conrm any information
you submitted. Make sure that you are aware of your credit history so you do not bump into any surprises.
What you need to
apply for an auto loan
•Driver License
•Social Security number
•Account information
•Occupation, including information regarding
your current employer(s) and how long
you’ve been employed there or with them
•Previous address(es) and length of residence
•Previous employer(s) and length of employment
•Date of birth
•Your current address
•Income or monthly gross income (before taxes
or deductions)
•Financial information on current credit accounts,
including debt obligations
•An estimate of your monthly expenses
•Your marriage status
Some applications may also ask for the following:
Here is a list of required items you will need to provide to apply for an auto loan:
13
Get a copy of your
credit report and know
your credit score
Before you make any major purchases, it is a good
idea to not only know your credit score, but to obtain
a copy of your credit report.
You can receive a free copy of your credit report
every 12 months from the three nationwide
reporting agencies.
To receive your free copy, call 877.322.8228 visit
www.AnnualCreditReport.com, or contact any of the
following nationwide credit reporting agencies:
•Equifax Credit Information Services: 800.685.1111
•Experian: 888.397.3742
•TransUnion Corporation: 800.916.8800
14
Mission Fed Auto Loan Guide
Are you a
rst-time
car buyer?
Mission Fed understands the excitement that
comes with buying your rst car.
Whether you’re looking for a new or used car, we
have the experience and services to help guide you
through what you need to consider when embarking
on nding the right vehicle for you.
As a rst-time car buyer, you most likely have
a car in mind already—just be sure that car lines
up with your budget and your lifestyle needs.
One way that you can gure out what your ideal
car is retailing for before even setting foot into a
dealership or beginning your online search is to
look up the Kelley Blue Book www.KBB.com value of
the car make and model you have in mind. Kelley
Blue Book offers new and used car prices that can
easily be categorized into make and model, price
and year, as well as car reviews so you can read
current owners’ experiences and vehicle overview.
If you are looking for a new car and want particular
features that are not available in the model you
desire, visit the manufacturer’s website to see if you
can build your dream car.
After guring out how much the car you’ve been
researching costs, your next step is to sit down with
your nances and determine how much car you
can afford. Compare prices on new or used vehicles
to ensure the car you are interested in is priced
within the average range for that vehicle. Next, it’s
time to sit down with your budget and Mission Fed’s
Auto Loan Calculators. We offer a “How Much Car
Can I Afford” Calculator to use when you’re ready
to start making your dream car a reality, visit
www.MissionFed.com/Calculators/Auto/AutoAfford
Besides asking for loan information, this calculator
also serves as a reminder of other costs, like title
and registration costs that are based on a number
of factors, including where you live and the
type of car you plan on purchasing, and rebate
opportunities depending on where you decide to
purchase your car.
15
What is a co-signer
and why would
you need one?
A co-signer is someone who also signs the loan
agreement and is equally responsible for the loan
amount owed. While you are still the primary party
responsible for payments, your co-signer will have to
pay the agreed monthly payments if you become
delinquent or unable to pay the loan, which includes
paying any late fees or collection costs.
The reason you may need a co-signer is their credit
history could make up for any deciencies in your
credit history.
Keep in mind that the loan’s payment history
will show up on both of your credit reports,
so making your monthly payments on time
is important and will impact you and your
co-signer’s loan offers and credit score.
16
Let Autoland nd your
next vehicle for you
Unlike typical shopping experiences, the price listed
for your future car doesn’t have to be the price you
pay. Most dealerships expect you to negotiate,
which may be easy to do if you have a price in mind
and have done your research. But if you don’t have
the time or don’t want to hassle with dealers, you
can go through Mission Fed’s car buying service
partner, Autoland.
Autoland’s convenient car buying service for new
and pre-owned autos lets you search their extensive
database to nd the car with the exact features and
pricing you want or Autoland will do the research
for you. They’ll even handle your trade-in.
Then, they’ll locate the car, negotiate with the
dealer and schedule the delivery to your local
Mission Fed Branch.
To learn more about Autoland, visit
www.MissionFed.com/Autoland or schedule
an appointment with an Autoland consultant
at your local Mission Fed Branch.
17
Feel secure with a
CARFAX
®
report
for a discounted rate
As you can see, there are many options of new
or used cars to choose from. If you happen to be
buying a used car, you can ask Mission Fed for a
CARFAX Vehicle History Report™ for only
$19.99 (regularly $34.99)!
Simply visit any branch or give us a call at
858.524.2850 or 800.500.6328, and we
will be happy to provide you with the facts
about the used car you’re interested in before
you ofcially sign on the dotted line.
18
Mission Fed Auto Loan Guide
Protect your purchase
with Mission Fed
Once you’re behind the wheel, we want to make
sure you feel safe and protected on the road, too.
Mission Fed offers a variety of
insurance-related products, including:
Guaranteed Asset Protection (GAP)
Advantage: In case your car is stolen and not
recovered, or damaged beyond repair (Totalled),
your GAP Advantage will reduce or eliminate your
remaining loan balance and pay toward the down
payment of a replacement vehicle if you nance
your new car within 90 days with a Mission Fed
Auto Loan.
Mechanical Breakdown Protection (MBP):
Offering ve coverage options to choose from,
you can cover repairs at any licensed repair
facility in the U.S. or Canada. All options provide
reimbursementfor towing/roadside service, a rental
car, tire repair, locksmith and lodging.
Credit Life & Disability Insurance:
In case something happens where you become
disabled, this insurance can cover some of your
monthly auto loan payment while you heal. If you
pass away, you can rest assured knowing that
your outstanding loan balance will be reduced or
eliminated for your loved ones.
Auto Liability & Collision Insurance:
Mission Fed partners with TruStage
®
to offer
discounted rates for credit union members on Auto
Insurance through carefully selected companies.
We want to help make your car buying experience
a smooth ride. For more information about how to
apply for an Auto Loan, Autoland or our insurance
products, visit www.MissionFed.com/Auto-Loans
Your success is
our bottom line.
Mission Fed Auto Loan Guide
19
Renancing an
existing auto loan
As you can imagine, when you buy your car has a
lot to do with your auto loan. The market changes,
so the rate you locked in years ago may be higher
than rates being advertised now. Your nancial
situation and credit score also play a major part in
your interest rate and payment amount.
Your nancial situation could potentially uctuate
over time. For instance, you may have a higher
credit score now than when you received your
auto loan, which means you may be eligible for a
lower rate. You may also have made a change in
your life, such as a new career that has a different
income or lower expenses, which could play a part
in your credit score and available monthly income.
Sometimes it truly does come down to timing—you
may have missed a lower APR opportunity initially,
or now that your lease is coming to an end, you
would like to buy your car.
Renancing your auto loan allows you to take
advantage of the lower interest rate and exible
terms that you may have missed out on initially, but
can take advantage of now. Because Mission Fed
offers Auto Loans with our Bottom Line Rates every
day, you never have to wait for special promotions
or deals on ways to save on your car loan. All
San Diegans are welcome to apply to renance
a loan with Mission Fed—contact Mission Fed
online, by phone or in person at a branch (just be
sure to make an appointment with our easy online
reservation system). The application process is quick
and simple, and you’ll have your response shortly
after applying.
Be on your way to saving more when you
renance your current car loan with Mission Fed.
Visit www.MissionFed.com/Auto-Loans for more
information on how you may nd yourself with a
lower interest rate that will lead to more money in
your pocket.
20
Mission Fed Auto Loan Guide
21
Important
auto loan tips
We’ve covered a lot of information throughout our
guide to get you on the road for your car-buying
adventure!
Before you buckle up and apply
for your car loan or drive to the
dealership, keep these car loan
tips in mind:
Best time to buy a car: If you’re looking for
a new car, the end of a model year is a fantastic
time to make a deal. Dealerships may have a lot of
new vehicles on their lots, so older models may be
priced to move. And just like with holiday shopping,
you can expect to nd amazing deals during the
last week of the year. Be certain to research your
car must-haves and keep an eye out for dealership
specials and promotional deals that may come
up during the year, too.
Know your trade-in value: By knowing the
value of your current car, you can make sure you
get what it’s worth when you trade it in for your
new car. Check websites like Kelley Blue Book
or take your car to several dealers with used car
departments to get an appraisal of what your car
is worth.
Calculate your spending and savings:
Mission Fed offers Car Loan Calculators that will
help you gure out how much you can afford, what
your car loan payments will be and whether you
should accelerate your payments. To help answer
questions about buying and nancing your car,
visit www.MissionFed.com/Calculators/Auto
Go CPO: “CPO” stands for “certied pre-owned”
vehicle, and applies to used cars. CPO cars come
with signicant benets, like an extended warranty.
Check your rates: While it’s important to shop
around for your auto loan rate, you need to keep
your auto insurance in mind, too. Before you commit
to your new car, call your insurance company to nd
out about any potential rate changes.
Read the ne print: Also known as your
disclosure statement at the bottom of your loan
22
document, the ne print details everything you
need to expect about your payments, including
when your payments are due. Make sure you
read and understand everything prior to signing
your agreement.
Take a test drive: Your new car should drive
the way you imagined it would: smooth, comfortable
and offering you everything you need to feel safe
on the road. Make sure to drive city streets and
highways, and check for noise, braking and handling.
You may even schedule a time at the dealership to
ensure you can properly test drive your potential new
or used car for at least 30 minutes.
Ready to get on the road to the new or used car of
your dreams?
Let Mission Fed help get you in the driver’s seat with
a Mission Fed Auto Loan.
Our Bottom Line Rates are offered every day,
with exible terms and easy payment options all
year long. All San Diegans are welcome to apply
for an Auto Loan online, by phone or in person
at a local branch.
For more information, visit
www.MissionFed.com/Auto-Loans
We’re ready to help you navigate your car buying
experience from start to nish, which begins when
you apply for an auto loan today!
Mission Fed Auto Loan Guide
23
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paste the URLs below into your browser.
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www.autobytel.com/auto-news/features/automotive-nancing-and-the-pursuit-of-happiness-117436/2/
Consumer Reports Staff. “Kid-friendly car features.” Consumer Reports.
www.consumerreports.org/cro/2013/03/kid-friendly-cars/index.htm
“Consumer Information.” Federal Trade Commission.
www.consumer.ftc.gov/articles/0056-understanding-vehicle-nancing
“Co-signing a Loan.” Federal Trade Commission.
www.consumer.ftc.gov/articles/0215-co-signing-loan
Handwerger, Donna. “5 tips and an infographic for buying a new (or used) car.” Mission Federal Credit Union Live Smart. Bank Smart. Blog.
www.missionfed.com/blog/5-tips-and-infographic-buying-new-or-used-car
Heaps, Russ. “20 must-haves in your car emergency kit.” Bankrate.
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www.history.com/topics/automobiles
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Mission Federal Credit Union. “Auto Loans.” Mission Federal Credit Union.
www.missionfed.com/Auto-Loans
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www.missionfed.com/insurance/auto-home-insurance
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www.missionfed.com/insurance/credit-life-disability-insurance
Mission Federal Credit Union. “Guaranteed Asset Protection (GAP) Advantage.” Mission Federal Credit Union
www.missionfed.com/insurance/guaranteed-asset-protection-advantage
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www.autotrader.com/car-tips/buying-a-new-car-whens-the-best-time-211343
Schrock, Liz. “Your auto-buying experience is our bottom line.” Mission federal Credit Union Live Smart,Bank Smart. Blog.
www.missionfed.com/blog/your-auto-buying-experience-our-bottom-line
Virigilio, Dawn. “Reduce your interest rate and keep more money in your pocket.” Mission Federal Credit Union Live Smart. Bank Smart. Blog.
www.missionfed.com/blog/reduce-your-interest-rate-and-keep-more-money-your-pocket
Wiesenfelder, Joe. “Car Loan: What You Need to Get One.” Cars.com.
www.cars.com/go/advice/Story.jsp?section=n&story=car-loan-what-you-need&subject=loan-quick-start
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