Printable Shoppers Guide

Annual Percentage Rate (APR)

The cost of credit as a yearly rate, and includes interest and additional prepaid fees associated with the loan.

Term

The length of the loan, usually expressed in months.

Same Rates - New or Used

Watch out - some lenders increase the rate for used vehicles!

Yes, same rates new or used!

100% Financing

Watch out - some lenders increase the rate without a sizeable downpayment.

Yes, NEFCU will even include taxes, title and tags!

Free Loan Courier Service

Will the lender bring your loan funds and documents to you?

Yes

Local Servicing

A servicer collects principal and interest payments from borrowers. The servicer may or may not be the original lender. Local servicing means that the lender is the servicer; all future questions and issues are answered by the same company for the life of the loan.

Yes

Dealer or Application Fee

A fee charged to cover application expenses and/or provide revenue.

No

Prepayment Penalty

A monetary penalty charged by a lender if all or part of a loan is paid off before it is due. These penalties can be substantial and limit your ability to refinance to a lower rate in the future.

No

Principal-Only Payments

Additional payments that credit the principal amount, allowing you to pay down the loan faster, saving you money on interest and potentially shortening the term of your loan. Some lenders do not allow these types of payment without penalty.

Yes, without penalty

Online Payments

The ability of the borrower to post payments to the loan account electronically using online banking, and may or may not include additional principal only payment capabilities. Some lenders charge recurring fees for online banking.

Yes

Group Rate Auto Insurance

Members are eligible for group rate discounts on their insurance.

Yes

Educational Seminars

Some lenders offer seminars to educate borrowers on car-buying tips and financing. Some lenders charge a fee for this service.

Yes - and they're FREE!

Be sure you get estimates on all these items if you shop around!

Loan Shopper's Guide	NEFCU Benefits	NEFCU	other	other
Annual Percentage Rate (APR)	The cost of credit as a yearly rate, and includes interest and additional prepaid fees associated with the loan.
Term	The length of the loan, usually expressed in months.
Same Rates - New or Used	Watch out - some lenders increase the rate for used vehicles!	Yes, same rates new or used!
100% Financing	Watch out - some lenders increase the rate without a sizeable downpayment.	Yes, NEFCU will even include taxes, title and tags!
Free Loan Courier Service	Will the lender bring your loan funds and documents to you?	Yes
Local Servicing	A servicer collects principal and interest payments from borrowers. The servicer may or may not be the original lender. Local servicing means that the lender is the servicer; all future questions and issues are answered by the same company for the life of the loan.	Yes
Dealer or Application Fee	A fee charged to cover application expenses and/or provide revenue.	No
Prepayment Penalty	A monetary penalty charged by a lender if all or part of a loan is paid off before it is due. These penalties can be substantial and limit your ability to refinance to a lower rate in the future.	No
Principal-Only Payments	Additional payments that credit the principal amount, allowing you to pay down the loan faster, saving you money on interest and potentially shortening the term of your loan. Some lenders do not allow these types of payment without penalty.	Yes, without penalty
Online Payments	The ability of the borrower to post payments to the loan account electronically using online banking, and may or may not include additional principal only payment capabilities. Some lenders charge recurring fees for online banking.	Yes
Group Rate Auto Insurance	Members are eligible for group rate discounts on their insurance.	Yes
Educational Seminars	Some lenders offer seminars to educate borrowers on car-buying tips and financing. Some lenders charge a fee for this service.	Yes - and they're FREE!
Be sure you get estimates on all these items if you shop around!