Auto Check
Direct loan check delivery Speed up the loan process with Auto Check! Auto Check gives you a valid loan check for a pre-approved vehicle loan in Vermont.
What is Auto Check?
Auto Check is a valid check good for an amount up to your pre-approved loan amount. You can use the check to purchase a new or used vehicle. With financing in hand, you'll have more negotiating power.
How will Auto Check help me?
- your check is in your hand when you shop, improving your negotiating power (see Car Buying Tips)
- checks are mailed or delivered directly to you (or stop by and pick up your check)
- you get the best rate at the time you make your purchase:
- if the rates are up the day you buy your car, you'll still get the rate you locked in
- if the rates are down the day you use your check, we'll give you that lower rate
Call 866-80-LOANS or stop by any branch. The check can be used at car dealerships in Vermont, Massachusetts, New Hampshire and New York within 90 days. For security purposes, you and the dealer must endorse the check. After the check clears, you will receive loan documents to sign and return to us. Auto Check cannot be used for a private sale, for a rebuilt vehicle or to refinance a loan from another institution. In these cases, please call 866-80-LOANS for another solution.
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Car-Buying Basics Help You Save on Financing The first time you shop for an auto loan can be time-consuming and a little confusing. But, once you know these car-buying basics, you'll save money on financing your first car or your 10th:
- Evaluate your financial situation. If your credit history is spotty, clean it up for at least six months before applying for a loan.
- Compare annual percentage rates (APRs). Some lenders will give you a rate break if you automate payments from your checking account.
- Consider buying used. The average cost of a used car is less than half of a new one.
- Get insurance quotes. Most lenders require collision and comprehensive insurance on new and used vehicles.
- Realize the less you borrow, the more you save in loan interest.
- Pay off the loan as quickly as possible and you could save hundreds of dollars in interest charges.
- Ask a New England Federal Credit Union loan officer to preapprove your loan so you can bargain for a dealer discount based on a cash sale.
- Understand the loan contract. A loan officer can help you evaluate a loan agreement.
- Make purchasing the vehicle, financing the vehicle, and trading the vehicle three separate transactions.
Call New England Federal Credit Union Loan Contact Center today at 866-80-LOANS for all of your vehicle loan needs.
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