RiverTrace Blog

How To Get Better Rates On Vehicle Purchases

Posted on: August 12th, 2017 in Auto Loans

If you're planning to buy a new car, we offer a financing option that might save you money with better interest rates. 

Leveraging The Vehicle Connector Loan

Now, let's take a look at our Vehicle Connector Loan. This loan is ideal if you've been denied a car loan elsewhere or have been approved at an extremely high rate. There are two main criteria for getting approved for a Vehicle Connector Loan:

  1. You must demonstrate your ability to repay the loan, and
  2. You must purchase a quality used vehicle through Enterprise Car Sales.

Here are some features of RiverTrace's Vehicle Connector Loans:

Competitive loan amounts

You can get a loan-to-value rate of up to 115% and borrow up to $18,000 (including taxes, title, tags, GAP and MRC) on a vehicle priced up to $15,000. In case you're not familiar with GAP and MRC, here are explanations for both:

GAP, or Guaranteed Asset Protection, insurance covers the difference between the actual cash value of your vehicle and balance still owed on your vehicle loan when the loan balance is higher than the vehicle's value.

MRC, or Mechanical Repair Coverage, protects you from unexpected auto repairs not covered by your factory warranty or after the warranty expires. Coverage usually includes 24-hour road-side assistance, towing, rental reimbursement and payment for covered repairs.

Flexible terms and competitive rate

Your loan can be paid for up to 60 months. That allows you the flexibility of paying your loan off quickly or opting for a longer term to make your monthly payment more affordable. Check our website for current loan rates. The maximum loan-to-value is 115 percent.

Improve your credit rating

One of the best benefits of a Vehicle Connector Loan is that no minimum credit score is required. As long as you have the proven ability to repay the loan and purchase a used vehicle from Enterprise Car Sales, we'll work with you go get you on the right path and into a reliable vehicle. Watch your credit rating improve if you pay back your loan in a responsible manner.

Enterprise Car Sales is a great partner

If you're concerned about buying a vehicle from Enterprise, don't be; they have quality inventory at no-haggle pricing. If you decide you don't like the vehicle, Enterprise will buy it back within seven days with no questions asked.

Plus, every vehicle sold by Enterprise comes with a 12-month/12,000 mile limited powertrain warranty and one year of unlimited roadside assistance.

Get The Best Rate On Your Next Vehicle Purchase

Chart your path to the new or used car of your dreams. Get a quality used vehicle and improve your credit rating with a Vehicle Connector Loan.

For more information on your vehicle purchasing options, contact RiverTrace Federal Credit Union today.

If you need to contact us about a news item, event, or just want to give us a shout, please don't hesitate to get in touch with us by calling 804-266-2767 or emailing us.

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