Purchasing a new or used car is a significant financial decision. Many individuals look to financial institutions like credit unions for assistance with auto loans. If you’re in the Harford County, Maryland area and considering Harford County Credit Union for your auto financing needs, you might be wondering, “Does Harford County Credit Union Have A Car Buying Program?” While they may not explicitly advertise a “car buying program,” Harford County Credit Union, which operates as Freedom Federal Credit Union, offers robust auto loan options to help its members finance their vehicle purchases. Let’s delve into what they provide.
Freedom Federal Credit Union offers auto loans with competitive Annual Percentage Rates (APR). For instance, they advertise a minimum APR of 3.74% for auto loans, which includes a 0.25% discount for enrolling in e-statements and setting up automated payments from a Freedom FCU checking or savings account. Without these qualifications, the minimum APR is slightly higher at 5.39%. It’s important to note that actual rates are based on individual creditworthiness and may vary. They also offer financing up to the retail value of the vehicle.
For those looking at used vehicles, Freedom Federal Credit Union provides financing as well. As an example, they list a 48-month used auto loan at 5.89% APR, with an estimated payment of $23 per $1,000 borrowed. For a $20,000 loan, this translates to an estimated monthly payment of $469. Furthermore, if you already have an auto loan with another financial institution, Freedom Federal Credit Union also offers refinancing options, potentially lowering your interest rate and monthly payments. However, refinancing is not available for loans already held with Freedom Federal Credit Union.
Beyond just providing the loan itself, Freedom Federal Credit Union aims to offer member-friendly features. Eligible members can even skip a loan payment twice per year for free, offering some financial flexibility. This option is not valid for mortgages, home equity lines/loans, or credit cards and is subject to approval with certain restrictions.
While exploring auto loans, it’s also worth considering becoming a member of Freedom Federal Credit Union if you aren’t already. They often have promotions for new members, such as deposit bonuses when opening a checking account and setting up direct deposit. For example, they may offer a bonus for new members who add checking and a direct deposit of at least $50 per pay period. They also offer various checking and savings accounts, including high-yield options like their Kasasa Cash Checking, which can earn a high Annual Percentage Yield (APY) if qualifications are met, such as opting for electronic statements and completing a certain number of debit card transactions monthly.
In conclusion, while Harford County Credit Union, or Freedom Federal Credit Union, may not have a program explicitly named “car buying program,” they offer comprehensive auto loan services with competitive rates and member benefits. They provide financing for both new and used vehicles, refinancing options, and even flexible payment options. If you are in the market for a car in the Harford County area, exploring the auto loan options at Freedom Federal Credit Union is definitely worthwhile. Remember to check their current rates and offers as they may be subject to change.
