MSNBC reports that, despite concerns over job growth, auto sales rose in July as GM, Ford, Toyota and Chrysler all reported increases over June. In order to lure back customers after recalling almost 10 million vehicles, Toyota has been offering great promotions and financing offers. Credit is also thawing in other markets, and people with less-than-ideal credit scores are now able to get financed easier.
Whether you are looking for a used car or a new car, experts advise that your auto costs should only consume about 15% – 18% of your income. Your auto loan interest rate can greatly affect your monthly payment, so you should always seek out the very best rate possible. One place to seriously consider is the Pentagon Federal Credit Union.
This credit union serves members of the military, the Department of Homeland Security, the U.S. Department of Defense, and other defense-related companies. You can also join if you work for—or volunteer for—the American Red Cross. In addition to helping out on disaster sites for the Red Cross, you can volunteer in your local community for a few hours at blood drives, food drives, and many other functions.
PenFed has some very competitive financial products, and they are currently offering excellent rates on auto loans. Whether you are looking for a new, used or refinance auto loan, you can get a 2.99% APY on an auto loan through PenFed. This rate applies to 12 to 60 month loans, and to amounts up to $100,000.
If you are not a member of the military or associated with a U.S. defense entity, it may be worth it to volunteer at the Red Cross just for the savings on your loan rates. Once you are a member, you can take advantage of the other financial products the credit union offers as well. Of course, by volunteering for the Red Cross, you also get the added benefit of knowing you are helping your community and helping to make the world a better place – even if it’s just a little. In this case, karma from volunteering is paying off with some financial benefits.
For the best information on auto rates, click here.