WHY DO I NEED TO GET PRE-APPROVED?
Well, the truth is you don’t need to. But it might be your best play because:
-
You'll know how much car you can afford
Don’t waste time shopping for cars you’re not sure you can buy. With a pre-approval you’ll know exactly how much you can spend. -
You'll spend less time at the dealer
Found your car? Just present your pre-approval to the dealer and they’ll handle the rest for you. -
You've got a rate lock for 45 days
Take the time you need to find the car you love. Your pre-approved rate is guaranteed for 45 days. -
Your term is flexible
With terms from 1 month to 84 months, you can pick the payoff timeframe that works for you.
HERE’S HOW SIMPLE YOUR CAR LOAN CAN BE
-
1
Apply
Apply online in as little as 5 minutes -
2
Shop
Shop with your pre-approval certification -
3
Relax
Relax – your rate is locked for 45 days for stress-free shopping -
4
Pay
Pay online with Online Banking or the MHV Mobile App. Or visit any Branch Location. -
5
Manage
Access free financial education to help manage your loan.
Very helpful, understanding and caring people
-
Went from a phone call early Tuesday afternoon to approved and picking up our check in under 48 hours. Third vehicle loan we have had with MHVFCU in the last 15 years, and they've been great each time.JL
-
Leo and Chris were with me every step of the way when I tried to get a car loan. Very helpful, understanding and caring people.Tetiana M.
SHOULD I GET PRE-APPROVED FOR A NEW OR USED CAR?
OK, so pre-approval is great. But the big question remains: should you buy a new or used car? Like so many things in life, it depends. There are pros and cons to both – and you need to weigh them both to make the best decision for you.
Pros of New
- Typically covered by warranty
- Include the latest technology and features
- Allow for a wide selection of trim levels, colors, and features
Cons of New
- More expensive
- Depreciate instantly
Pros of Used
- More affordable
- Avoid rapid depreciation
- Lower insurance costs
- Typically inspected and certified
Cons of Used
- Unknown vehicle history
- Potentially higher maintenance costs
New? Used? Here's some help.
Here’s your best 2-minute breakdown of buying new vs used.
“I WANT THIS TO BE AS EASY AS POSSIBLE”
Remember driving around to dealerships? Save your Saturdays and shop for your next car from home with AutoSmart.
Apply for your pre-approval
Research safety features and incentives
Build your ideal car and contact dealers directly, or
Browse local dealership inventory according to the exact make, model, color, and mileage you want
**APR = Annual Percentage Rate. Rates effective 8/14/2023. All rates as low as: Rates are based on credit ratings, term of loan and in some cases year of vehicle. Rates reflect a .25% discount for automatic payments from your MHV checking or savings. Discount excludes leases and other select products. Your rate may vary. Rates are subject to change. All loans subject to approval. For example: 36 monthly payments of $30.16 per $1,000 borrowed at 5.49%.