Auto Loans Reading, PA

Auto loans facilitate car purchases for those of us who don’t have sufficient cash to buy a quality vehicle outright. In Reading, PA, you won’t find a better source for this financing than Bellco Federal Credit Union. We also provide many other financial products and services including checking and saving accounts, mortgages, credit cards, retirement planning, and more.

Established in 1938 by the employees of Bell Telephone Company, Bellco FCU has evolved over the years to serve the entirety of Berks County with financial products and services designed to help improve the community rather than build profits for shareholders.

Understanding Vehicle Loans

Vehicle loans allow borrowers to purchase vehicles with the security of the car itself. If the borrower defaults and fails to repay the loan, the lender can repossess the car, sell it, and hold the borrower accountable for the difference that remains.

The interest rate of an auto loan is the price paid for the privilege of borrowing, and the better your credit, the lower the interest rate. Other factors that will influence the interest rate may include the total price of the vehicle, the term length of the loan, and the income of the borrower.

When applying, expect to provide basic information about yourself and the vehicle you plan to buy. Bellco FCU actually has an auto dealer program with many dealerships in the area. This program allows you to join the credit union and apply for a vehicle loan all at the same time.

An auto loan will also allow you to refinance an existing vehicle loan if your creditworthiness or the prime interest rate has changed to your advantage.

Consider the following tips if you anticipate buying a vehicle soon:

  • Maximize your credit score in order to secure a reduced interest rate;

  • Consider several borrowers in your search for the best rates and terms;

  • Work your budget to make sure that the payment you agree to is one that you can afford;

  • Have proof of identity, income, and creditworthiness ready;

  • Peruse the vehicle loan papers thoroughly before signing and make sure that you understand the agreement well.

Join Bellco Federal Credit Union

Bellco FCU members are able to use all of our products and services, and their immediate family members (children, parents, spouses, and grandparents/children) are able to join the credit union if they desire. We operate in service of our members, not shareholders, so the rates, terms, and service are all superior to traditional banks.

To join Bellco FCU, you’ll have to establish eligibility. If you have a family member who is part of the credit union already, that relationship qualifies you automatically. Otherwise, you’ll need to establish that you have a relationship with Berks County through:

  • Residence

  • Place of employment

  • Place of education

  • Place of worship.

Membership requires that eligible members deposit a nominal $5 into a member savings account. Bellco FCU membership is life-long, even if you move, graduate, retire, divorce, or otherwise experience a change in your qualifying relationship.

For auto loans in Reading, PA, you can’t do better than Bellco Federal Credit Union. Allow us to help secure the ideal vehicle for whatever stage of life you find yourself in. Ready to secure a pre-approval? Click here or call us at (610) 373-5192.