Your best opportunity to buy a new or used car comes this April 5-6 when Tropical Financial hosts its Spring Car Sale at the Miramar branch at 3050 Corporate Way. Over 100 vehicles will be for sale, and the credit union will accept onsite applications for financing, with a promise of an answer in 24 hours.
Tropical Financial is offering several incentives, such as no payments for 90 days, free concierge services from AutoAdvisors, and the ability to trade in your vehicle when you buy a new or used one. You can also be pre-approved for a loan through the credit union to make buying easier and faster. For more details and disclosures, visit the car sale webpage.
Whether you qualify for bonuses like a rate discount and a rebate from Tropical Financial can depend as much on your credit rating as anything else.
Here’s what you need to know:
- Tropical Financial offers used-car loans at much lower rates than banks, says Lisette Martin, the credit union’s Consumer Lending Sales Manager. Dealer financing is typically more expensive.
“A dealer may only offer an incentive or promotional rate on a specific model and year on a vehicle,” Martin says. “The model you want may not be available for the promoted, discounted rate.”
- Tropical Financial offers a rate discount of one-quarter of a percentage point if automatic loan payments are made from the credit union’s checking account. Borrowers can qualify for a $100 rebate deposited into their Tropical Financial account or $150 if their employer does its banking with the credit union.
- The younger the used vehicle is, the longer the loan term will be available. Once a car reaches a certain number of years or miles, it’s unlikely that any lender will finance it.
- Your credit rating depends on more than the score. Tropical Financial considers your history of on-time debt payments, employment stability, and other factors that indicate how reliable you are to repay the car loan.
- Martin offers this tip to first-time buyers: Take the time to build up your credit history. By paying your debts on time and keeping your credit utilization under 30% of your credit limits, it will make you more likely to qualify for more favorable loan rates and terms.
- Unlike many lenders, Tropical Financial charges no application or processing fees, only $19.99 for a CarFax report. As required by law, borrowers must pay document stamps.
- If you are purchasing a used car from a dealer, the information needed for financing would be a Purchase Order (signed by the Dealer Representative and Buyer), driver’s license, proof of insurance, and may request proof of income. If you are buying from an individual, the lender may require additional documentation from the seller, such as a driver’s license, vehicle registration, copy of the title (if applicable), or loan statement from the current lender along with the vehicle identification number or VIN, driver’s license from the buyer, proof of insurance, and may request proof of income.
- For Private sales, we would schedule an appointment for closing at one of our branches (Buyer, Seller, and car must be present).
- If you are considering refinancing, TFCU will pull the value and in some cases, will go up to 110% of the car value for financing.
- Tropical Financial Credit Union offers Title loans on cars to assist members with possibly consolidating debt or an unexpected expense. Title loans can be considered for up to 80% of the car’s value.
For the latest auto loan rates from Tropical Financial Credit Union, click here.