How to lower your monthly car loan payment

It’s always better to have a plan – especially when it comes to your finances. If you think that your family might need a new car in the next 6-12 months, the time to start planning and saving for that purchase is now. The surest way to end up paying too much for your next car loan is to walk into a dealership needing a car desperately with no financing plan in place.

The first step to planning is figuring out how much car your family can comfortably afford. Remember, most financial experts recommend that your car loan payments take up no more than 15-20% of your gross income, depending on other circumstances like personal savings, debt-to-income ratio, income level, and your family’s transportation needs.

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SC Telco Auto Loans

We are always glad to sit down with our members and talk about your overall financial health and your goals. You know your financial situation best and, chances are, you have a good idea what you want your next car to be. But you may not know what that car is going to cost you every month or over the life of the loan.

Use our car payment calculator to estimate your monthly payments on your next new or used car loan. Simply enter details like the price of the car, the down payment, the loan term, and the interest rate to calculate your monthly auto loan payment.

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Payments too high for the car that you want? Try putting down more money or lengthening the term of the loan. If you have some time before you need to buy your next car, you can take steps to improve your credit score and qualify for a better rate, which will lower both your monthly payments and the total price of the auto loan. And, don’t forget, SC Telco offers no interest for 60 days and no payments for 90 days on all of our new and used car loans, which gives you extra time to pay off some other debts, prepay your principal, or sell your other car. If you’re ready to buy a car now, apply online or come into one of our branches to talk to an auto financing specialist.

60/90 Disclosures – Some restrictions may apply. Actual term of the loan begins no sooner than 60 days after the loan origination and payment is based on actual term. Existing SC Telco FCU auto loans are not eligible for refinancing with this offer. Loan amount is dependent upon the sale price and value of the vehicle. Membership required. Programs, rates, terms and conditions are subject to change without notice.**Sales tax, tag, title, and other associated fees are not included in this calculation, which is an estimate only. **Monthly payment calculation is for informational purposes only and does not represent a financing offer from SC Telco. **Your APR may differ based on the amount of the loan, the loan term, and your credit profile. To find out what your actual APR would be, apply online or talk to one of our car loan financing specialists in person at an SC Telco branch near you.

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