One of the most central components to consider when you need a new car revolves around how you plan to pay for it. Buying an automobile is a big investment and it's likely one of the most expensive commodities you'll ever own. If your current vehicle has suddenly conked out on you, there is a good chance that you are in a rather desperate situation and just want to go to the dealership and accept whatever offer they extend to you. However, while you definitely need a new pair of wheels as quickly as possible, take a look at why you should take a deep breath and contact a local credit union right away.

Credit Union Rates Are Top-Notch 

It is so important for you to pay attention to the interest rate you receive for a loan. The cost of the car might seem totally reasonable but when you factor in the extra money you'll have to pay because of the astronomical interest rate, things could be taking a drastic change for the worst.

Credit unions are widely-known for offering some of the industry's best interest rates. Instead of having to pay nearly double the original price of the car due to the extra fees, you get to enjoy a much more reasonable monthly payment that better aligns with what the car is actually worth.

The Pre-Approval From Your Credit Union Gives You Leverage

Walking into a car dealership without a sure way to pay could place you squarely in the line of fire. You are essentially at the mercy of the sales manager and since you may not have done much research prior to making your move, the financial aspect of the deal might not be as advantageous as you would like it to be. Anything you can do to give yourself the upper hand works in your favor, both now and in the long run. Obtaining a pre-approval letter before you walk the lot gives you so much more leverage than you would have had without it!

A pre-approval letter basically says that the credit union is willing to extend a loan for a stated amount. This not only takes the guesswork out of the equation but also saves time and energy because you won't have to do so much haggling to get the sticker price down to a level that works with your budget.

Your next car should be as affordable as possible. Contact the loan officer at a nearby credit union to get the assistance you need immediately.

For more information, contact a company like Together Credit Union.