Refi For A Reason – COVID-19 Relief

Our Refinance for a Reason program has become a staple in our community and something our staff looks forward to every year. We enjoy supporting local organizations that better our community and know how much of an impact we can make in just a few short months. Our comprehensive refinance program has enabled us to give back to incredible organizations such as Phoenix Children’s Hospital, Special Olympics of Arizona, the Arizona Animal Welfare League, and others. This year, our donations are more important than ever.

The two organizations we have chosen to assist are The AZ Coronavirus Relief Fund and Valley of the Sun United Way. Each effort provides relief to the individuals most affected by COVID-19 as outlined below:

• The AZ Coronavirus Relief Fund supports organizations working to diminish the impact of COVID-19 here in Arizona. They fund personal protective equipment for medical employees, food banks, technology for low-income students, and more.
• The United for the Valley COVID-19 Fund was started to adapt to the emerging and fast-changing needs of health and human services organizations, schools, and the individuals and families they serve. Their support goes to child care, rent assistance, lost wages from business closures, and other pressing needs.

SunWest will make a contribution of $50 for every auto loan refinanced through the credit union. Once the program ends, we will donate half of the funds to the AZ Coronavirus Relief Fund, and half to Valley of the Sun United Way. We will also continue to do our part during these difficult times to protect both our members and our employees. From participating in social distancing to accounting for each person’s unique financial situation, SunWest wants you to know that we stand ready to help our community get through these challenging times with a little financial support and a whole lot of love.

Unfortunately, this pandemic has affected families and loved ones around the world, with many Arizonans facing adversity for the foreseeable future. As a local credit union, we know how critical it is to represent our communities as local people, which is why we are making it our mission to help those who need us the most right now. SunWest may just be another valley credit union, but our staff truly cares about our members, their neighbors, and the communities in which we serve.

Take this time to refinance your auto loan, save money, and give back to your community without leaving the comfort and safety of your own home. In addition to the donations being made, we are offering up to 90 days of no payments, great low rates, and the ability to save up to 2.00% off your current rate.

For more details, and to apply online, go to our website.

Buying a Car Like a Pro Part 2: At the Dealership

Buying a car can be an exciting experience. It can also be daunting and expensive, especially if you’ve never bought a car before or have limited experience with car buying and dealerships. That’s why we’ve put together this helpful list of tips you should have ready to go when you walk onto the car dealer’s lot. Now that you have everything ready to with your credit score, financing, and budget, you’re ready to buy your car. Follow these easy steps to ensure that your car buying experience goes smoothly.

Create a List
We recommend that you start your car search online. This way you can see and compare models and features in the comfort of your own home without being pressured by a car salesman to pick a car or make up your mind. Look at what comes standard and what will be extra on the cars you like most, and determine whether the prices you see will fit into your budget. Once you’ve done your research, come up with a short list of a few cars that you would seriously consider owning. Have this list ready, along with the research that you’ve complied, with you when you head to the dealership.

New, Used or Leasing
Decide which option—new, lease, certified preowned, or used—works best for you. You’ll find all options in your budget, and you’ll find all quality of cars in each option. Buying used is often the best value, but you’ll pay a high interest rate, have a shorter warranty, and may not know the car’s full history. If you’re looking to lease, you won’t own the car, and there are often certain rules to avoid penalties. Buying new gets you a full warranty and lower interest rates, though there may be fewer features available without spending extra. Certified preowned cars are often a good compromise, as they are less expensive than new cars, but have some warranty and have to meet certain standards and regulations for safety. Pick which option you are most comfortable with and go with it.

Test Drive
Don’t rush your test drive. Once you’ve done your research and picked your car or cars, schedule a test drive with the internet or fleet manager. This will help you build a relationship with someone at the dealership who will be less likely to push you into making a deal. Ask for more time with your test drive. You’ll be driving this car around for a few years at least, so make sure you like how it handles on surface streets and freeways. Take your time with the car in park too—adjust seats and mirrors and play with the different controls. If you often drive with a passenger, bring them along and make sure they’re comfortable too. If you haul things, make sure everything will fit.

Negotiate Smart
When it comes to start signing the paperwork, you’ll already be ahead of the curve by having your credit information and the financing all set up, but there are still other fees and terms you’ll need to negotiate. Have ready any discounts you may have researched. Negotiate the trade-in value of your car separately from the purchase of your new car, and research the value of your current car ahead of time so you know if you’re getting a good price. Look carefully through the list of fees to make sure they are accurate and necessary. And be prepared to say no to the extras you’re offered. You can always get them later, if you end up wanting them, after you’ve done your research.

If you follow these simple and smart steps, you’ll have a great experience buying your next car, and you’ll get an amazing deal on your dream car. Check out these tips and tricks to get the best deal before you head out to the dealership.

Buying a Car Like a Pro Part 1: Before You Go to the Dealership

Buying a car can be an exciting experience. It can also be daunting and expensive, especially if you’ve never bought a car before or have limited experience with car buying and dealerships. That’s why we’ve put together this helpful list of tips and terms you should know before walking onto a car lot. You’ll be able to walk out with a great car at a great price once you understand these terms and ideas.

Credit Scores
Before you ever step into a car dealership, make sure you understand what your credit score is. Dealerships often advertise very good interest rates on new cars, but often these rates are only available to those with credit scores of 750 or better, and you will only see that in the fine print. Those with credit scores of 700 or higher can usually get pretty good rates, but anything below that usually comes with much high interest rates. And almost anyone can get a car loan regardless of their credit score or credit history because cars are relatively easy to repossess if you miss payments. So before you go looking for a car, make sure you know what your credit score is and what kind of rate you should be getting. If your credit score isn’t as good as you’d like it to be, Experian.com has some tips to raising your credit score.

Get financing quotes before you shop
Even if you have amazing credit, it doesn’t hurt to look around for the best rates. For those with high credit scores, you can often find great financing rates directly from the dealer. If you have average credit, visit your credit union or bank and apply for a car loan before you shop. You can often find some of the most competitive rates with credit unions and local banks. You can also apply for car loans online if you want more options, but you won’t necessarily get the best rates.

Set a budget
One of the first things you should do when you start searching for a car is determine exactly how much you can afford to spend on loan payments each month. While it might be tempting to get a longer loan term so you can have smaller payments over the course of the loan, in the long run you’ll end up paying a lot more in interest. So while a shorter loan term might have higher payments, you won’t have to pay as much interest. Calculate how much you can afford to spend each month and then find the shortest loan term that will fit in that budget.

Consider extra expenses
In your budget, make sure you account for other common car costs such as car insurance and GAP Insurance. GAP, or guaranteed auto protection, Insurance, is protection to cover the “gap” between than an insurance company believes your car is worth and what you still owe on your loan if you’re in an accident and the car is deemed totaled. So if you still owe $8,000 on your loan, but the car is only worth $6,000, the GAP insurances covers you for that $2,000 that you would owe on the loan. For both GAP insurance and car insurance, make sure you shop around to find the best rates. And shop around for both of these annually, as rates can change from company to company every year.

Now that you know your credit score, have financing ready to go, and know what you can afford for your budget, it’s time to start looking for your new car. Whether you’re buying a brand new car, or one that’s just new to you, these tips will help ensure that you won’t get taken for a ride at the dealership.

Find more information on auto financing with these tips for saving on your car loan.