Personal Credit

Today’s vehicles are built to last a long time, and many manufacturers offer extended warranties that provide an added incentive to keep your vehicle for years. Consider this: maintaining your vehicle with an eye on long-term ownership, encourages healthy environmental practices such as regular maintenance and mileage conservation.

The 6 or 7-year Auto Loan¹ could be right for you, if –

You've got your eye on the perfect vehicle and you want to lower the monthly auto loan payment to fit your cash flow

For example, you’ve found a vehicle, new or used, that has everything you’re looking for, but it’s not quite affordable if you take out a typical auto loan.

The chart below* shows you how choosing a term up to seven years can lower your monthly payments and help you get the vehicle you want today.

^* Chart is for illustrative purposes only. Example assumes term equals amortization.

As you can see, a seven-year term can lower your monthly payments to make the vehicle you want more affordable.

You have a monthly budget in mind and want to get the most for your money

Choosing a term up to seven years can allow you to buy a more expensive vehicle for the same monthly cost as a lower-priced one. You can use the extra purchasing power to select a model or features that meet your needs for added cargo room, safety or new technology features like hybrid power.

For example, let’s say that your monthly budget is $500. The chart below* shows you what you could afford based on various loan term periods.

^* Chart is for illustrative purposes only. Example assumes term equals amortization.

As you can see, a seven-year term can help you afford more of the features you want by making your budget go farther.

We’re here to help you choose the right auto loan for you

If you aren’t sure which loan amortization period and repayment term is best for you, we’d be happy to help you decide. It’s always best to find a comfortable balance between what you can afford and how quickly you want to own your vehicle. In some cases, restrictions apply based on the age of the vehicle you are considering.

The chart below* shows you how the age of the vehicle you are purchasing affects your choice of amortization. Basically, the newer the car, the longer you can take to pay it off.

^* Chart is for illustrative purposes only.

Applying is easy

Ask your branch for an application today.

For more information, visit your nearest branch and ask for an application, or call 1-877-247-2265.

¹ Subject to credit approval.
² Interest rates used for examples are for illustration purposes only.