Posted by LorMet Webteam on Mon, Aug 30, 2010 @ 08:05 AM
We have advised you that it is to your advantage to get a
loan before buying a car and even told you about the
best time to go shopping for a car, but we know that sometimes life can be unpredictable. While it is best if you can research car values and not to be rushed into making a car-buying decision, things don't always happen that way.
Approved Today! Buy Today!
If you find that you need to purchase a new car in a hurry or that you want to purchase a new car in a hurry,
LorMet is here to help. With
on-site dealership financing, you can be approved for a
car loan on the same day that you buy a car. So whether the car you had planned to hang onto for at least a few more years suddenly died or you just really want some new wheels, LorMet can help you make that happen quickly. No need to rely on friends and relatives for rides or borrow someone's car. No need to spend a lot of money renting a car while you figure out how to get your next vehicle.
New car loans that last for 72 months have rates as low as 3.99%. You can also buy a used car with a loan that also lasts 72 months with a rate as low as 5.50%.
Once you get immediate loan approval to buy a car at these low rates, you will be able to finance or refinance and there is no prepayment penalty. Sometimes you see what you want and you just know right away, no need to mull it over or consult everyone you know...if you see a car that you want to buy, a
LorMet auto loan can help you get that car sooner than you imagined.
Interested? Call 960-6600 today!
Posted by LorMet Webteam on Wed, Aug 25, 2010 @ 09:16 AM
Secure Your Auto Financing With a Vehicle Loan from LorMet
When you decide you want to buy a car that is either new or new to you, sometimes you are doing so when your current vehicle is almost no longer serviceable. This can create pressure to hurry up and make a decision, but we advise you not to buy a car in haste. If you have to make do with alternative transportation arrangements or even rent a car for a bit, this would be better than making payments on and spending years using a vehicle that is less than suitable for you.
While there is a wealth of information to be found online, you want to make certain that you do some offline research too. You can test drive the cars you are considering, and even ask for some preliminary quotes on pricing, but do not feel obligated to buy. While you are still in the exploratory phase, do not let a dealer convince you to sign a contract or give them a deposit. In fact, you can simply tell them that you are still looking and rather than buy on your first trip out to the dealership, you want to be sure you choose the right car for you.
As part of your preparation to buy a car, you can secure your financing with a vehicle loan from LorMet Community Federal Credit Union. The Credit Union offers 100% financing on new vehicles and will loan up to the retail value (as rated by NADA) of a used vehicle.
LorMet Offers "On-Site Auto Financing at Participating Auto Dealerships in Lorain County
LorMet also offers its members "On-Site" auto financing at Lorain County's most respected auto dealerships. Sometimes things just do not go as planned, so if you find a car you really want, you can instantly apply for LorMet Community Federal Credit Union financing at select dealerships.
Posted by LorMet Webteam on Fri, May 14, 2010 @ 03:53 PM
A Car's Residual Value is a Major Factor When the Price is Set
Now when you are buying house, you will hear plenty about considering the resale value of a property when making your decision, but what about when you are buying a car? Conventional wisdom has always said that cars depreciate in value rapidly. In fact, people tend to think that the car loses a lot of its worth the moment that you drive it off of the lot.
While it is certainly true that when you buy a car, you do not make the same kind of investment that you make when you buy a house, this does not mean that you should not give some thought to a car's resale (or residual value).
You may not be aware that a car's residual value is a major factor when the price is set for a lease. The higher a car's residual value, the lower the monthly payments a person has to pay to lease it. Residual value is determined by several things such as the production levels for a car, its popularity with car buyers and its final selling price (in other words, whether people are buying the car for more or less than the sticker price).
2010 Vehicles to Retain Most of Their Value
The people at Cars.com named some 2010 vehicles they thought would retain most of their value within three years. On the list were- the Honda Fit, Honda Accord, Honda Odyssey, Mini Cooper, Nissan Maxima, Subaru Forester, Lexus RX 350, Lexus LS 460, Ford F-150, Audi SS, Toyota Tacoma, Toyota Sequoia, and the Land Rover Range Rover Sport.
If you have your eye on a 2010 model car or a used car, LorMet can help with auto financing. The Credit Union offers 100% financing on New Vehicles and will loan up to the retail value (as rated by NADA) of a used vehicle.
Posted by LorMet Webteam on Mon, Apr 05, 2010 @ 09:35 AM
Are You Car Shopping? Apply for Auto Financing from LorMet
If you are thinking about buying car, you will be ahead of the curve if you arrange for financing first and secure a loan before you hit the car lots. And if you are a member of LorMet Community Federal Credit Union, you may shop for a car and instantly apply for financing from LorMet at Lorain County's most respected auto dealerships.
April 12 is the Best Day to Buy a Car, it is the end of Tax Season
Now that you know how you can finance your car purchase, let's talk about when you should go shopping. Those of you who want to buy a car soon would do well to circle April 12 on your calendars. A recent research study concluded that this will be the best day to buy a car this month. Why? Well, it is the Monday before taxes are due. Many people will be worrying over taxes and not in the mood for major purchases, such as cars. Researchers did not mention the Monday blues, but you can probably throw that in the mix as another reason people will not be out shopping for cars that day.
As for the dealers, they will probably be eager to work with you to get you into a vehicle on that day, since as we already noted, it is the very end of tax season. Sometimes it doesn’t matter how much you know or how savvy you are—if you show up at the wrong time, car dealers will not budge.
Interestingly enough, according to these same experts, the worst day to go car shopping next month only falls a week before the best day. And that day is Sunday, April 4th. Experts feel that Easter holiday optimism will be in full swing and people will be out shopping for cars, not long before many are scurrying to get their taxes completed.
Posted by LorMet Webteam on Tue, Feb 09, 2010 @ 10:29 AM
100% Auto Financing on a New Vehicle
You have probably seen articles telling you when it is the best time to buy various big ticket items such as a house or car. The advice is based on looking at inventory, time of year, the probability that a salesperson needs to make a quota and many other criteria.
Well, we are not going to tell you when is the best time to buy a house or a car because we think that the best time to do anything is when you are truly ready to take on the joys and challenges that come with the decision. What we will say is that it is not good to make a major purchase if you are not prepared.
For example, part of being prepared to buy a car means arriving at the dealership knowing that you will be able to make a car purchase, rather than showing up without really being sure of how you will pay for the car.
If you are member of LorMet Community Federal Credit Union, you can take advantage of our great rates to buy a car, truck, boat, motorcycle or recreational Vehicle. (And if you are not yet a member of LorMet, contact us today to join.) We will give you 100% financing on a new vehicle or provide a loan that will cover the retail value of a used vehicle. Check out some of the most favorable car loan rates in Lorain County.
Take Advantage of On-site Auto Financing
LorMet also offers "on-site" auto financing if you choose to buy a vehicle from certain Lorain County car dealerships. You can apply instantly for financing.
(See our website for a list of the auto dealerships where you can take advantage of "on-site" auto financing).
So whether you have your eye on a brand new vehicle or would prefer to buy one that is used, as a LorMet Community Federal Credit Union member, you have viable options to finance your vehicle purchase.
Posted by LorMet Webteam on Mon, Nov 16, 2009 @ 10:22 AM
Visitors of the LorMet website will have noticed the Chrome Standard car research banner, but how many have clicked on it to find out what it’s all about? In a nutshell, the Chrome Car Book is a sophisticated car research engine designed to help you to gather some worthwhile information on cars. Let’s test it out. 
You can perform a search by Make & Model or Feature. If you want to search for cars by Make & Model, you have to enter the Year, Make, Model, and Zip. For our purpose, let’s go for a 2009 Honda CR-V around Lorain County, Ohio. The Chrome Car Book returns 8 results with vital statistics like Base MSRP, Base Invoice, Engine Transmission, Body Style, and so on. Below each entry are 3 buttons: Research, Build Your Own, and Compare. When you click on Research, you can read up more about the car. The Build Your Own option allows you to customize the car to your fancy so you know the actual price of your dream car. Finally, the Compare function is truly amazing.
Let’s compare the 2009 Honda CR-V 4WD 5dr LX against the 2009 Toyota RAV4 4WD 4dr V6 Side by Side. Almost instantly, you will have an elaborate list where you can easily compare the Configured MSRP, EPA Fuel Economy, Engine Type, Body Style, Displacement, Accessories, and other factors. For this exercise, you can compare up to 5 vehicles. Other than a Side by Side comparison, you can also try the Advantages comparison for two cars. This is super useful because Chrome Car Book will actually give you a report about the advantages of one car over the other one so you can see which car is more suitable for your needs.
The Chrome Car Book is just one of the many ways in which LorMet tries to help its valued members. Try it today!
Posted by LorMet Webteam on Fri, Nov 06, 2009 @ 11:08 AM
In the past few years, auto sales across the country have hit such low levels that major auto companies have come up with some extraordinary offers to give the industry a boost. One of the more eye-popping deals is GM’s zero percent financing for up to 72 months. Is it really as good as it sounds? Let’s take a look.
When most car buyers come across a deal that offers zero percent financing, they think that it’s too good to be true. Well, it is. The value of a new car is somewhat like an optical illusion. Now you see it, now you don’t. There you are, sitting in your brand new vehicle costing a cool $40,000, but the moment you drive out of the dealer’s lot, it’s no longer new and it’s a few thousand dollars less than $40,000. Now you see it, now you don’t. Over time, the value decreases further so you can imagine why the zero percent financing with no rebates isn’t such a great deal after all.
Another thing you have to consider is the possibility of a car change. Are you absolutely sure that you will be keeping the same car for 6 years or more? When you decide to trade in your car, you will be quite dismayed to find out that you actually owe more than the actual value of the car. Is it such a great deal? Compare it with the auto dealer’s generous $5,000 rebate plus LorMet’s incredible 5.50% interest rate for new cars and you have a winning combination. Do the math and you will see the logic for yourself.
While GM’s zero percent financing with no rebate offer may sound attractive, it’s really going to cost you more in the end. If you are from around Lorain County, Ohio, hook up with LorMet Community Federal Credit Union to learn how you can get the better deal!