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Rebate or Low-Rate Financing? Car buyers often face this dilemma, and the decision isn’t obvious.

  • You can use a Factory Rebate:
    • As a down payment toward your purchase, lowering the amount financed, or
    • In the form of a manufacturer’s check, to use as you wish.
  • Low-Rate Financing, on the other hand, sounds great too-until you crunch the numbers. The amount financed has a larger impact on monthly payments and total interest charges than the interest rate does.

Take an offer for 0% financing for 24 months or a $2,000 factory rebate on a $20,000 purchase. If you take the credit union’s rate of, for example, 6.5% and the rebate (thus financing only $18,000), you actually would save about $30 a month.

Discount financing plans generally are limited to shorter lengths and use a sliding scale where the best rates are for the shortest terms. And there isn’t always one rate. You may find 0.9% on 24 months, 3.9% on 36 months, and so on. Low-rate financing terms often are so short that most people can’t afford the monthly payments.

To find out which is better for you, use our Rebate vs. Special Financing Calculator.

  • New Auto Loans
  • New Boat Loans
  • 1st Mortgage
  • Signature Loans
  • VISA
  • Used Auto Loans
  • Used Boat Loans
  • 2nd Mortgage
  • Line Of Credit Loans
  • Share Loans

*******Now offering GAP Protection*******
Auto insurance might not be enough. If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured total loss, your auto insuance will cover the replacement value. Nevertheless, you remain liable for payment of the difference between the insurance and your loan balance.

This is an affordable way to fill the gap. It's easy to get. You can get protection at the same time you apply for your vehicle loan.And your GAP premium can be rolled into your loan payment.

Please contact a loan officer for more information.