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Rebate vs. 0% Financing, Which is Right For You?


Before jumping at either choice, you need to ask yourself how long you intend to keep your vehicle. SCCU's low member rates, combined with the rebate may be the best choice.

If you're like most people, you trade in your vehicle before the term of the loan is up. A rebate of up to $3,000 is all up front and you receive the full savings benefit immediately. With the 0% financing, it takes years before you realize the full savings. The following example is based on trading your vehicle in after 3 years:

  Dealer Financing SCCU Loan
Loan Rate 0% APR 5.99%* APR
Term of Loan 48 mos. 48 mos.
Vehicle Price $23,000 $23,000
Down Payment/Trade In $2,500 $2,500
Negotiated Discount/Rebate - $3,000
Amount of Loan $20,500 $17,500
Monthly Payment $427 $411
Total Amount Paid at 36 mos. $15,372 $14,796
Remaining on Loan Balance $5,128 $4,932

At 36 months, the SCCU loan will have saved you $576 and the remaining loan balance on the SCCU loan is $196 less than the dealer's 0% APR loan.

Another benefit of taking the rebate is the immediate effect of creating a stronger equity position in the vehicle. This gives you more flexibility when trading early because you will owe significantly less on your current loan.

When offered a 0% APR, always do the comparison.

Rebate + SCCU's Low Rate = One Smart Deal

Take the Rebate and Finance Through SCCU! For help in evaluating your financing options, call Express Services at (321) 752-2222 or (800) 447-7228.

* Rate as of July 1, 2008. All rates, terms and conditions are subject to change. APR = Annual Percentage Rate and is based on your credit quality, term and Member Rewards level. For any loan NOT ON TRANSFER from an existing SCCU account OR DIRECT PAYROLL DEPOSIT, one quarter of one percent (.25%), will be added to the approval rate. For example, the above quoted APR is based on Platinum Member Rewards level, 48 monthly payments of $411, with $17,500 borrowed. Your rate may be different. Our usual credit criteria apply. Qualified borrowers only. Savings shown is for a new vehicle loan with a term of 48 months.

The information on this page is for educational purposes only. SCCU is not engaged in providing estate planning or other advice. Please consult with a competent estate planning professional regarding any specific estate planning questions.

  • SCCU Routing Number: 263177903
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Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.
*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

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Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

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