Three Loan Myths Debunked

Focus on the Facts About Loans

Before you get in the driver's seat of your new car or get the keys to your new home, let's reveal some myths and facts about auto and home loans. That way, you can focus on getting your dream car or home instead of worrying about the loan.

• Myth: I have a bad credit score so I won't qualify.
  • Fact: Don't succumb to a sketchy dealer or payday lender with a high interest rate just because you think you won't qualify for the loan you need. Wescom can help. Schedule an appointment to talk with a Member Service Representative to see what your options are.
• Myth: Applying for a loan will hurt my credit score.
  • Fact: Applying for a loan, in most cases, does not have a material impact on your credit score. The benefits for applying to become pre-approved far outweigh any negatives and will help you understand what you are able to afford on a car or home purchase.
• Myth: I have to finance the entire cost of the car or home.
  • Fact: You don't necessarily need a down payment to qualify for financing a new car or home purchase. Having a down payment will help lower monthly payments but Wescom offers options to fit every member's financial budget, regardless of a down payment.

To learn more about, schedule an appointment to talk with a Member Service Representative.