{"id":24249,"date":"2024-11-08T04:35:30","date_gmt":"2024-11-08T12:35:30","guid":{"rendered":"\/wp-site\/?p=24249"},"modified":"2024-11-09T06:14:20","modified_gmt":"2024-11-09T14:14:20","slug":"a-guide-to-car-loans-for-nurses","status":"publish","type":"post","link":"https:\/\/jerry.ai\/car-loan\/a-guide-to-car-loans-for-nurses\/","title":{"rendered":"A Guide to Car Loans for Nurses"},"content":{"rendered":"\n<div class=\"wp-block-jerry-highlight-point-paragraph flex flex-row items-center gap-2.5 rounded-lg p-6 has-gray-pink-background-color has-background\"><span class=\"iconify i--shield-check text-primary rotate-0 text-base mt-0.5 shrink-0 self-start\"><\/span><div class=\"jerry-block-content grow text-sm\">\n<p>WHY YOU CAN TRUST JERRY<br>Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren\u2019t paid for reviews or other content.<\/p>\n<\/div><\/div>\n\n\n\n<p>Registered nurses and healthcare workers should apply for <a href=\"\/car-loan\/\">car loans<\/a> from federal credit unions offering competitive loan terms and reduced interest rate programs like NIH and Healthcare Associates.<\/p>\n\n\n\n<div class=\"wp-block-jerry-card\"><div class=\"shadow-variant-card relative overflow-hidden rounded-xl p-8\"><div class=\"flex flex-col gap-3\"><span class=\"text-lg font-medium text-slate-900\">QUICK LOOK<\/span><div class=\"jerry-block-content text-sm text-slate-700\">\n<ul class=\"wp-block-list\">\n<li>Healthcare workers can often qualify for more flexible terms and low rate discounts on auto loans through local and federal credit unions.<\/li>\n\n\n\n<li>Federal credit unions tend to offer more competitive rates and lower fees than other new car financing options for nurses.<\/li>\n\n\n\n<li>Even with specialized loans, nurses should still take steps like building credit history, applying for preapproval, and adding a cosigner to strengthen their financing terms.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"nih-federal-credit-union\">NIH Federal Credit Union car loans for healthcare professionals<\/h2>\n\n\n\n<p>Anyone who works in healthcare can apply for an NIHFCU auto loan. Applying for a membership with NIH Federal Credit Union is a straightforward process, and you won\u2019t even need to apply for NIHFCU membership until your loan is approved.<\/p>\n\n\n\n<p>With NIHFCU, you can choose between the following vehicle loan options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>New vehicle auto loan<\/li>\n\n\n\n<li>Pre-owned vehicle auto loan<\/li>\n\n\n\n<li>Auto loan refinance<\/li>\n\n\n\n<li>New motorcycle loan<\/li>\n\n\n\n<li>Pre-owned motorcycle loan<\/li>\n<\/ul>\n\n\n\n<p><strong>Expert tip:<\/strong> Sign up for an NIHFCU <a href=\"https:\/\/www.nihfcu.org\/totalcare-protection\/\" target=\"_blank\" rel=\"noopener\">TotalCare Protection<\/a> checking account for various perks\u2014including a lower annual percentage rate (APR). Here\u2019s what you can expect your predicted APR to look like for different auto loan terms (new or used) as of 2021:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Loan term<\/th><th>Standard APR<\/th><th>TotalCare APR<\/th><\/tr><\/thead><tbody><tr><td>0-24 months<\/td><td>2.24%<\/td><td>1.99%<\/td><\/tr><tr><td>25-36 months<\/td><td>2.24%<\/td><td>1.99%<\/td><\/tr><tr><td>37-48 months<\/td><td>2.74%<\/td><td>2.49%<\/td><\/tr><tr><td>49-60 months<\/td><td>2.99%<\/td><td>2.74%<\/td><\/tr><tr><td>61-72 months<\/td><td>3.49%<\/td><td>3.24%<\/td><\/tr><tr><td>73-84 months<\/td><td>3.74%<\/td><td>3.49%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>A TotalCare Protection checking account from NIHFCU also includes the following perks:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financing up to 125% loan-to-value<\/li>\n\n\n\n<li>Online auto buying services<\/li>\n\n\n\n<li>Extra protection programs, like <a href=\"\/car-insurance\/gap-insurance\/\">Guaranteed Asset Protection (gap insurance)<\/a> and Mechanical Repair Coverage<\/li>\n\n\n\n<li>No payments for the first 90 days<\/li>\n\n\n\n<li>Skip your payment once every 12 months<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"healthcare-associates-credit-union\">Healthcare Associates Credit Union car loans for healthcare professionals<\/h2>\n\n\n\n<p>You\u2019ll have to be a member of Healthcare Associates Credit Union before you can apply for a car loan. To qualify for an HACU membership, you\u2019ll need to be an employee or member of one of their many <a href=\"https:\/\/www.hacu.org\/membership-benefits\/am-i-eligible\/\" target=\"_blank\" rel=\"noopener\">eligible companies and associations<\/a>.<\/p>\n\n\n\n<p>Here are the average loan terms for new or used vehicles you may qualify for with HACU:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Loan term<\/th><th>APR<\/th><\/tr><\/thead><tbody><tr><td>Up to 48 months<\/td><td>as low as 1.99%<\/td><\/tr><tr><td>60 months<\/td><td>as low as 2.24%<\/td><\/tr><tr><td>72 months<\/td><td>as low as 2.54%<\/td><\/tr><tr><td>84 months<\/td><td>as low as 4.99%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>An HACU membership includes much more than qualifying for great auto loan rates! You\u2019ll also enjoy the following perks:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fraud monitoring<\/li>\n\n\n\n<li>License plate renewals<\/li>\n\n\n\n<li><a href=\"\/resources\/\">Auto refinancing<\/a><\/li>\n\n\n\n<li>Credit cards<\/li>\n\n\n\n<li>Home equity loans<\/li>\n\n\n\n<li>Personal loans<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"factors-affect-car-loan\">Key factors that affect your car loan<\/h2>\n\n\n\n<p>Lenders look at several factors when processing loan applications, including your credit score and debt-to-income (DTI) ratio. Your interest rates will be based on the following factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Your credit history<\/li>\n\n\n\n<li>Your down payment<\/li>\n\n\n\n<li>The type of vehicle you\u2019re buying<\/li>\n\n\n\n<li>The length of your loan<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"interest-rates-calculated\">Your interest rates will either be calculated as simple interest or precomputed interest:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Simple interest:<\/strong> Interested is calculated from the remaining principal balance of your loan. With this type of interest, making extra payments on your principal will lower your monthly payments going forward.<\/li>\n\n\n\n<li><strong>Precomputed interest:<\/strong> Interest is determined in advance, so your total loan amount including interest won\u2019t decrease with extra loan payments.<\/li>\n<\/ul>\n\n\n\n<p>In addition to what you pay monthly in interest, you\u2019ll also have an Annual Percentage Rate (APR). This includes the interest rate and any additional fees you have to pay to continue borrowing money.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to-get-good-car-loan\">How to get a good car loan<\/h2>\n\n\n\n<p>Before committing to the first deal you find, be sure to understand what goes into deciding your loan terms. That way, you can put yourself in the best position to get a favorable deal.\/lis<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Check your credit score:<\/strong> You generally want a credit score of 661 or higher to get a good car loan rate. The lower your credit score, the higher your interest rates will be.<\/li>\n\n\n\n<li><strong>Evaluate your debt-to-income (DTI) ratio:<\/strong> Add up your monthly bills then divide by your gross monthly incomes. Lenders aren\u2019t likely to give you a loan if your loan payments would take up more than half of your income.<\/li>\n\n\n\n<li><strong><a href=\"\/car-loan\/\">Get preapproved for loans<\/a>:<\/strong> Getting preapproved for financing before going car shopping gives you the advantage of knowing exactly what you can afford.<\/li>\n\n\n\n<li><strong>Consider a co-signer:<\/strong> A co-signer legally agrees to take over payments if you\u2019re unable to keep up, giving lenders more peace of mind when determining your loan terms. This is an especially good route if your credit score isn\u2019t great.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-jerry-cta\"><div class=\"flex flex-col items-start gap-4 rounded-xl border border-zinc-200 px-12 py-8 md:flex-row md:items-center md:gap-14\"><div class=\"flex-1\"><span class=\"text-xl font-black text-gray-900\">Find affordable car insurance in minutes.<\/span><\/div><div class=\"flex-1\"><a href=\"\/signup\" class=\"bg-primary block w-full rounded-full px-14 py-2 text-center font-black text-white hover:no-underline\">COMPARE QUOTES<\/a><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-jerry-meet-experts\" data-wp-interactive=\"jerry\/meet-experts\" data-wp-context=\"{&quot;modalVisible&quot;:false}\">\n  <div class=\"font-circular text-2xl font-extrabold text-slate-900\">Expert-driven. Built for you.<\/div>\n\n  <div class=\"my-3\">\n    <div class=\"flex justify-between items-center py-3 border-b border-neutral-200 cursor-pointer font-semibold text-gray-900\" data-wp-on-async--click=\"actions.toggleModal\">\n  <button class=\"text-left text-base\" type=\"button\">\n    Why you can count on Jerry&#8217;s articles  <\/button>\n\n  <div class=\"transition data-[visible=true]:md:rotate-180 text-xs iconify i--chevron-down text-gray-500\" data-wp-bind--data-visible=\"context.modalVisible\"><\/div>\n<\/div>\n<div class=\"modal-backdrop fixed bottom-0 left-0 right-0 top-0 z-50 overflow-hidden overscroll-contain bg-black\/70 font-body transition-transform delay-100 duration-0 md:relative md:z-auto [&amp;:not([data-visible=true])]:translate-y-full [&amp;:not([data-visible=true])]:bg-black\/0 [&amp;:not([data-visible=true])]:md:hidden\" data-wp-init=\"callbacks.onModalInit\" data-wp-on-async--click=\"actions.hideModal\" data-wp-bind--data-visible=\"context.modalVisible\">\n  <div class=\"modal-view fixed bottom-0 left-0 right-0 flex max-h-[75%] w-full flex-col rounded-t-3xl bg-white pb-7 pl-7 pt-3.5 transition md:relative md:rounded-none md:pl-0 md:transition-none [&amp;:not([data-visible=true])]:translate-y-full [&amp;:not([data-visible=true])]:md:hidden\" data-wp-bind--data-visible=\"context.modalVisible\">\n    <div class=\"modal-header md:hidden flex justify-between items-center pb-1 mb-1 border-b border-zinc-200\">\n      <div class=\"modal-title text-base font-semibold\">Summary<\/div>\n\n      <div\n        class=\"modal-close-btn wp-block-group w-11 h-11 mr-2.5 content-center text-center\"\n        data-wp-on-async--click=\"actions.hideModal\"\n      >\n        <div class=\"iconify i--close text-gray-500 cursor-pointer\"><\/div>\n      <\/div>\n    <\/div>\n\n    <div class=\"modal-body pr-7 overflow-y-auto\"><div class=\"wp-block-template-part\"><div class=\"flex flex-row items-center gap-2.5 rounded-lg bg-gray-pink px-4 py-5\">\n  <span class=\"iconify mt-0.5 shrink-0 self-start text-xs text-primary i--shield-check\"><\/span>\n\n  <div>\n    <div class=\"font-body text-xs font-bold text-primary\">Our goal is clear, trustworthy information.<\/div>\n    <div class=\"mt-1 font-body text-xs text-gray-600\">\n      Our content is created, edited and fact checked by a team of licensed insurance agents, automotive pros and\n      experienced journalists who know the industry inside and out. Facts are thoroughly researched, verified and kept\n      current, and our editorial team is separate from our business partners, so our opinions &#038; tips are unbiased. All\n      insights drawn from Jerry\u2019s proprietary, aggregated customer auto insurance quotes data provide unique, real-world\n      guidance.\n    <\/div>\n  <\/div>\n<\/div>\n<\/div><\/div>\n  <\/div>\n<\/div>\n  <\/div>\n\n  <div class=\"text-base font-semibold text-gray-900\">Our experts<\/div>\n\n  <div class=\"my-8 flex flex-col gap-8 items-center justify-center\">\n          <div\n        class=\"meet-experts-item group relative flex h-auto w-full flex-none flex-col justify-between overflow-hidden rounded-3xl py-9 text-sm shadow-variant-card\"\n        data-expand=\"false\"\n        data-wp-init=\"callbacks.onItemInit\"\n      >\n        <div class=\"grid h-full w-full grid-cols-1 overflow-hidden px-8 md:grid-cols-4\">\n          <img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"\/wp-content\/uploads\/2024\/09\/Macy-Fouse.png\" class=\"size-16 rounded-full md:size-32 col-span-1 md:ml-4\" alt=\"meet-experts-thumbnail\" srcset=\"\/wp-content\/uploads\/2024\/09\/Macy-Fouse.png 250w, \/wp-content\/uploads\/2024\/09\/Macy-Fouse-150x150.png 150w, \/wp-content\/uploads\/2024\/09\/Macy-Fouse-56x56.png 56w, \/wp-content\/uploads\/2024\/09\/Macy-Fouse-120x120.png 120w\" sizes=\"auto, (max-width: 346px) 260px, (max-width: 576px) 432px, (max-width: 720px) 540px, (min-width: 720px) 250px, 100vw\" fetchpriority=\"low\"\/>\n          <div class=\"col-span-3\">\n            <div class=\"my-4 flex-1 content-center font-circular text-lg font-medium text-slate-900 md:mt-0\">\n              Macy Fouse            <\/div>\n\n            \n            <div class=\"text-slate-500 mt-2 leading-6\">\n              <p>Macy Fouse is an insurance writer with over five years of experience in publishing and writing. A specialist in car insurance, car loans, and car ownership, Macy\u2019s mission is to create content that equips car owners with the tools they need to reduce car ownership costs, master repair skills, and ensure they have the best insurance coverage for their drive. Macy has written nearly 1,000 articles for Jerry on topics ranging from state-specific driver\u2019s license regulations to how your marital status can affect car insurance costs. Prior to joining Jerry, Macy leveraged her background in journalism, social media, and educational curriculum as a production editor for LifeWay Christian Resource.<\/p>            <\/div>\n          <\/div>\n        <\/div>\n\n        <div class=\"absolute hidden group-data-[expand=true]:flex bottom-0 w-full h-24 bg-gradient-to-t from-white from-30% to-transparent to-100% items-end justify-center\">\n          <div\n            class=\"flex cursor-pointer flex-row items-center gap-2 my-4 font-circular text-primary\"\n            data-wp-on-async--click=\"actions.onItemExpandClick\"\n          >\n            <span class=\"text-sm\">See more<\/span>\n            <span class=\"iconify i--chevron-down text-xs\"><\/span>\n          <\/div>\n        <\/div>\n      <\/div>\n          <div\n        class=\"meet-experts-item group relative flex h-auto w-full flex-none flex-col justify-between overflow-hidden rounded-3xl py-9 text-sm shadow-variant-card\"\n        data-expand=\"false\"\n        data-wp-init=\"callbacks.onItemInit\"\n      >\n        <div class=\"grid h-full w-full grid-cols-1 overflow-hidden px-8 md:grid-cols-4\">\n          <img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"250\" src=\"\/wp-content\/uploads\/2024\/09\/Kianna-Walpole-1.png\" class=\"size-16 rounded-full md:size-32 col-span-1 md:ml-4\" alt=\"meet-experts-thumbnail\" srcset=\"\/wp-content\/uploads\/2024\/09\/Kianna-Walpole-1.png 250w, \/wp-content\/uploads\/2024\/09\/Kianna-Walpole-1-150x150.png 150w, \/wp-content\/uploads\/2024\/09\/Kianna-Walpole-1-56x56.png 56w, \/wp-content\/uploads\/2024\/09\/Kianna-Walpole-1-120x120.png 120w\" sizes=\"auto, (max-width: 346px) 260px, (max-width: 576px) 432px, (max-width: 720px) 540px, (min-width: 720px) 250px, 100vw\" fetchpriority=\"low\"\/>\n          <div class=\"col-span-3\">\n            <div class=\"my-4 flex-1 content-center font-circular text-lg font-medium text-slate-900 md:mt-0\">\n              Kianna Walpole            <\/div>\n\n            \n            <div class=\"text-slate-500 mt-2 leading-6\">\n              <p>Kianna Walpole is an insurance writer and editor with a comprehensive background in consumer behavior and online publishing. With experience in car insurance, maintenance, and repair, she is dedicated to building informative content that helps customers reduce costs while achieving the best service. Prior to joining the Jerry editorial team, Kianna worked as a junior editor in the content marketing industry, using consumer data and key insights to create and edit content for an array of large-scale clients in the real estate, cybersecurity, and healthcare industries.<\/p>            <\/div>\n          <\/div>\n        <\/div>\n\n        <div class=\"absolute hidden group-data-[expand=true]:flex bottom-0 w-full h-24 bg-gradient-to-t from-white from-30% to-transparent to-100% items-end justify-center\">\n          <div\n            class=\"flex cursor-pointer flex-row items-center gap-2 my-4 font-circular text-primary\"\n            data-wp-on-async--click=\"actions.onItemExpandClick\"\n          >\n            <span class=\"text-sm\">See more<\/span>\n            <span class=\"iconify i--chevron-down text-xs\"><\/span>\n          <\/div>\n        <\/div>\n      <\/div>\n      <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nurses may qualify for reduced interest rate loan terms at federal credit unions like NIHFCU and Healthcare Associates Credit Union<\/p>\n","protected":false},"author":54,"featured_media":42557,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jerry_authors":"[{\"id\":\"208\",\"type\":\"main-author\"},{\"id\":\"312\",\"type\":\"editor\"}]","jerry_author_ids":[208],"jerry_idx_page_label":"","jerry_meta_desc":"Nurses may qualify for reduced interest rate loan terms at federal credit unions like NIHFCU and Healthcare Associates Credit Union","jerry_related_posts":"[6079,5176,8192]","jerry_summary":"","inline_featured_image":false,"_lmt_disableupdate":"yes","_lmt_disable":"","footnotes":""},"categories":[16],"tags":[537,66,563,625],"class_list":["post-24249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-loan","tag-auto-loan","tag-car-buying","tag-car-loan","tag-resource_car_loan"],"modified_by":"harveen.sran@getjerry.com","_links":{"self":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts\/24249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/comments?post=24249"}],"version-history":[{"count":5,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts\/24249\/revisions"}],"predecessor-version":[{"id":43517,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/posts\/24249\/revisions\/43517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/media\/42557"}],"wp:attachment":[{"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/media?parent=24249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/categories?post=24249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jerry.ai\/wp-json\/wp\/v2\/tags?post=24249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}