Question 1

Can anyone join savings.club?

Accepted Answer

We ask for your Social Security Number as a part of an authorization request to conduct a credit check. This is optional and you can still fully participate in a club without a credit check or providing a Social Security Number.

Question 2

What is an EAPR and what’s the difference between traditional loan APR?

Accepted Answer

With traditional loans, APR is an annual rate calculated based on fees you pay to secure the loan. Here at savings.club we use EAPR (Equivalent Annual Percent Rate) where you only pay for your vehicle and administrative fees. Our administration fees are used to keep up savings.club's infrastructure and EAPR means no compounding interest, ever.

Question 3

Why is savings.club so much cheaper than traditional financing?

Accepted Answer

With savings.club, you only pay what you need to. All of the hidden fees and costs you pay with traditional loans aren’t a factor in our pricing. You’ll only ever pay for your car and administration fees so that we can properly run your club.

Question 4

When will I get my car?

Accepted Answer

You can pick out a car from any dealership once you’ve received a credit voucher. Your eligibility for a voucher is dependent on your savings score. You can increase your score the more you make on time payments. The higher it is, the sooner you can receive your voucher and buy a car. The voucher works just like cash, so you can drive off the lot with your car once you decide which one is best for you.

Buying Tips

Building Credit: An Easy-to-Follow Guide

List of 40 Auto Loan Terms: A Mini Glossary

Savings Clubs: Knowing What’s What

Financing a Car for Less: Exploring the Savings

How to Get Safe Alternative Car Financing

Finding Affordable Car Financing on a Budget

Buy a Car With No Credit History

Are There Alternative Car Financing Options?

Learn How to Save on Loans

Related post

Affordable Car Finance Deals With Savings Club’s 2.9% EAPR

read more

Financing a Car With Bad Credit

Build Your Credit Score in 5 Simple Steps

Savings Club: The Best Way to Finance your Next Vehicle

Used Car Buying Checklist: 20 Essential Items to Check

The product

Support

Resources

Learn with us