A credit union car loan or an auto loan is given for purchase of vehicles or refinance of recreational vehicles and auto trucks. Members may be required to complete an application form and they will be informed of their eligibility for loan within 60 seconds. The credit union offers both used and new vehicle loans at below market rates.
New Auto Loans
100% finance is offered on the purchase price, including service and license contracts plus tax. The terms and rates of new auto loans apply to current year models, new models of the previous year. There is no upper limit for auto loans. A maximum 7-year term exists for new auto loans and also a fixed interest rate.
Classic Used Auto Loans
Automobiles that are enlisted in the guide pertaining to Cars of Particular Interest Price (CPI) can be given finance to the maximum of 80% of the purchase price that excludes license and tax or the average value of CPI, on the basis of that which is lower. Classic used auto loans generally have a maximum limit of 5 years and a fixed interest.
Used Auto Loans
Finance up to 100% of the purchase price, including tax and license, whichever is less, inclusive of service contracts is given for used cars. The maximum limit for used vehicles is up to 10 years. Used auto loans have a maximum term of 7-years and a fixed interest rate.
Becoming a part of credit union network entails the most reliable way to get genuine credit union financing. A credit union car loan network processes loans worth millions of dollars to both its members and dealers.
Most of these easy car loans are offered for upto 1, 3 or 5 years duration. Individual credit unions will offer you special car title loan rates or car finance options, so it is beneficial to check with the credit union from time to time. Some of these credit unions also arrange payment of car insurance at your convenience through monthly installments at no hidden cost. Repayment protection insurance is given by availing a credit union car loan as an optional extra.
Repayments are always calculated on the reducing balance of the loan. This entails smaller interest repayments while you repay your loan. Repayment terms generally suit your particular circumstances. Another remarkable feature is that you can repay the loan earlier or even make bigger repayments than agreed previously with no penalty. Additional lump sum repayments can also be made without penalty.
The internet is also a great source to get invaluable information on the credit union car loans.
So, whether you’re interested in a brand new car, a vehicle that is environmentally friendly or a used car Credit Union Car Loan will suit your needs.