Vehicle Loans

When buying a car, there are many things to consider. While we can't help you through it all, UCU can help with competitive rates, financing, and a hassle-free process. Not a member? That's okay. You can apply for membership and a loan all in the same day. Use our loan calculators to figure out what you can afford before you apply. A pre-approval can save you time later in the car buying process. Before you start looking for your next car, use our Auto Buyers Guide to help you research different vehicles. Also, take a moment to look at some of our helpful tips below. Get a head start and put your financing in order before you buy your next vehicle.

New Auto Loan

UCU offers up to 100% financing of the purchase price of a new vehicle for qualified borrowers. We also offer flexible terms of two to six years for amounts ranging up to $60,000! Click here for current new auto loan rates and terms.

Used Auto Loan

With UCU's Used Auto Loans, qualified borrowers may obtain up to 100% of the book value or purchase price (whichever is less) on any used model car. Loan amounts are available up to $60,000 with terms from one to five years, depending on the model year. Click here for current used auto loan rates and terms.

What is required for an Auto Loan?

A sales order from the dealer with a full description and itemized price list is required. This document may be an original, a photocopy, or a facsimile of an original. University Credit Union must be listed as lien holder on the purchase and sales agreement and the RMV1 form.

If you are purchasing from a private party a notarized sales agreement between you and the seller and a copy of the seller's Certificate of Title, front and back, must be submitted. If there is still a lien on the car (i.e. a lending institution has the title), a letter, with a description of the vehicle and a payoff, must be submitted on that institution's letterhead or stationary.

If the car is to be registered jointly, a co-maker application must be completed and signed by the second party. The borrower's name must appear on the title.

Evidence of insurance, i.e. (Insurance Binder) must be provided prior to the release of a check. Full coverage, fire, theft, and collision is required. A maximum deductible of $500.00 is permissible and University Credit Union must be listed as "Loss Payee."

A $40.00 vendor's single insurance fee is required at the time of closing. This may be a check, cash, or money order. If the car is to be registered jointly, all parties must sign the Promissory Note.

Applying for any UCU loan online is easy and secure, so why wait?

Loan applications received during regular business hours will receive notice of approval within the next 24 business hours.

Helpful Tips

Get what you can afford. You've already decided to buy a car, but before you go running to the dealerships, know what you can afford. Remember: it's not just the price of the car you have to think about. Make sure you include insurance, taxes, gas, parking, maintenance and repairs in your calculation.
Don't wait until your car dies. Buying a vehicle is stressful enough without the added pressure of needing a new car that very minute. If you know it's just a matter of time before "Old Betsy" goes to the junk yard, begin your research. as soon as possible You don't want to be forced into making a hasty decision and end up with a bad deal on a car you really don't want.
When is a good time to buy? There are many good times of the year to buy, but two in particular that may be the best. Most people are focused on their holiday shopping in December, leaving dealers to themselves. This sometimes results in dealers cutting costs to move cars. Another good time is from July to October. Dealers are trying to move out the previous year models to bring in the new and start selling.
Don't give a deposit until your sure. It's just makes sense to be 100% sure on a vehicle before you put a deposit on it. If you change your mind, you just might not get your money back - especially if you put down cash.
Always read the fine print. Before you sign anything, make sure you know what it is you are agreeing to - it's your money!
Know what your trade-in is worth. Take the time to go to different dealers and calculate the best cash deal for your trade-in.
Carefully examine your new vehicle. Before you sign the dotted line or take delivery on your new car, examine it thoroughly. If the car is not in satisfactory condition, make sure everything is taken care of before you drive off in it. At the very least, have the dealer commit in writing to the repairs.

Helpful Links

Kelley Blue Book

Car and Driver

Edmund's Automobile Buyer's Guide

Carfax Vehicle History Reports

* By clicking these links you will be leaving University Credit Union's web site. The links are meant for entertainment and education and do not constitute an endorsement of any kind. The Credit Union has no control over the content offered by these sites.