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Auto Loan Resources

Trust BCU to save you money on your auto buying and financing needs.

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  • Whether you're purchasing a new or used car, or refinancing your current loan, turn to BCU for comprehensive vehicle financing solutions.

    Finance Your Car

    Get the new or used auto loan that fits your needs and delivers a great deal.

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    Refinance Your Car

    Refinance with BCU. We'll help you lower your payment and save on interest.

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    Auto Buying Service

    Save time and money with our exclusive Auto Buying Service.

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    Financing Your RV or Boat

    Relax and enjoy the ride. Leave the financing to us.

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  • Resources

    Articles

  • What are your rates?

    Here at the Credit Union, rates are determined by a number of variables such as, but not limited to:

    • Your Credit Score
    • Value of the vehicle relative to the amount of the loan
    • Age of the vehicle being financed

    Do you offer any discounts on interest rates?

    Yes, we offer discounts. Our standard rates automatically include a 1% discount for automatic payments. We also offer additional discounts for being a Rewards member and purchasing your vehicle through the Auto Buying Service purchasing process. For more information please visit our website.

    How do I apply for a loan?

    For your convenience BCU provides a variety of ways to apply for financing. You may call us at 800-388-7000 x8168 to apply by phone. If you prefer, you may click here to be directed to our Online Loan Application to apply at your convenience. Once your loan application is completed, one of our loan representatives will contact you either by email or phone within one business day to review the status of your application.

    What are your loan terms?

    BCU offers a wide range of loan repayment options with terms up to 84 months. You will be assigned a loan representative who will work with you to find the repayment options best suited to your individual needs.

    How do I know how much I would be pre-approved/qualify for?

    Since all pre-approvals are based on a number of variables within each applicant scenario, a loan application must be submitted for underwriter review to determine the amount we would be able to pre-approve for each application scenario. Pre-approvals are based on a few variables, such as, but not limited to:

    • Your Credit Score
    • Loan Type
    • Value of the vehicle relative to the amount of the loan

    How long is a pre-approval valid?

    Once a pre-approval is determined, it is valid for 90 days unless cancelled by the member.

    Could my pre-approval change?

    In the event that any of the variables used to determine the pre-approval change, the pre-approval may change as well. I would recommend discussing any changes in application information promptly with your loan representative to ensure the loan closing can proceed without delay.

    Is a pre-approval specific to one vehicle?

    No. Your pre-approval is based on your qualifying characteristics and BCU’s guidelines. However, the terms of your pre-approval may change if the vehicle being financed changes. I would recommend discussing a scenario of this nature with a loan representative.

    What are the BCU guidelines for an auto loan?

    The vehicle being financed must be within 10 model years or 100,000 miles or less to be considered for financing. (Exceptions may be reviewed on a case by case basis.) If you are uncertain whether or not your vehicle falls within the guidelines please contact us to discuss in more detail.

    What is Loan to Value?

    Loan-to-Value refers to the amount of the loan in relation to the retail value of the vehicle being financed.

    What is the difference between a co-borrower and a co-signer?

    A co-borrower is considered a joint applicant; shares household expenses and income with the primary borrower and agrees to be equally responsible for repayment of the loan. As a result both applicants’ income and credit profiles are used to support approval of the loan.

    A co-signer is also responsible for repayment of the loan in the event the primary borrower defaults on repayment of the agreed loan terms. However, the loan terms are determined solely by the primary borrower’s qualifications.

    Can a pre-approval amount be increased?

    The potential exists to request an increase. However, since a pre-approval is based on a borrower’s qualifying characteristics, I would recommend discussing this scenario with a loan representative.

    What are Rewards Rates?

    Rewards Rates let you earn more on your deposits and/or save more on your loans. To qualify for a Rewards Rate, you must have two of the following relationships:

    • Direct Deposit of at least $500 per month into a checking account at the Credit Union
    • At least $25,000 on deposit
    • A qualifying loan in good standing that includes: Mortgage, Home Equity, Auto, and Credit Cards. A qualifying loan must have a current balance and credit cards must have a transaction within the past 30 days. Any Credit Union loan that is not in good standing or delinquent will disqualify you for Rewards Rates.