First-Time Car Buyer

From application to approval to loan funding, you can have your auto loan completed in as little as one business day. Your approval is good for 90 days, giving you plenty of time to find your perfect car.

Once approved for a loan, it’s valid for 90 days.

At BCU, rates are determined using several variables, including, but not limited to:

Your Credit Score

Value of the vehicle relative to the amount of the loan

Age and type of the vehicle being financed Term

Payment method

Rewards Member status

Use of Auto Buying Service (purchases only)

For a summary of our loan rates, please visit our Rates page.

*Note: Interest rates are subject to change.

At the time of application, you’ll be asked for the following information:

• Name and address
• Date of Birth
• Social Security Number (Consumers)/Tax Identity Number (Businesses)
• Member number (or membership eligibility)
• Income and Employment
• Co-signer or co-borrower information, if applicable

*Note: A credit report is required to complete an application. By submitting an application, you are voluntarily agreeing to a credit report inquiry.

A co-borrower is considered a joint applicant. This person 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-borrower must be an active BCU member.

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.

The vehicle being financed must be within 10 model years, and/or 125,000 miles or less to be considered for financing (exceptions may be considered on a case-by-case basis). If you are uncertain whether your vehicle falls within these guidelines, please contact us with the specific VIN and mileage.

Since all approvals are based on variables within each applicant scenario, a loan application must be submitted for underwriter review to determine an accurate approval amount. This is based on a few variables, including, but not limited to, your credit history, income, debt ratio, the loan type, and the value of the vehicle relative to the amount of the loan (Loan-to-Value).

BCU Auto Loans can be paid directly from your BCU account. Or, you can make payments from another financial institution. Payments can be made in person or online.

If you purchase a vehicle over the weekend or after business hours, please have your dealership fax/email the purchase order to your BCU Auto Loan Expert. We will contact you the next business day to discuss the terms and next steps.

Yes, it’s possible — but planning ahead is key. Here’s how to make it happen:

• Get pre-approved 
Know your budget and secure financing before visiting the dealership.

• Work with your BCU Auto Loan Expert
We’ll help you prepare a checklist of what you need and what BCU requires — usually a dealer purchase agreement or order.

• At the dealership
Once you choose your car, request a clean bill of sale and let the dealer know you’ll provide payment via a cashier’s check or wire transfer.

• Send us the purchase agreement
Email it to your BCU Auto Loan Expert so we can process your loan and issue payment.

•Payment options:

 •Pick up a cashier’s check at a BCU Branch and deliver it to the dealer

 •Have BCU wire funds directly to the dealer (ideal for out-of-state purchases or if you can’t visit a Branch)

 •Most dealers will allow you to leave with the car once they have proof of payment (like an image of the check and a tracking number), but final approval is up to the dealer

After your loan is signed and processed, BCU will fund it.

• If funded before noon, a check is overnighted to the dealer and usually arrives the next business day
• If funded in the afternoon, delivery may take an extra day
• You can also pick up a check at select Branches or request a wire transfer to the dealership
• Please confirm your preferred option with your loan expert

Rewards Rates let you earn more on your deposits and/or save more on your loans. To qualify for a 1.00% Rewards Member rate discount on your auto loan, you must have two of the following relationships:

a. Direct Deposit of at least $1,000 per month into a checking account at the Credit Union
b. At least $25,000 on deposit
c. A qualifying loan in good standing, including: Mortgage, Home Equity, Auto, or 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 is delinquent will disqualify you for Rewards Rates.

BCU offers a wide range of loan repayment options with terms up to 75 months (up to 84 months for brand new vehicles). You will be assigned a loan associate who will work with you to find the right repayment option for your needs.

Yes, depending on whether the vehicle is a purchase or refinance. For purchases, please contact a loan associate for more information, as fee amounts can vary by state. There is no fee for vehicle refinances.

If you would like to discuss in more detail, you may call us at 888-389-8344. Our Consumer Loan business hours are Monday through Friday 7:30 a.m. to 6:00 p.m. CST. If you are ready to apply, please click here to be directed to our online loan application to apply at your convenience or call us at 888-389-8344. You may apply via phone 7 days a week, 24 hours a day. Once your loan application is complete, one of our loan associates will contact you either by email or phone within one business day to review the status of your application.