Credit Union Auto Loans

Credit Union Auto Loans

Auto loans offered by credit union financial services are a great idea for buyers to purchase new vehicle with low interest rates. Generally, Credit union auto loans provide lower interest rates as compare to other banks or financial companies. In credit union, buyers will not qualify for auto loans in the first time. Here, we are explaining some factors of credit union that are considered in their auto loan approval process:

Your Credit Rating

A first time buyer will face four types of credit situations and these are:

Toughest – No credit with collections.

Tough – Absolutely zero credit.

Easier – Limited credit with short history.

Easy – Long history, but no prior auto loans.

Current Members in Credit union

Are you a member of credit union? It is not important to be a member prior to applying for credit union auto loans.            

Your Employment Stability

Credit unions want to see minimum of 12 months and preferred 18 months on the job. Sometimes credit unions consider for how long you are working in the same line, if you are doing multiple jobs over that time period.

The Vehicles Age and Miles

Many credit union auto loan approvals will get affected by the vehicles age and miles. Many will not finance vehicles with over 100,000 miles.

The Total Amount Financed

Prior credit history will help in determining how much a credit union will loan you and this total amount financed range is usually reserved for customers just starting out with a limited credit history.




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