On used cars, we will loan up to 125% of the NADA (National Auto Dealers Association) retail value, plus refundable adds. We will loan up to 125% of the MSRP (Manufacturer Suggested Retail Price) plus refundable adds, (such as GAP Insurance and Mechanical Repair Coverage) for our most qualified borrowers.
New and used vehicles with values greater than $15,000 qualify for a six-year term. Terms vary. The most common new and used vehicle terms are three to five and a half years.
You must also have full coverage insurance, with an effective date that matches your loan closing date, for the vehicle you are purchasing. The credit union will need a copy of the buyer order, purchase agreement, or worksheet.
Don't be at a disadvantage- call and ask us to run the numbers for you Applying the dealer cash rebate to the purchase price can reduce your loan amount. But it isn always the best choice. Wish you can find the most suitable loan for youself.
Differnt cars have different protection method. If you are borrowing more than the car's market value, you may want to consider Gap Protection. Loan Protection Calculator. Otherwise, you could look for further information at this site.
Call or stop by the credit union to review your options. Our team of lending professionals can help you make the right choice for your situation. You could also call the profesionals at your location and asked for more advice.
It is called a courtesy lien because the loan is actually secured by the auto being financed. There is a recording fee for the mortgage associated with this type of loan.
