Auto Loan Pre-Approval
Get peace of mind before you shop. Auto loan pre-approval can help you avoid surprises at the dealership and give you confidence knowing your financing is already in place. We offer loans for both new and used vehicles with no prepayment penalties. (Down payment requirements vary by program and credit approval.) We can also help you refinance an existing auto loan, which may lower your payments or help you pay off your vehicle faster.
Your Service One Credit Union membership gives you competitive local rates and simple financing options, regardless of the model year you're looking for.
Our auto loan program includes:
|
New, Used, or Refinanced Loans |
Financing up to 100% of the purchase price, including license and fees |
Terms up to 84 months |
Quick Online Application and e-signature |
Flexible repayment options, with up to 90 days until your first payment (interest accrues during any deferral period) |
A special program designed for recent high school or college graduates |
Representative Example:
A $20,000 new auto loan for 60 months at 6.50% APR would result in 60 monthly payments of approximately $391.32. Actual rate and payment may vary based on creditworthiness, loan amount, and term.
Additional Protection (optional)
Service One offers Guaranteed Asset Protection (GAP) and Mechanical Repair Coverage to help protect your vehicle and your finances. These products are optional and not required to obtain a loan. Adding them may increase the total cost of your loan.
Pre-Approval
Get pre-approved to strengthen your negotiating power when shopping for your vehicle.
Pre-approval may help you secure a better deal than dealership financing.
Refinance Calculator
See if refinancing with Service One could save you money. Enter your loan details to estimate a new payment.
Graduate Auto Loan Program
Congratulations, grads!
You’re on your way to new beginnings, and now is a good time to start considering your financial future. Establishing a strong credit history is an important step in building your financial future. Our Graduate Auto Loan Program is designed to help recent high school and college graduates finance a vehicle responsibly.
Program Qualifications and Conditions:
No previous auto loan history in the credit bureau
No derogatory credit
Debt to Income 38% or less
5% cash down payment of total purchase price (minus rebates)
College Grads:
Must provide a copy of degree or college transcript from a two or four-year accredited college or university
Must provide proof of income - pay stub or commitment letter from the employer
Maximum loan amount $35,000
High School Grads:
Must be at least 18 years old and provide a copy of high school diploma or transcript
Must have had a full-time job (32 hours a week or more) for the past six months
Must provide proof of income - pay stub from the employer
Maximum loan amount $30,000
Auto Insurance
Service One Credit Union also offers coverage designed to protect your vehicle and your budget, including:
Guaranteed Asset Protection (GAP)
Mechanical Repair Coverage
These products are optional and can provide peace of mind against unexpected repair or loss costs.
Disclosures:
APR = Annual Percentage Rate. Actual rate and payment may vary based on creditworthiness, loan amount, and loan term. Rates are subject to change at any time and are not guaranteed. GAP and Mechanical Repair Coverage are optional and not required to obtain a loan. Optional products are not deposits, not federally insured, not obligations of or guaranteed by the credit union. Deferring payments will increase the total cost of the loan. Membership eligibility required.
Federally Insured by NCUA | Equal Opportunity Lender
Auto Loan FAQs
Why is getting pre-approved for an auto loan recommended?
Car shopping can be difficult when you’re not sure what you can afford. With our pre-approval process, you can shop smarter by knowing exactly your price range. Oftentimes, you can also negotiate a better sales price! Save time and money by getting pre-approved for an auto loan with no application fee, low rates, and no prepayment penalty – along with no payment due for up to 90 days!
What is Mechanical Repair Coverage?
As vehicles get older and miles add up, the likelihood of repairs increases. Mechanical Repair Protection can help you limit out-of-pocket costs for covered breakdowns. Mechanical Repair Protection can help limit the cost of repairs. You depend on your car. But big unexpected repairs can happen after your factory warranty expires. Mechanical Repair Protection (MRP) can help you limit the cost of any protected breakdowns. You pay only the applicable deductible, if any. MRP can help lighten the financial burden for you and the people you care about. Get MRP today so you can worry a little less about tomorrow.
Ready to Apply for Your New Vehicle?
*APR = Annual Percentage Rate. Rates posted are for reference only and subject to change without notice. Membership eligibility applies. Rates subject to creditworthiness and other terms and conditions.
Vehicle loans are eligible for 0.25% discount for auto pay from a SOCU deposit account and an additional 0.25% for having or opening a Choice Plus Checking.
Mechanical Repair Protection is provided and administered by Consumer ProgramAdministrators, Inc. in all states except CA, where protection is offered as payment protection by Virginia Surety Company, Inc., in WA, where protection is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA , and OK, where protection is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License#60023 and Oklahoma License #44198051), alllocated at 175 West Jackson Blvd., Chicago, Illinois 60604, 800.752.6265. This protection is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Protection is offered as protection (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Protection varies by state. Replacement parts may be used or remanufactured. Be sure to read the Vehicle Service Contract or the Protection Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product. MRC-2341946.2-1020-1122 © CUNA Mutual Group 2020
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