Financing Your Car

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.

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).

Yes. If we are unable to approve the full amount or term requested, we may provide you with a counteroffer.

This is at the dealer’s discretion. Please contact your loan associate to discuss your options prior to arriving at the dealership.

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.

After you complete your loan application, you will receive a pre-approval email with next steps. A loan rep will follow up within one business day to discuss loan terms including interest rates, payment options, and loan amount. Once a pre-approval is determined, it is valid for 90 days. If the variables used to determine the pre-approval change, the pre-approval terms may change as well. You can apply for a vehicle loan before having decided on a vehicle, and your pre-approval is not specific to one vehicle.

Yes. Please contact your loan associate to obtain the private party sales agreement and other necessary loan documents. Documentation will need to be filled out between you and the seller and returned to your loan associate. If the owner has an outstanding loan on the vehicle, it may delay registration and titling of the vehicle up to 6 weeks.

If you purchase a vehicle on the weekend or after business hours, please have your dealership fax/email the purchase order to your loan associate. We will contact you on the next business day to discuss the terms and next steps.

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.

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.

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.

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

Example 1: A vehicle with a retail value of $10,000.00, and a loan amount of $9,000.00 has a 90% loan-to-value
Example 2: A vehicle with a retail value of $10,000.00, and a loan amount of $11,000.00 has a 110% loan-to-value

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.

Yes! Salvaged title/dealer buy back are case by case and collateral will need to be reviewed for approval. You will be asked to provide proof of insurance prior to funding loan. These vehicles are not eligible for GAP or Extended Warranties through BCU.

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.