To finance a new or used vehicle through an auto loan, most members make a down payment on a car, or apply the trade-in value of their existing car, and then finance the balance with a car loan. Then, the member makes monthly payments to VFCU until the car is paid in full. Our auto loan terms vary up to 84 months. The auto loan rate comes from factors such as credit score, loan term, location, year and value of the car and mileage.
Our Auto Loan rates range from 5.24% to 17.99% APR*
Short-term or long-term?
A lower interest rate comes with a shorter-term loan, but higher monthly payments. A longer-term car loan with a lower monthly payment may make the most budget sense; however, it takes longer to build equity in the car. This means that early trade-ins or accidents before the loan is paid off will likely make the value of the car less than the money still owed. The other downside? Longer-term auto loans cost more because of the higher APR.*
Getting pre-approved for a car loan helps
Car dealers usually offer financing through their preferred lenders, but getting pre-approved directly with a lender helps a member to negotiate the best auto loan rate with the dealer. Because salesmen like to focus on the monthly payment, it’s easy to forget about the actual price of the car. But pre-approval leads to discussing the price of the car and may make the dealer try to beat your rate, giving you the option to choose the best offer.
Effective June 1, 2023
*APR (Annual Percentage Rate) is the cost of credit, expressed as a yearly rate. APRs appearing in calculator results are based on your input. Additional terms and conditions, such as vehicle age and mileage, apply. When you apply for credit, your application is subject to credit approval using your credit history, related score, income and other factors to evaluate your request and ability to repay. Run a free check of your credit report occasionally to be sure inaccuracies aren’t impacting your ability to receive credit.