Buying a car involves a commitment of time and, more importantly, money. Having a trusted partner like JHFCU can make the experience much easier. JHFCU can help you through the entire process. We have research tools online to find and compare vehicles (and even request a quote), access to MVCP for special pricing, and convenient financing options including pre-approval, financing after the purchase, and financing at the dealership. We will validate the price of the car to ensure you don’t overpay, as well as help you determine which term best fits your budget. You can also choose from multiple loan payment options including payroll deduction, a coupon book for mailing payments, online transfers from a JHFCU account, and monthly ACH debits from another financial institution. We also offer GAP insurance at much lower rates than what is typically offered by the dealer.
Purchase a car and finance with JHFCU and your first payment will be delayed 90 days*!
*Please note that by skipping your first 3 payments, you extend your maturity date approximately three months. Credit insurance coverage you have on this loan does not cover any deferred payment. Since loan interest still continues to accumulate, your final payment on this loan may increase.
Wheeling and Dealing: How auto financing rolls
Take a drive through the different options, lingo and hazards when financing a car. This includes credit reports and scores, finding a lender, knowing the terms (multiple connotations: the words and their meaning as well as the conditions with regard to length of payment), getting pre-approved, looking for deals and closing said deals.
Get access to the tools and resources needed to make informed car-buying decisions and to simplify your auto-financing process with the Credit Union Direct Lending (CUDL) AutoSmart website. Features include in-depth comparison of prices and features of up to three vehicles at one time, inventory search for new and used vehicles available from dealers in your area, and vehicle value guides from Black Book, Kelly Blue Book, and NADA (National Automobile Dealers Association). You can even request a quote for your vehicle from area dealers.
One of JHFCU's many partnerships is with Enterprise Car Sales. Enterprise offers features such as a no-haggle price system, 7-Day/1000 miles repurchase policy, limited powertrain warranty, and more. They also occasionally offer special rebates if you finance through JHFCU, too. For more information about Enterprise, please visit their website at www.enterprise.com/carsales.
Enterprise also offers a great deal to our members for car rental services. Click on the images below for more infomation!
Some dealerships can offer JHFCU financing on-site. This is an added convenience for members who want a JHFCU loan. However, applying and closing your loan directly with JHFCU offers some advantages, such as allowing us to verify the price/value of the vehicle and to set up convenient repayment options.
With the Motor Vehicle Certification Program (MVCP), you can obtain pricing information on new cars before you even visit the dealership. You can receive information on the actual invoice price, plus up-to-date information on rebates and incentives. MVCP also has a network of dealers who will honor pre-established pricing. When you request that option, the MVCP consumer advisor will send you a certificate (or certificates) for dealers offering special pricing (or you can print one off their website), and you can double check your price once you visit the dealer. For more information, call MVCP at 410-522-5000 or 1-800-345-0990, or you can visit their website at www.mvcp.com.
JHFCU also offers members access to Web Carbook, where you can look up prices for new vehicles and options, research used cars values, compare vehicles, or find out vehicle safety information. You can even request a quote for your vehicle from area dealers. To access Web Carbook, click here. You may also get NADA information by clicking here.
You can apply for any kind of JHFCU vehicle loan online, over the phone, or in person at any one of our branches. Generally, your loan request can be processed in minutes. When applying, contact us to find out if you need to submit any additional materials with you application. The Credit Union offers the following types of vehicle loans:
When financing a new car, JHFCU may be your lowest cost option, and there are other benefits to financing with the Credit Union as well. Rates are typically 2-3 percentage points lower than what banks or finance companies offer, and even though special dealer rates may be lower, it's most likely because they will charge you more for the car if you take the low rate. (In most cases, you have a choice of a rebate or lower rate, and taking the rebate and applying it towards the purchase generally works out much more favorably for you!)
The Credit Union offers a choice of 36, 48, 60, 72 or 84 month terms. Rates for all car loans are determined by an evaluation of the applicant's credit. A JHFCU car loan offers extra flexibility through a variety of repayment options: you can set up a payroll deduction so that part of your payment comes right out of each paycheck. You can also transfer money online or over the phone from your checking or savings account. Or, if you have an account elsewhere, you can elect to have payments debited monthly via ACH, the Automated Clearing House system. Finally, you have the option to bring in or mail your monthly payment.
When applying for a used car loan for a car purchased through a private dealer, you may need to submit additional materials along with your application: such as purchase order or inspection certificate, etc.
Please note: Vehicles cannot be more than 7 years old or exceed 125,000 miles. These vehicles may be financed at our unsecured loan rates for qualified applications.
Please contact the Credit Union for full details.
You can also finance your new or used boat, RV, or mobile home with JHFCU. Check our rate page (considered "other vehicle") for current rates and terms, or call the Credit Union for more information. Rates for recreational vehicles are determined by an evaluation of the applicant's credit and may vary.
A Home Equity loan or line of credit is another financing alternative for your vehicle purchase. With rates as low as prime minus 1/2% with no closing costs*, and the possibility of tax-deductible interest**, a JHFCU Home Equity loan may be worth considering. Contact the Credit Union for more details.
*Rate is for qualified borrowers with lines of 80%
or less loan-to-value and includes a half-percent discount for direct
deposit. Home Equity line of credit rates are based on the Prime Rate,
as published by the Wall Street Journal on the 25th of each month, and
can adjust monthly. Other restrictions may apply. Closing costs will be
added to payoff balance if loan is closed within one year. Contact JHFCU
** Possible tax deduction (“In general, you can deduct the interest up to $100,000. Some restrictions apply. Consult with a tax advisor if you have questions or refer to IRS publication 936, Home Mortgage Interest Deduction, or Tax Topic 505, Interest Expense.”)
Once you have the vehicle you want, protect your new investment by taking advantage of the following programs:
JHFCU has worked hard on your behalf to put together a special member benefit that could mean significant savings on your auto insurance. This “members-only” offer has been secured through Nationwide®, a company that has helped many of its customers save money on their auto policies. Whether you are currently insured by Nationwide or just want further information, you can contact Corrigan Insurance at 1-800-213-1634 or firstname.lastname@example.org.
Consumers purchasing insurance through MAIF (the Maryland Automobile Insurance Fund) often end up paying extremely high-interest costs at outside financing companies. The Credit Union has established a program to allow members to finance MAIF Premiums at a lower rate. Call Member Benefits, Inc. at 410-882-0810 for more information on how to take advantage of this program.
You can protect your car's value with Guaranteed Auto Protection (GAP) insurance, a low-cost insurance that pays off your remaining loan balance should your vehicle be stolen or damaged and determined a total loss. GAP can even pay up to $1,000 off your auto insurance deductible (deductive coverage not available in all states). You can have complete coverage for only $295, which can be added to your loan balance, if you wish. Cars purchased over the past 18 months can be insured retroactively. Call JHFCU for more details.
Borrowers can also protect themselves and their loved ones with Loan Protection Coverage available at JHFCU. This low-cost coverage can pay off your Credit Union loan balance if you become disabled; protecting your credit rating at a time when funds may be limited. It also ensures that your loved ones won't end up paying your loan balance, should you die before the loan is paid off. Premiums can be added in with your loan payment, so no separate payment is required.
For more information about any of the above programs and services, please call us or stop by any of our branches and see us in person. Let JHFCU help you get the vehicle of your dreams!