New and Used Vehicles

New and Used Vehicle Loans FAQ

• Why is it better to borrow from JHFCU than the dealer?
  As a member of JHFCU, you have access to lower loan rates and fees compared to financing through a dealer. Additionally, pre-approval from us gives you bargaining power with known rates and monthly payments. You can also defer your first payment for up to 90 days and manage your loan through online banking with options for payroll deduction or transfers. Your loan documents are signed electronically, all you have to do is simply present your check to the dealer.
• What’s the difference between the Blank Check Loan and your regular Auto Loan?

  Both are excellent auto loans that offer competitive rates and an easy application process, but there are some differences. With the Blank Check Auto loan, you are pre-approved and given a blank check ahead of time to take to the dealer to write in the pre-approved amount – the blank check can be used as a bargaining tool to potentially lower the price of the vehicle. The Regular auto loan potentially takes more time, as you have to gather the signed documents and pick up the Cashier’s check to take back to the dealer but is an excellent option if you are not able to qualify for the Blank Check Auto loan.

• What options are available to me if I have bad credit or a poor credit history?

  JHFCU is invested in your financial wellness. It’s why we offer free member access to financial education tools, as well as counseling services. 

  In partnership with GreenPath financial counseling, JHFCU members can take advantage of help with:

  • Debt counseling and management

  • Bankruptcy support

  • Student loan counseling

  • Credit report review

• Do you offer refinancing on auto loans?
  You can refinance loans on your vehicle at JHFCU. Our lending department will review your loan-to-value (LTV) ratio, your creditworthiness, and your standing with JHFCU.
• What are the benefits of JHFCU membership?

  JHFCU membership carries an array of benefits besides access to competitive rates on car loans.

  Access a range of accounts and services, including:

  • Convenient online, mobile, and telephone audio response access

  •  Over 30,000 free ATMs 

  • Exclusive focus on the Hopkins community and our members

  
  

  Enjoy the following member benefits:

  • Cash rebates on debit card purchases

  • Blank Check car loans

  • Graduate Student Savings Accounts

  • UChoose Credit Card Rewards. Redeem points on earned for gift cards, travel, merchandise items–to name just a few!

  We offer exclusive member discounts on tax filing services, home protection, and insurance products.

  How to Join

   
• Do I need to be a JHFCU member to apply for a car loan?

  Yes, but fortunately, becoming a member is easy. 

  Employees, students, alumni and retirees of most of the Johns Hopkins institutions and other affiliated groups are eligible for JHFCU membership. Membership eligibility also extends to household and immediate family members of current members.  Questions? See our list of membership eligibility requirements.

   
• How can I get an idea of how much my monthly payments might be?

  You can calculate your estimated payments with our car loan calculator. Enter information such as total purchase price, down payment, taxes, fees, interest rate, and your loan term to get a good idea of your projected payments.

  Calculate Estimated Payment

   
• In addition to payroll deductions and online payments, what are my other payment options?

  You can elect to have payments debited monthly via scheduled recurring transfers or ACH, the Automated Clearing House system. You can also bring in or mail your monthly payment to one of our local branches.