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
- also transfer money online or over the phone from your checking or savings account
- elect to have payments debited monthly via ACH, the Automated Clearing House system
- 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 and/or exceed 125,000 miles. Vehicles must be purchased through a franchised dealership. If the auto does not meet these requirements, it can be financed at our unsecured loan rates, for qualified applications.