T&I Credit Union Auto Loans
Auto Loan Rates
If you’re ready to buy a car, but you don’t have the funds to pay for it outright, you’ll need to think about applying for auto financing to help with your big purchase. Most car shoppers use loans to finance their purchases; loans are designed to help you pay for your new car over time while enjoying the benefits of your investment right away. T&I Credit Union can help you finance your dream vehicle with an auto loan.
*All Loans are subject to credit review and approval. Rates and offers are subject to change without notice. Actual rates may vary based on credit score. Existing T&I loans excluded. See T&I Credit Union for more information. T&I Credit Union is an Equal Opportunity Lender. Effective 04/20/2023.
About an Auto Loan
Most car shoppers make a down payment on their new car from savings or the trade-in value of their old car. A car loan can help you finance the remaining cost of your car. You’ll make payments towards your car every 30 days, with an additional interest rate payment, until it’s paid in full.
Loan terms are typically on a two- to six-year payback schedule; the duration depends on the loan amount and your monthly payments. Longer loans come with higher interest rates, meaning you’ll end up paying more for a longer loan, even though the monthly payments are smaller.
Another reason to shoot for a shorter loan duration is to stay ahead of quick car depreciation. You don’t want to end up owing more on a loan than your car is worth, so try to keep your loan duration to three years.
An auto loan is different from leasing a car. With a loan, you are purchasing a car with a lender’s help, while a lease is simply paying for the right to use a car you don’t own. Some leases come with lease buyout options where you can purchase the car from the leaser at the end of your contract.
How Auto Loans Can Vary
The terms and conditions specifics of an auto loan change based on the car you buy, your personal credit history, and the loan amount you apply for.
If you have a lower credit score or apply for a longer loan, expect higher interest rates. The good news is that by making monthly credit card and auto loan payments on time, credit reporting improves your credit score. When this happens, you can apply for auto refinancing for a lower interest rate.
With T&I Credit Union, you can finance a new car with up to 84 monthly payments and a used car with up to 60 monthly payments.
What to Expect When Applying for a Car Loan
T&I Credit Union needs to know information about your new vehicle; including its make, model, miles, and value; as well as personal information. Like with any other loan, be prepared to supply your name, address, Social Security number, and employment information.
How T&I Auto Loans Work
After you submit your loan application, we’ll get back to you within 24-72 hours regarding if you have been approved for a loan. We offer fixed-rate loans at competitive APRs so you can afford the car you want.
How to Get Pre-Approved
It’s a good idea to shoot for pre-approval on an auto loan. This can help you plan your budget by giving you a realistic idea of your auto loan rate.
Having a pre-approved auto loan can also improve your bargaining power with a private seller and help you get the best price on a new car. If you have an idea of your loan amount and interest rate already, you can keep stick to your budget.
You can get pre-approved in about 20 minutes by applying for a car loan online. You need proof of income and assets, your driver’s license and Social Security numbers, and proof of employment.
In the pre-approval process, you can opt to have a soft pull on your credit score. This gives us the information we need to estimate your APR without damaging your credit score. When you apply for the loan, we’ll do a full credit pull as part of the process, which might temporarily decrease your credit score by a few points.
Buying a car is a big expense, and we want to help alleviate the financial risk involved with this investment. Our GAP insurance program can protect you against a loss from a totaled car. You can also take advantage of GAP insurance $500 Auto Deductible Reimbursement which will cover up to a $500 deductible for any damage done to your car for three years.
We also have other money-saving products and services to help you with your big purchases. When you become a T&I member, you’ll get special benefits like the member referral bonus and member-friendly loans. We also have money-saving tips and financial counseling services to provide that little extra help you may need to improve your financial security.
What Your Monthly Loan Payments Can Look Like
For the most accurate depiction of your monthly payments and interest rate for your T&I auto loan, apply for pre-approval on our website. If you’re not quite ready to take that step but you want an idea of what to expect, try out our auto loan calculator.
Our fixed-rate APRs are competitive and based in part on the age of your car. Cars are considered new if they are less than two years old. New car APRs are as low as 4.99%* for an up-to 60-month loan, 5.49%* for an up-to 72-month loan, and 5.99%* for an up-to 84-month loan.
Loans for used cars or those more than two years old can have an APR as low as 5.99%* for an up-to 60-month loan.
How to Get Started
Apply online right now to get started on the approval process so you can drive away with the car you love. At T&I Credit Union, we want to help you get the vehicle you want at the fair loan price you deserve. If you need additional support or have more questions, contact us by phone at our main office at (800) 338-3908 or by Tele-line at (866) 810-6160.
*rates subject to change
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