Auto Loans
Thinking about buying a new or used car?
Auto loans from IC Credit Union help members finance a new or used car with competitive rates, quick pre-approvals, and flexible refinancing options. We also offer the option for loan protection insurance and refinancing solutions that may help lower monthly payments or reduce your interest rate.
- Competitive Auto Loan Rates: As a Credit Union, we care about saving you money, not making a profit. This means you can enjoy lower and more competitive interest rates than you’d traditionally find at a bank. This makes your next car more affordable than ever.
- Speedy Pre-Approvals: Our quick and easy auto loan pre-approvals will help you shop for your next car with confidence.
- Loan Protection Insurance: Our auto loans come with the option for loan protection insurance, which covers loan payments if you become unable to work due to an unforeseen disability. This option gives you peace of mind that your investment is safeguarded and that you’re securing your financial future.
- Auto Loan Refinancing: Do you already have an auto loan? Are you looking to refinance at a lower rate? We’re here to help you save money! Explore our refinancing options that can potentially lower your monthly payments or reduce your interest rate.
IC Credit Union Is Protecting You!
We provide CARFAX Vehicle History Reports™ to help protect our members from salvage, total loss, structural damage, lemon, and flood vehicles.
Get your CARFAX Report
Ready to get started? Visit a branch to become a member, apply online, or talk to one of our loan experts today. All auto loans are subject to credit approval.
Auto Loan FAQs
What should I know before applying for an auto loan?
Before applying for an auto loan, it’s helpful to understand your budget, credit profile, and the total cost of vehicle ownership. Lenders typically review information such as your credit history, income, employment, and existing debt obligations. The vehicle’s value, age, and condition may also affect loan terms and approval.
What costs should I plan for besides the monthly car payment?
In addition to your monthly payment, you should budget for:
- Auto insurance
- Vehicle registration and taxes
- Fuel or charging costs
- Routine maintenance and repairs
- Inspection fees (where applicable)
- Parking or toll expenses
- Optional protection products such as GAP coverage or extended warranties
Considering these expenses upfront can help ensure the vehicle remains affordable throughout ownership.
What is the difference between getting preapproved and getting final auto loan approval?
Preapproval is an initial review of your financial information that provides an estimate of the loan amount and terms you may qualify for. It can help you shop confidently and establish a realistic budget before selecting a vehicle. Final approval occurs after a specific vehicle has been chosen and all required documentation has been reviewed and verified. The lender then confirms the exact loan amount, vehicle details, and financing terms before funding the loan.
What documents may be needed for an auto loan application?
Requirements vary, but applicants are often asked to provide identification, proof of income, proof of residence, employment information, insurance coverage information and information about the vehicle being purchased, including a purchase and sale agreement or bill of sale
