Vehicle Loan FAQs
What do I need to apply for an auto loan?
Before you apply for an auto loan, you’ll want to have the following on hand:
- Valid ID—A driver’s license or passport
- Proof of income—Pay stubs from the last month, or bank account statements from the last 6 months
- Credit score—As a UW Credit Union member, you can check your credit score for free anytime in Web Branch.
- Proof of residence—A utility bill, bank statement or insurance policy indicating your current address
- Vehicle information—Year, make, model, Vehicle Identification Number (VIN) and the asking price of the vehicle you wish to purchase
What will my vehicle loan interest rate be?
Your interest rate is based on a number of things, including your credit score, the loan term (duration) and whether the vehicle you’re purchasing is new or used. Additionally, you can get a 0.25% lower rate just for having a Value or Premium checking account with us! For a general understanding of UW Credit Union’s available rates, terms and projected monthly payments, check out this chart.
How can I get preapproved for a car loan?
Before you apply, take steps to ensure you have a healthy credit score. You’ll also need a general idea of the car you want, and how much you’d like to spend. In addition, be prepared to provide your Social Security number, income, and basic information about your current debts.
How quickly can I be preapproved for a car loan?
At UW Credit Union, you can get preapproved in minutes when you apply online.
Can I pay off my loan quicker than the time frame indicated in my payment schedule?
Absolutely! You can make additional payments any time you’d like. The faster you pay off your loan, the more money you’ll save.