Founded in 1961, the Aerospace Federal Credit Union was intended to assist employees of the Aerospace Corporation with banking and borrowing needs. It has now extended its membership to employees of the US military located at the LA air force base, with borrowing options now including auto loans.
You may be eligible for interest rates as low as 1.49% on your auto loan, but you’ll need to meet minimum borrowing requirements.
Loan repayment terms range from 36 to 84 months, although terms will vary slightly depending on whether you’re buying a new or used car.
As with most credit unions, Aerospace Federal doesn't disclose minimum credit score requirements. Contact the lender directly to discuss specifics.
You must borrow a minimum of $2,000 if repaying over 36 months.
This will increase steadily to a minimum borrowing amount of $25,000 if you choose to repay over 84 months.
Aerospace Federal doesn’t state any upper borrowing limits.
You may finance any new or used automobile.
You have to become a member of the credit union before you can access the auto loans.
To do this, you must be employed by either the Aerospace Corporation or a member of the US military located at the LA air force base.
A photographic proof of identity, most commonly a driver’s license.
Fee information isn’t stated. As credit unions act in the best interest of members, you generally won’t find many fees.
However, you’ll have to contact Aerospace Federal to confirm this.
You’ll need to register an account if you’d like to apply online.
Once you’re in, the application process should only take around 10 minutes.
From approval to the money getting deposited in your account, it usually takes 5 to 7 days.
Currently, you can only apply via the online application form.
You may pay via monthly bank transfer or over the phone using a credit card.
If you choose to pay via auto-pay, you’ll receive a 0.50% discount on your APR.
This is only an obvious choice for you if you’re an employee of the Aerospace Corporation.
While some excellent interest rates are on offer, it’s very unlikely most of us will be able to access them.
You should first try an auto loan provider such as Carvana.
It offers coverage across 48 states and has a wide range of financing options.
Carvana also has no minimum credit requirements and accepts applications from those with no credit or bad credit, making it a great first choice to look for an auto loan.
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