American Airlines Credit Union

In 1936, a small group Of American Airlines employees came together to establish a credit union with the aim of helping each other out financially. Membership now extends to all employees of companies within the American Airlines Group.

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How do American Airlines’ auto loans work?

Members will have access to auto loans with rates ranging from 1.95% to 14.65%.

However, if you’re a first time lender, the minimum rate you can get will be 7.45%. Maximum repayment terms extend to 84 months, but the longer you have your loan, the higher your interest rate becomes.

Credit score

Minimum credit requirements aren’t stated by American Airlines, however, your creditworthiness and size of deposit will be the key determiners for your interest rate.

American Airlines suggests you’ll need a good to excellent score to access the low rates on offer.

How Much Can You Borrow?

The maximum loan value isn’t disclosed by American Airlines but credit unions will often allow you to borrow anywhere up to 120% of the vehicle’s market value.

What types of vehicles are eligible for financing?

You can finance new and used cars, recreational vehicles, and boats. However, expect interest rates to be higher on the latter two options.

How do I qualify?

You’ll have to become a member of the American Airlines Credit Union to be able to apply for its auto loans.

Membership is open to all current employees and retirees of the American Airlines Group. You can also join if you work for one of a number of affiliated employers in the air transportation industry.

What documents do I need?

Required documents aren’t listed on the American Airlines website. With most auto loans you should expect to provide proof of income and at least one form of photo ID.

What are the fees?

Fees aren’t disclosed on the credit union website. Get in touch with American Airlines customer service to confirm whether any fees will be applied.

How long does the loan process take?

The online application form can be completed in about 5 minutes, and pre-approvals are usually instant. American Airlines will let you know when to expect your money.

How to apply for an auto loan?

Applying online is the easiest method, although you can also choose to visit one of the American Airlines physical branches, located in airport terminals across the country.

What payment methods are supported?

A full list of payment methods isn’t listed. American Airlines will outline these to you on application.

Pros and Cons

Pros

Interest rate discounts are available to those with an American Airlines checking account
Physical branches across the country

Cons

Applications for auto loans are only open to American Airlines employees and affiliates
You may need a high credit score to apply

Is American Airlines Credit Union right for you?

This credit union will only be for you if you work for American Airlines and want to take advantage of additional benefits offered to members.

Otherwise, you’ll have to try an auto loan company that operates nationwide and is open to all US citizens.

You could try Carvana as your first option. It has no minimum credit score requirements, welcomes all applications, and has a range of interest rates on offer.