American Heritage Credit Union started in 1948. It’s a financial cooperative that serves more than 200,000 members and manages billions of dollars in assets. Its mission is to enhance the lives of its members by building trusted relationships to the communities and members it serves.
There's a wide range of auto loan rates available at American Heritage. APRs start at 2.74% for a 48-month term and increase gradually as the payment terms take longer. The highest APR rests at 3.49% for 76 to 84-month terms.
The credit score required isn’t specified on its website.
Depending on the type of vehicle you want to purchase, you'll get financing ranging from $25,000 to $100,000.
You can get financing for the following new or used vehicles: cars, motorcycles, recreational vehicles (i.e. RVs, motorhomes, trailers, etc.), and power watercraft and ATV.
You have to be a member of American Heritage CU to qualify for a loan. For this, you must have any of these credentials:
You'll be asked the following:
No disclosure on application fees for auto loan and refinancing is available on its schedule of fees and charges. There are also no prepayment and admin fees. However, there’s a late payment fee of $20 if you’re late for one or more days.
American Heritage Credit Union has an online platform where you can fill out the loan application. The number of hours or days it takes to get the loan approval isn’t mentioned though.
To apply for an auto loan, you can do so online, over the phone, or in person by visiting its office.
You can pay via the credit union's Quick Pay service via its website. For other payment methods, you can check with one of its staff members.
American Heritage Credit Union is a pretty good choice considering its auto loan rates and payment terms. It also gives a 60-day leeway before you make your first payment. However, it’s only available in certain areas in Philadelphia, plus, its late payment fee is quite high.
If you’re looking for a similar lender, but with lesser fees and services a bigger area, then try checking out Open Road. It's available in 40 states and offers interest rates for as low as 2.9%. You'll even get lower rates if you have a co-borrower. It also has no application fees and caters a wide range of credit situations.
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