Ascentra Credit Union

Ascentra is a small credit union based in Riverdale, Iowa, and was originally founded in 1950 by employees of the Alcoa Davenport Metalworks. It has since expanded its membership to cover 21 counties across Iowa and Illinois.

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How do Ascentra Credit Union auto loans work?

Interest rates start from just 2.90% and you can choose repayment terms of up to 84 months.

Interest rates will fluctuate depending on the age of your car.

Generally, if you’re purchasing an older car and borrowing over a longer period, you’ll pay a higher interest rate.

Credit score

Ascentra doesn’t disclose its minimum credit score requirements.

However, many credit unions can be quite flexible with members and are often able to assist those on low credit.

Ascentra will assess your application on a number of different criteria when you apply.

How Much Can You Borrow?

The maximum borrowing amount isn’t disclosed by Ascentra.

Credit unions generally allow you to borrow between 80% and 120% of the car’s market value, but you’ll have to get in touch with Ascentra directly to see exactly how much you’ll be eligible for.

What types of vehicles are eligible for financing?

Ascentra auto loans cover new and used cars, motor homes, travel trailers, recreational vehicles, boats, and motorcycles.

How do I qualify?

Ordinarily, with credit unions, you’d need to first become a member before you could access the auto loans on offer.

However, Ascentra has opened applications to non-members. As a non-member, though, you may not be able to access some of the lower interest rates.

What documents do I need?

Ascentra doesn’t list the documents you’ll need, however, auto loans generally require a form of photographic ID when you apply, such as a driver’s license.

What are the fees?

Fees aren’t stated by Ascentra. Most credit unions are non-profit, though, and generally don’t charge fees to members. Get in touch with Ascentra to confirm.

How long does the loan process take?

The application form should only take a few minutes to complete. Ascentra doesn’t say how long the approval process will be but loans from credit unions are usually in your account within one to five business days.

How to apply for an auto loan?

The simplest way to apply is via the online application form. However, Ascentra has physical branches across Iowa and Illinois where you can make an appointment to apply in person.

What payment methods are supported?

You can choose to have monthly payments deducted from your bank account, pay via credit card, or use the Ascentra app to make additional payments.

Pros and Cons

Pros

0.50% discount to your interest rate on hybrid and zero-emission cars
Non-members can apply for auto loans
Low interest rates on offer

Cons

In-branch support only available in Iowa and Illinois
Ascentra provides no information on credit score requirements

Is Ascentra Credit Union right for you?

While Ascentra does offer low interest rates and allows non-members to apply, it’s difficult to get detailed information on what you’ll actually be paying on your loan.

Non-members may be subject to stricter application criteria and might not have access to the low rates members can get.

If you live outside of Iowa and Illinois, you might be better trying out Capital One first.

It’s very transparent on interest rates and payment terms and can provide auto loans nationwide.