Bay Federal Credit Union

Bay Federal Credit Union has been providing financial services for its members since 1957. Originally founded to help school teachers borrow at low interest rates, membership is now open to anyone in Monterey, San Benito, and Santa Cruz in California.

Bay Federal Credit Union
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    How do Bay Federal  auto loans work?

    For those with excellent credit, interest rates start from as low as 2.74%.

    Bay Federal welcomes those with poorer credit, but you can expect interest rates to start from about 10.74% with a poor credit score.

    Repayment terms are flexible, and extend to 84 months.

    Credit score

    You’ll need a minimum credit score of 580 to access Bay Federal’s auto loans.

    However, if you have no credit history at all, you may apply as long as you have a cosigner.

    How Much Can You Borrow?

    You have to borrow a minimum of $5,000 and the maximum is $65,000.

    What types of vehicles are eligible for financing?

    You can finance any new and used car, plus recreational vehicles and motorcycles.

    How do I qualify?

    You’ll need to be a member of the credit union to apply for auto loans.

    To become a member you must be a resident in one of the following counties in California; San Benito, Santa Cruz, or Monterey.

    What documents do I need?

    Bay Federal doesn’t disclose which documents you’ll need to apply.

    However, most auto loans need some form of a photo ID and proof of address and income.

    What are the fees?

    No fees are listed on the F&M website. Any origination or late fees will be made clear before you accept the loan, so make sure you read all contract clauses before signing.

    How long does the loan process take?

    Online applications can be completed in around 10 minutes.

    Approvals can be within 24 hours and the money should be in your account in just a few business days.

    How to apply for an auto loan?

    Applications can be completed online or you can make an appointment in-branch.

    Bay Federal also has a number of auto dealers it’s partnered with across California where you can apply in person.

    What payment methods are supported?

    Payment methods aren’t listed on the Bay Federal website.

    However, auto loan repayment options usually include direct payments from your bank account.

    Bay Federal will confirm the repayment methods on application.

    Pros and Cons


    • Temporary assistance options are available if you have trouble repaying your loan
    • Those with poor credit may apply
    • Low interest rates are available


    • Auto loans are only available to residents of three counties in California
    • The maximum loan value is capped at $65,000

    Is Bay Federal Credit Union right for you?

    Due to residency limitations, Bay Federal will only be a good choice for those living in certain counties in California.

    You might want to take a look at Open Road if you’re after an alternative loan provider.

    It has interest rates very close to those on offer at Bay Federal but is open to customers across the country.

    If you have poor credit, you can also try out Capital One, as it welcomes those with poor credit and is able to provide a range of repayment options.