CommonWealth Central Credit Union

The CommonWealth Central Credit Union is open to anyone living or working in Santa Clara County, California. It’s very much focused on putting back into the community and runs a number of scholarships with local schools as well as a number of charitable projects.

CommonWealth Central Credit Union
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    How do CommonWealth Central Credit Union auto loans work?

    If you’re willing to repay your auto loan within 36 months, you’ll have access to interest rates as low as 2.99%.

    Repayment terms can be extended up to 84 months, but you should expect to pay higher interest rates.

    The highest rate you’ll pay will be 16.74%, which is usually applied to those with poorer credit or those financing older models. 

    Credit score

    The minimum required credit score to apply for auto loans at CommonWealth Central isn’t stated.

    However, your credit rating is factored into your interest rate and it’s highly likely you’ll need excellent credit to access the lower rates available.

    How Much Can You Borrow?

    No minimum or maximum borrowing amounts are disclosed by CommonWealth Central.

    However, credit unions usually allow you to borrow up to 120% of the car’s market value.

    What types of vehicles are eligible for financing?

    As well as new and used cars, you can also finance motorhomes, trailers, motorcycles, and boats.

    How do I qualify?

    You must work in, or be a resident of, Santa Clara County, California, to be eligible to apply for CommonWealth Central’s auto loans.

    What documents do I need?

    No required documents are listed on the CommonWealth Central website.

    You’ll need to contact the credit union directly to confirm what you’ll need, but generally, at least one form of photo ID is required.

    What are the fees?

    Origination, late, or early repayment fees aren’t disclosed by CommonWealth Central.

    These will be made clear to you on the application, but always make sure to read the fine print before you sign up for a loan.

    How long does the loan process take?

    You can complete the online application in just a few minutes, and you might even be eligible for instant pre-approval.

    Auto loans from credit unions are often in your account within one to five business days following acceptance.

    How to apply for an auto loan?

    CommonWealth Central offers a live video chat application via its website for tech-savvy users.

    You can also fill in the online application form or call customer services directly.

    What payment methods are supported?

    Repayment methods aren’t listed, but the most common way to repay auto loans is via monthly auto-pay direct from your bank account.

    Pros and Cons


    • No payments for 90 days once you’ve accepted your loan
    • Pre-approvals available


    • Applications are restricted to those living and working in Santa Clara, California
    • No fee information is available prior to application

    Is CommonWealth Central Credit Union right for you?

    If you’re interested in the community work carried out by CommonWealth Central and live in Santa Clara, you might want to show your support and take out an auto loan.

    However, applications are closed to the majority of US citizens so you’ll have to look elsewhere.

    You might want to try Capital One as your first stop.

    It has low starting interest rates and encourages those with poorer credit to apply, meaning you’ll almost certainly find the right loan for you.