How Much Can You Borrow?
The most common loans tend to be for cars and include the following rates on vehicles eight years old or newer.
The amount and rates are as follows:
- If you select a plan of up to 48 months, you will be expected to pay 3.69% APR.
- For a plan between 49 and 68 months, it’s the same rate; 3.69% APR.
- If you go for a term from 69 to 78 months, you’ll be looking to pay 4.09% APR.
- Finally, between 79 and 88 months, the APR is set at 4.79%.
Note that we have only found that you can get an auto loan from $2,000. If you are looking for a smaller amount, maybe it’s better to look elsewhere.
Secured and Unsecured Loans
Both options are available as well and can be paid off over an even more extended period. A secured loan can be part of a plan of up to 120 months and includes an APR of 12.24%. Unsecured is also available up to 120 months but will set you back with APRs between 9.99% and 12.99%.
Credit Card Rates
Consumer Credit Union also offers rates on Mastercard. You can borrow between $2,000 and $50,000 and expect to pay 6.99% APR on Mastercard and 12.99% on Mastercard Rewards.
What Type of Vehicles Are Eligible for Financing Loan?
You can take out a loan for new or used vehicles. This makes it more accessible to people of all walks of life who might want to buy a cheap second-hand model or a brand new car. You can also find loans for most makes and models, so this won’t be an issue.
How Do I Qualify?
To find out whether you are eligible for a loan, you will first need to apply and become approved.
You should meet the criteria mentioned below to make sure that you qualify and then follow the steps on their site to be approved for a loan.
If you have a poor credit history, it is going to be much harder for you to obtain a loan, although it isn’t off-limits. It may well come with higher interest rates and more significant collateral.
To be able to even apply in the first place, you must be over 18 years old, employed, have a membership with Consumer Credit Union, and select a car no older than 2007, be it new or used. If you qualify, you will then need to complete the application process on their site.
What Documents Should I Provide?
Once you are ready to apply, you will need a copy of your driving license and your most recent pay stubs. This is in addition to the papers you will need to meet the criteria.