Cyprus Credit Union

Cyprus Credit Union is based in Salt Lake City, Utah, and offers a number of financial services to its members, including auto loans. However, membership is only open to those living in Salt Lake County.

Cyprus Credit Union
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    How do Cyprus Credit Union auto loans work?

    Once you’re signed up, you’ll have access to auto loans with interest rates starting from 2.99%.

    In addition, if you can keep up consistent payments for at least 12 months, Cyprus will lower your interest rate.

    Exact repayment terms will only be made clear on application and Cyprus doesn’t disclose its upper limit on interest rates.

    Credit score

    You don’t need a minimum credit score to apply.

    Credit unions generally tend to be more accepting of those with bad credit.

    Cyprus does state that you’ll pay higher interest rates on auto loans if you have a credit score below 720.

    How Much Can You Borrow?

    Cyprus doesn’t state the maximum amount you can borrow. You’ll have to apply directly to discuss options.

    What types of vehicles are eligible for financing?

    You can take out auto loans for cars, recreational vehicles, and motorcycles.

    How do I qualify?

    You must be a resident of Salt Lake County in Utah and be a member of the credit union.

    You may also apply if you work for a list of about 45 companies that are partnered with Cyprus.

    These companies are headquartered in Utah, but many have offices nationally.

    You may also join if you're related to a member of the credit union.

    What documents do I need?

    To apply you’ll need proof of address and date of birth, usually verified through your driver’s license.

    What are the fees?

    Cyprus doesn’t state whether any fees are charged, however, it's common for credit unions to charge either no fees at all or very low fees.

    How long does the loan process take?

    Cyprus states that you may be able to complete your application, be approved, and have the money in your account within 24 hours.

    How to apply for an auto loan?

    You can apply online through filling in a short form or you can call Cyprus directly.

    There are also a number of registered car dealerships throughout Salt Lake County that partner with Cyprus where you can apply for the auto loan while visiting the dealership.

    What payment methods are supported?

    Payments are taken monthly, directly from your bank account.

    You may also choose to allow your employer to deduct your payments directly from your payroll, or pay in cash at any of the Cyprus branches.

    Pros and Cons


    • Multiple repayment options available
    • You can arrange your auto loan directly via the car dealership where you buy your car


    • Cyprus doesn’t disclose its upper limit interest rates
    • Loans are only available for residents within a small geographical area

    Is Cyprus Credit Union right for you?

    Cyprus has some low interest rates available and can help you out if you have bad credit.

    However, not all the loan details are made completely clear, and there are very strict residency limits to applying.

    You might want to start off by trying one of the larger, nationwide auto loan financers like Capital One.

    If you like the idea of using a credit union, you could try Consumer Credit Union which offers many of the benefits of a credit union but on a national scale.