Educational Employees Credit Union

EECU was initiated in 1934 when it was called the Fort Worth Teachers Credit Union. Today it’s a $2.5 billion institution, with various financial resources for locals such as business and personal loans.

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    How do Educational Employees Credit Union auto loans work?

    The Educational Employees Credit Union has some respectable interest rates, starting at 2.84% for new autos and 3.29% for used cars.

    Credit score

    All the rates quoted on the website are based on a credit rating of 740, which is actually a high score. EECU doesn’t indicate how much the rating will rise if your credit score is poor, just that it will.

    How much can you borrow?

    At the Educational Employees Credit Union you’re welcome to take one of the best auto loans for the full 100% asking price of a new car.

    What types of vehicles are eligible for financing?

    The auto loans listed on the site cover most cars, trucks, and SUVs.

    How do I qualify?

    You’re eligible for EECU membership only if you pass one of the following requirements:

    • You live or work in one of the following counties:
      • Tarrant
      • Johnson
      • Parker
      • Palo Pinto 
      • Hood 
    • You work for any educational institution, business, association, hospital or municipality in:
      • Young
      • Palo Pinto
      • Hood
      • Erath
      • Jack
      • Wise 
      • Somervell 
    • You’re related to a member or eligible person.

    What documents do I need?

    You should try to prepare your documentation beforehand if possible, as it’ll save you time on the application process. In order to show you’re eligible, you’ll need proof of address, along with your driver’s license and social security number.

    What are the fees?

    According to the website, there are no late repayment fees. However there’s an option to ‘Skip-a-payment’, which can put off your loan payment for a month, but it’ll cost you around 10% of the owed amount.

    How long does the loan process take?

    The website states that once your loan is approved, you should receive it in three to five working days.

    How to apply for an auto loan?

    You can apply for the loan very easily online, but you also have the option to go into a branch and speak to somebody.

    What payment methods are supported?

    You can use a credit card or bank transfer online. If you’d like to use cash or cheque you must go into a branch.

    Pros and Cons


    • Option to pay a small fee and skip a payment
    • GAP insurance


    • It’s hard to qualify for membership

    Is Educational Employees Credit Union right for you?

    As is often the case with smaller credit unions, Educational Employees simply can’t cater to enough people.

    While the site is responsive and reliable, and the skip a payment option could be very useful, if you don’t live in a specific area then you can’t apply.

    If you’re outside of the catchment area, why not try a more accessible lender? Carvana is one such company that can offer competitive rates at a similar level to EECU, but with a much wider area from which you can apply.