Eli Lilly and Company founded Elements Financial in 1930. It’s now serving more than 100,000 members in 50 states and over 50 countries. This credit union has also partnered with more than 140 organizations. Currently, it’s among the top 3% of credit unions nationwide based on its asset size, which exceeds $1.6 billion.
The lowest APR on auto loans shown on the website is 3.24%. You can call Elements Financial to confirm what are the available terms and current rates.
The preferred FICO score is 730 or greater. Borrowers who have bad credit can still apply and Elements Financial’s loan team will work with them to figure out how their requests can be approved.
Financing is up to 120% of a car’s value including license and tax.
Elements Financial provides financing for new or used cars, motorboats, sailboats, yachts, motorcycles, ATVs, motorhomes, truck campers, large fifth wheels, travel trailers, and pop-up campers.
You can be a member of Elements Financial by simply applying for a credit card or a loan or opening a savings or checking account. You’ll only need $5 to open an account.
You’re going to provide a government-issued ID like a passport, driver’s license, or state ID, and your proof of residence. Elements Financial will also ask for your vehicle’s model, value, year, make, mileage, and VIN.
There’s a processing fee of $140 but there are no prepayment penalties and annual fees associated with your auto loan.
Applying for an auto loan online can be done in 15 minutes. Elements Financial will get in touch with you within one business day after you send your application and you can expect a decision within one business day too.
You can apply for a loan online. Elements Financial will call you to discuss your loan and documentation. When your loan is approved, you’ll be contacted to sign your documents. If you want to apply in person, you can visit one of the credit union’s branches.
Make auto loan payments through Elements Financial’s online banking or mobile app; with your debit card or another bank or credit union account; or by mailing your check.
Not many credit unions are as accessible as Elements Financial. If you apply for its auto loan, you’re already qualified to be a member. But if you don’t want to go through a credit union membership process when you apply for an auto loan, check out Carvana.
Carvana is a car dealer that also provides financing. Some great things about this company include not charging dealer fees and competitive pricing. These are just two of the perks Carvana offers.
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