Finex Credit Union

Finex Credit Union has been rated as one of the best credit unions in Connecticut. It’s a cooperative, not-for-profit financial institution owned by its members.

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    How do Finex Credit Union auto loans work?

    Finex Credit Union offers some of the best auto loan rates, starting as low as 2.24% for 24 months as a premium member.

    The same deal for regular members would be 3.25%, and you can take loans all the way up to 84 months, though the rates for this will be 4.5% and 5.5% respectively.

    Credit score

    People with any sort of credit rating are invited to reply, but those with a significantly lower credit rating will face an increased interest rate.

    How much can you borrow?

    Finex Credit Union offers an impressive 130% of your vehicles asking price, leaving you with some room to maneuver.

    What types of vehicles are eligible for financing?

    Taking an auto loan out from Finex should cover most cars, SUVs, vans and trucks, motorcycles, and boats.

    How do I qualify?

    In order to create an account with Finex Credit Union you must pass one of two stipulations, which are as follows:

    • Someone in your family is already a Finex member.
    • You live, worship, or work in Hartford or Tolland counties.

    What documents do I need?

    It’s always better to prepare your documentation before applying, especially if you apply by phone.

    You should prepare your driver’s license, social security number, and proof of workplace or home address.

    What are the fees?

    It isn’t immediately apparent on the Finex Credit Union website whether it’ll charge fees for late payments.

    This is something you should definitely enquire about when taking out your loan, but it’s common that credit unions won’t charge you.

    How long does the loan process take?

    It’s simple to apply, and anyone can do it in a few minutes as long as they’ve got their documents prepared.

    It can take five working days to receive your money, having been approved.

    How to apply for an auto loan?

    You can visit your local Finex Credit Union to take out an auto loan, but you may find it more convenient to make the application online.

    What payment methods are supported?

    You can pay via credit card, bank transfer, cash, or cheque.

    Pros and Cons


    • Affordable rates
    • Extra money can be borrowed on top of your car price
    • There are no prepayment penalties


    • A poor credit rating will raise your rates
    • Finex Credit Union only caters to a small catchment area.

    Is Finex Credit Union right for you?

    I’d recommend Finex Credit Union if you’re able to join, as it has competitive rates and the ability for you to borrow 130% of the car's price.

    The main downside here will likely be that you can’t join, as you don’t reside near enough to the Hartford or Tolland counties.

    If this is the case, a nationwide service that also offers more than the car’s asking price is Consumer Credit Union, which allows you to borrow 120% of a vehicle's retail value.