Harvard University Employees Credit Union

Despite being a niche organization, and only open to past and current employees, faculty, students, and alumni of Harvard University, the credit union has a steadily growing membership across the country. As well as banking options, members are able to apply for auto loans.

Harvard University Employees Credit Union
Best for
4 /5
$ /mo
Starting Price
Visit Site
Table of Contents

    How do Harvard University Employees Credit Union auto loans work?

    Interest rates on auto loans start at just 3.24%, and repayment lengths can be up to 72 months.

    When you choose to repay your loan via Harvard’s auto-pay option, you’ll also receive a 0.25% discount to your rate. Unfortunately, Harvard doesn’t disclose upper limits on interest rates..

    Credit score

    Minimum credit score requirements aren’t stated by Harvard, and your application will be assessed on a number of other criteria in conjunction with your credit score.

    How Much Can You Borrow?

    You can borrow 110% of the market value of the car you’re going to purchase.

    This is limited to $50,000 on used cars and $75,000 on new cars.

    What types of vehicles are eligible for financing?

    You may finance any non-commercial automobile but will have to contact Harvard directly to confirm if recreational vehicles and travel trailers are covered.

    How do I qualify?

    You must be a past or current employee, faculty member, student or university alumni to apply.

    You may also join the credit union and apply for a loan if you’re employed by one of about 60 organizations affiliated with the University, or are a relative of a current member.

    What documents do I need?

    You’ll need proof of your association with Harvard before becoming a member.

    Once you’ve joined the credit union, you’ll need a form of photo ID, like a driver’s license, to apply for your auto loan.

    What are the fees?

    No fee information is disclosed. Any fees will be made clear to you on the application for the loan.

    How long does the loan process take?

    The online application process can be completed in around 10 minutes. Approvals will usually be instant unless your application requires further review. Once approved, you can expect the loan to be in your account within a few business days.

    How to apply for an auto loan?

    Applying online is done in a two-step process. Simply enter the vehicle information, and your personal details and you’ll get instant approval or rejection.

    What payment methods are supported?

    Paying via monthly auto-pay will grant you a 0.25% reduction in your interest rates. Alternatively, you can make one-off payments online, over the phone with a credit card or via check.

    Pros and Cons


    • Discounts to interest rates when using auto pay
    • A number of flexible repayment options are available


    • There’s no branch support
    • Loans are only available to a very niche group of people

    Is Harvard University Employees Credit Union right for you?

    Given the very niche nature of the Harvard Credit Union, this probably won’t be the auto loan provider for you.

    If you’re connected to the university, you might want to take a look and try out some of the other options on offer.

    But for the rest of us, we’ll need to use a nationwide auto loan service.

    Consumer Credit Union offers the same benefits as other credit unions like Harvard but has more flexible options available.