Langley Federal Credit Union

The Langley Federal Credit Union was created in 1936 when 25 employees of the National Advisory Committee for Aeronautics, now known as NASA, banded together to lend to each other at low interest rates. It still largely serves members living near Langley Airforce base in Virginia, where the NASA research center is still based.

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How do Langley Federal Credit Union auto loans work?

If you choose repayment terms of up to 48 months, you’ll have access to low interest rates of 2.24%.

Any periods above this and your interest rate will increase a little to a 2.99% starting rate.

If you choose to pay your loan back using a Langley checking account, you’ll get 10% of your interest payment refunded each month.

Credit score

Langley doesn’t state credit score requirements on its auto loans, however, it’s generally the case that you’ll need excellent credit to qualify for the lower rates on offer.

How Much Can You Borrow?

Minimum or maximum loan amounts aren’t listed, but credit unions will usually let you borrow between 80% and 120% of the car's value.

What types of vehicles are eligible for financing?

You’ll be able to finance new and used cars, recreational vehicles, and boats.

How do I qualify?

Membership is open to all NASA and US Airforce employees.

It also serves the residents of the Hampton Roads area where the Langley Airforce base is situated.

You can also access the auto loans if you’re employed by one of around 1,000 affiliated companies.

What documents do I need?

Exact documents aren’t stated, but auto loans usually require you to provide a form of photographic ID, proof of address, and evidence of income.

What are the fees?

Auto loan fees aren’t disclosed by Langley until you complete your application. However, credit unions often don’t charge any fees at all.

How long does the loan process take?

Applying online is a quick, 5-minute process. However, Langley doesn’t say how quickly the money will be in your account once accepted.

How to apply for an auto loan?

You can either schedule a phone appointment or apply online.

What payment methods are supported?

If you have a checking account with Langley and choose to use monthly auto-pay, you’ll receive a 10% rebate on your interest rate payments each month.

You can also make payments via the Langley mobile app and via the member portal on the Langley website.

Pros and Cons

Pros

Rebate on interest rates for those with a Langley checking account
Low interest rates available

Cons

No information on fees or charges is available before the application
Membership is focused towards those living in Hampton Roads, Virginia

Is Langley Credit Union right for you?

While membership isn’t as restrictive as some credit unions, allowing employees of more than 1,000 different companies to join, Langley is still a credit union very much focused on the local Langley and Hampton Roads community.

This may be the choice for you if you’re interested in the charity and community work it does.

However, if you want access to multiple loan options, you should try Open Road.

It works with a number of different banks and credit unions across the country to provide you with a range of interest rates and repayment terms to choose from.