Chartway Federal Credit Union

Founded in 1959, Chartway is now one of the largest credit unions in the US, with more than 190,000 members. Unlike many other credit unions, Chartway allows anyone to join as long as they make a $10 donation to its charitable arm, the ‘We Promise Foundation’. Once you’re a member, you’ll have access to low-interest auto loans.

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    How do Chartway Federal Credit Union auto loans work?

    If you choose loan repayment terms up to 36 months, you’ll be able to access interest rates as low as 1.99%.

    Repayment terms can extend to 72 months, but your rates will be higher, starting at 2.72%.

    Credit score

    No minimum credit score is listed by Chartway.

    However, credit unions can often be flexible with members with bad credit, so it’s worth reaching out to check if it’s worth applying.

    How Much Can You Borrow?

    Exact figures aren’t disclosed by Chartway. It only states that high loan-to-value financing is offered. Check in directly to see if your chosen car will be covered.

    What types of vehicles are eligible for financing?

    You can finance any new and used car.

    How do I qualify?

    You’ll have to be a member in order to access auto loans at Chartway.

    You’ll be eligible if you live in one of the 40 regions serviced by its branches across Virginia, Texas, and Utah.

    You can also join if you work for one of the 750 affiliate employers.

    For those who don’t fall into these categories, however, you can also apply for membership if you make a $10 to Chartway’s charitable foundation.

    What documents do I need?

    Chartway has a comprehensive list of required documents:

    • Form of photo ID, such as a passport or driver's license
    • Proof of address
    • The vehicle ID number of your chosen car
    • Proof of income, including your two most recent pay stubs
    • Signed buyer’s order from the dealership

    What are the fees?

    No fees are disclosed, but you may be charged late payment fees.

    These will be made clear to you on the application.

    How long does the loan process take?

    Pre-approval can take just a few minutes via the online application form.

    However, Chartway doesn’t say how long it will take for the money to be in your account.

    How to apply for an auto loan?

    You can make an appointment at one of Chartway’s 40 branches, or apply online.

    What payment methods are supported?

    You can set up automatic payments, make one-off payments online, and pay over the phone.

    Pros and Cons


    • Anyone can join following a $10 donation
    • Flexible repayment terms on offer


    • A lot of documentation is required for application
    • Physical branch support is only available across three states

    Is Chartway Federal Credit Union right for you?

    While anyone making a $10 donation can join and access the low-interest auto loans, the application process isn’t completely transparent.

    You won’t get an idea of what you’ll be paying until you’ve applied, and you’ll need a lot of supporting documentation.

    You might want to try a loan provider like MyAutoLoan.

    It matches you to a variety of different lenders, giving you a range of interest rate options to browse through before you apply.