Auto Loan Resource Center

Welcome to USCU’s Auto Loan Resource Center! Use this information as a tool to make your automobile purchase more enjoyable and affordable.

  1. Your rate could be as low as 4.99% APR. What do you need to get it? 
        a.   Your beacon score has to be 750 or higher
        b.   60 months term for 2003-2010 year models with less than 100,000 miles
        c.   Up to 72 months term for 2006-2010 year models with less than 100,000 miles
        d.   Up to 100% of NADA financing available
  2. What’s the loan process like?
    1. You may submit your application online or call us for an instant pre-qualification 
    2. Ask the dealer to fax us a document called "buyer’s order" or "purchase agreement". Fax numbers:
      • Asheville 828-251-9127
      • Old Fort 828-668-7072
      • Fletcher 828-209-1009
      • Morganton 828-437-2912
      • Maiden 828-428-9788
      • Lexington 336-249-5642
      • Galax 276-238-4639
      • We may need to obtain other documents from you such as proof of income. The loan officer will tell you what we need and the loan could be disbursed on your next visit to the credit union.
  3. Additional protection available for your loan
    1. Guaranteed Asset Protection (GAP); covers the difference between the settlement amount with your insurance company and the payoff amount on your loan in the event that the vehicle gets stolen or totaled in an accident. It only costs $299.00; you can choose to pay one lump sum or finance it with the loan.
    2. Disability Protection: If for any reason you cannot work, the disability protection will make the monthly payments on your loan beginning on the 15th day of your disability. Payment for this protection can be included with your monthly payment or you can keep the same low monthly payment and decide to extend the term of the loan. It only covers the main member on the account. Pre-existing conditions may apply.
    3. Life Protection: This protection is available immediately after taking the loan. Payment for this protection can be included with your monthly payment or you can keep the same low monthly payment and decide to extend the term of the loan. It can cover both the main member and the co-applicant on the loan. Pre-existing conditions may apply.
  4. What 0% financing really means

    Car dealers are offering zero percent financing on a new car for 36 months, but they keep the $2,500 rebate. I'm drawing a blank. What's better, pay upfront and take the rebate, or finance over 36 months at zero percent?

    Usually the manufacturer offers a rebate or low-rate financing. In most cases, if you can get a competitive interest rate on a loan yourself, it's better to take the rebate. Also, if you read the fine print in the ads, only those with better-than-average credit scores will qualify for the zero percent financing. When a customer enters into a 0% financing loan he loses if the loan is not paid-off within the incentive period, because when there is still a balance owed on the original auto financing of the vehicle, that balance usually qualifies for a "used" car rate, which is as much as three points higher than a "new" car rate using standard auto financing. Also, 0% financing may only be available on slower-selling models, often with lower resale values and the down payments could be larger - as much as 20%

    Be aware of the small print!

    We have blown up the small print for you. These are actual quotes from local dealerships. Do you know what all the acronyms stand for? (We don’t!)

    • "Dealer will retain all rebates & incentives, including owner loyalty and/or competitive rebates. Not all customers will qualify. Payments are based on 84 months @7.2% APR, 740+ credit score, OAC $5,000.00 cash or trade equity down plus tax, tag and $499 doc fees. **$6,000.00 cash or trade equity down plus tax, tag and $499 doc fees."
    • "Includes all factory incentives & dealer discounts. **Payments based at 7% interest rate for 75 month financing, 10% down payment, excludes tax, tags, title fees, DOC fees and subject to credit approval"
    • "Prices reflect all costs to be paid by consumer, except for tax, license and $398.88 doc fee. All prices include applicable factory rebates and incentives subject to finance approval. Some rebates may require financing through Daimler Chrysler Financial Services. 0% APR for 72 months available on select models with approved credit through Chrysler Financial Services. Offer expires 5 days from publication and cannot be combined with any other offer"
    • "Zero% APR for up to 36 months. EOS excluded. With VCI credit approval"
    • "Based on 36 mo lease with 2500 cash down or trade. 12k year plus tax, tag, 499 doc fee & any dealer installed options. Residual of 12,505.05 approved on super preferred credit thru AHFC. In stock only"
    • "0% APR W/A/C thru CFC A tier. Price plus NC tax, title , adm fee $189.00 after $500 Farm Bureau rebate"