Vehicle Loans – Everything you need to know


Our vehicle loan program was designed for convenience. We know that when deciding to get a loan of any kind, there can be things that delay the process or discourage you from doing so, so we have tried to make this as easy as possible for everyone. With that being said, here are a few questions that we have been asked about our vehicle loan programs:

1.- How fast can I get pre-approved for a vehicle loan?

Usually, you can get pre-approved within 20 minutes if you have an account already established with us. If you are a new member, have no fear, the process can usually take between 40 to 45 minutes.

2.- I have Excellent credit, what would my interest rate be?

First of all that’s awesome! For members and new members with the credit score of about 730, your rate will be as low as 2.84% *APR and no higher than 4.69%*APR depending on your loan term.

3.- After I find a vehicle, do I have to come in to sign loan documents?

No, this is a perfect example of how we at Beacon Federal Credit Union strive to make this as convenient as possible for you. Everything can be done electronically through doc-you sign.

4.- Is there a penalty if I pay off the loan before the end of the loan term?

No, there is no penalty if you decide to pay off your loan before the end of your term.

5.-Are the rates the same for new and pre-owned vehicles?

Yes, the rates for new vehicles are the same as the rates for pre-owned vehicles.

6.- How long can my term loan be?

Depending on the year of your vehicle, you can have a loan term of up to 84 months.

7.- How old can the vehicle be, and what can the mileage on older vehicles be?

Used vehicles can be up to 10 years old and the mileage would go like this:

  • Mileage on a regular vehicle can be up to 120,000 miles
  • Mileage on a hybrid vehicle can be up to 150,000 miles
  • Mileage on a diesel vehicle can be up to 200,000 miles

I hope that these helped answer any questions that you may have had about our vehicle loan programs. If you have anymore questions, please feel free to visit any of our three locations or give us a call. We would be happy to help!

Vehicle Loans – Everything You Need To Know

If you are ready to make a purchase or to refinance your vehicle we want you to make an informed decision. Here are some questions you might have about Vehicle Loans:-How fast can I get pre-approved for a vehicle loan?-I have excellent credit, what would be my interest rate?-After I find a vehicle, do I have to come in to sign loan documents?–Are the rates the same for new vs pre-owned vehicles?-How old can the auto be? What can the mileage be on an older auto?You might have more questions. Make sure to drop them on the comment box below or visit to know more about our vehicle loans.

Posted by Beacon Federal Credit Union on Tuesday, June 18, 2019

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