Auto Loan FAQs
How do I apply for an auto loan?
It’s easy to apply for an auto loan. You can apply online, apply over the phone with one of our representatives, or come into the branch. However you apply, you will be asked to provide copies of your latest paystubs, which can be faxed or emailed if you apply online or by phone.
How long does it take to get a loan decision?
Once we receive your application and paystubs, we normally have a 24-48 hour turn around.
What amount should I apply for?
The most convenient thing to do is to get pre-approved for the maximum amount you think you would like to finance. You are never obligated to use this full amount, but it gives you flexibility when shopping. We will finance up to 100% of the selling price of the vehicle, which is subject to our opinion of what the vehicle is worth.
What happens once I’m approved?
After you are approved, you will know the amount you are approved for, the rate, and the terms. You are free to go to shopping for a car knowing you have already secured financing. Once you find a vehicle, you should request a “bill of sale” from your dealer, which is an official invoice, and fax or email it to us. After that, loan paperwork can be immediately signed in the office or electronically. Once that is done we can write a check to the dealer or even overnight funds to them.
Where should I search for a vehicle?
Maroon Financial Credit Union has teamed up with CarQuotes.com, a trusted car buying service, for our members to use to search for new and used vehicles. Using their search tools, you can find new and used cars, and have dealers in your area provide you with competitive bids.
What if I need to change the loan amount?
If you would like to increase the loan amount, please contact us. There is no problem if you need a lesser loan amount.
What do I need to provide if I’m refinancing a vehicle loan from another finance company?
We will need to know the vehicle year, make, model, VIN, and mileage. We will also have to apply for a new vehicle title, and will add the applicable state fee to your loan amount and file the paper.
Is there a penalty for paying the loan off early?
There is no penalty for pre-paying an auto loan.
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