Looking for a new/used car, RV, boat, travel trailer, or motorcycle. Whatever your situation, MFCU can help. We offer a variety of financing options for new and used vehicles.

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MFCU Financing
At MFCU, our Financial Service Officers can help you determine how much you are able to borrow to purchase a car. This involves a review of your monthly expenses in relation to your income. This is referred to as pre-approval. It is a service provided for no fee, and you are not obliged to obtain your financing through MFCU.

When financing an auto loan, MFCU will hold the title of the vehicle as collateral until the loan is paid off in full. Loans for new cars are usually for three to seven years, while used car loans are usually for shorter terms, two to four years.

Financing Through the Dealership
Dealerships are sometimes able to offer low loan rates (and/or lower lease rates) for particular models of cars. These special rates are most commonly promotions that are underwritten by the automobile manufacturer in order to assist in the sale of those models. It is also common that there are additional conditions required of you in order to qualify for these promotions.
You may need to:
• Provide a larger down payment
• Agree to a shorter duration for the loan
• Provide a higher credit rating
• Pay an extra fee to participate
MFCU works with many local dealerships, making it possible for you to apply and obtain your financing through MFCU while you are at the dealership. Just ask!

What You Should Know Before You Buy
Particularly if you are purchasing a used vehicle from a private party, MFCU encourages you to go through several steps before committing to buy.

1. Research the value using independent resources – There are many independent consumer review resources available online to help you find out more about the year, make and model of vehicle you’re looking to purchase. Below are just a few that MFCU recommends:
NADA – A standard bearer in researching the value of used cars and trucks with comprehensive information available online.
Carfax – A web-based service that supplies consumers with vehicle history report to reveal any previous issues with a specific car or truck

2. Pre-purchase inspection – Without the benefit of factory warranties on new vehicles or even dealership certification of previously owned vehicles, you have very little knowledge of the condition of the vehicle you are purchasing from a private party. The seller should be willing to allow a pre-purchase inspection from your mechanic of choice prior to finalizing a sale. If there are any mechanical issues with the vehicle, you can best negotiate the price and budget for any maintenance needed when you take over ownership.

3. Understand and budget for insurance and maintenance costs – If you did a pre-purchase inspection, you may have a cost list of maintenance needs in order of priority. Make sure you budget for these costs in a timely manner after taking ownership of the vehicle. You will also extend the life of your vehicle investment if you have regular oil changes, inspections and tire rotations. You will need to budget for your vehicle insurance premium as well. Get a no obligation quote from MFCU’s partners at TruStage now.

Insurance and Other Protective Measures
Carrying the proper insurance on your vehicle is a requirement of MFCU lending. We can help you place your vehicle insurance through TruStage. As our partner in home and life insurance products, TruStage is geared specifically toward credit unions and their members.

MFCU also offers GAP advantage. It is not insurance, but may cover a “GAP” in the loan amount and amount an insurance company offers to pay to the loan if your vehicle is totaled. If you have GAP coverage and your car is totaled, GAP advantage will apply $1,000 to your next auto loan if we carry the loan, even if the insurance company paid the balance owed on the totaled vehicle. You will also receive Auto Deductible Reimbursement, which will reimburse you up to %500 per loss (limit two losses per year) when you have a paid insurance claim that exceeds your deductible. And the really neat part is that the reimbursement applies to any vehicle that names you the Insured! Contact your MFCU lender for a quote.

Lastly, MFCU can offer debt protection options as well as mechanical breakdown plans. Speak with your Financial Service Officer for more information about these added protections.