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How do I get a new car loan with my credit union?

I want to purchase a new car, but I've never had a car loan before. I want to work with my credit union. What's the next step?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a new
car loan
through a credit union is pretty simple. Let’s walk through the steps together.
Since you already know who you want to work with, you won’t need to shop for as many rate estimates. You may want to do a bit of investigation to make sure your credit union’s rates are competitive, but in general you can trust credit unions not to inflate loan rates.
From there, you can either apply for the loan directly or get preapproval. Preapproval is often recommended because you’ll get to see a dollar amount before you sign on, making it easier to budget ahead.
Once you’re preapproved, you can find a car that fits the loan budget. Test drive multiple cars until you find the one you like. Then, head over to the credit union with this documentation (some of which you may have already provided during preapproval):
  • Proof of income (e.g., paystubs)
  • Proof of residency (e.g., utility bill)
  • Driver’s license and vehicle information
  • Proof of insurance
If you’re still in the market for a car insurance policy,
Jerry
can help! Sign-up takes less than a minute, and you’ll get to compare quotes from dozens of top providers.
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