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?

Answer
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.
Eric Schad
Answered on Oct 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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