Auto Loans

Auto Loan Frequently Asked Questions

What types of car loans do you offer?

WECU offers dealer purchases, refinancing of current auto loans, lease buyouts, and private party purchases. WECU also offers cash-out refinances (aka title loans) to allow applicants access to their car’s equity.

Are there any types of vehicles WECU does not finance?

WECU considers the vehicle’s age, mileage, and clean title status when making loan decisions. We also offer motorcycle, boat, and RV loans.

Who is eligible for an auto loan?

You must be 18 years old, eligible for WECU membership, and have a valid SSN (Social Security Number), Restricted SSN, or ITIN (Individual Tax Identification Number).

Do you offer car loans in all 50 states?

Yes, however WECU is a financial cooperative. You and your family can become members if you live, work, worship, or attend school in Washington State. Additionally, if your business is majority-owned and operated within the state of Washington, you are also eligible for membership. Learn more about WECU.

Are there any specific terms and conditions I should know before applying for an auto loan?

There are term and loan-to-value limits, and title fees. A down payment and income and insurance verification may be required.

What financing terms do you offer?

WECU terms depend on loan type, collateral, and applicant qualifications. Our Relationship Officers are happy to answer your questions.

If I pay my auto loan off early, is there a prepayment penalty?

No.

What qualifies a vehicle for a new versus used auto loan rate?

A new vehicle is a vehicle that has never been titled.

Can I get a car loan with an ITIN number?

Yes! We accept Individual Tax Identification Numbers (ITIN) for car loans.

What does “prequalify” and “preapproved” for an auto loan mean?

Pre-qualification is available on WECU.com and allows applicants to see loan offers they qualify for without impacting their credit score. If they accept the terms presented, they will consent to WECU pulling credit (a “hard hit”), which will appear as a credit inquiry on their credit report. In this case, the applicant may now be “pre-approved.”

With pre-approval, an applicant can shop for an auto loan with an idea of what they may be approved for. Pre-approval is recommended when shopping for collateralized loans, like auto or RV loans. Knowing the terms and rates the applicant may qualify for when they go to a dealership or if they’re considering private-party sales can be helpful when shopping. A pre-approval is good for 45 days from when the application is submitted.

How long does it take to get approved for an auto loan?

A person can be pre-qualified for an auto loan in minutes online! An approval by WECU staff can be immediate, or it can take up to 2 business days. Typically, the Monday through Saturday approval process can be the same day whether you’re borrowing directly from WECU or by working with the dealership coordinating the loan with WECU through the Credit Union Direct Lending (CUDL) system. The loan closing can be delayed by issues such as documentation, vehicle considerations, and dealership communication, but we’re dedicated to getting you in your new car ASAP.

Can I get approved for an auto loan before I select my car?

Yes, you can pre-qualify online and get pre-approved at a branch or over the phone to find out the amount you can borrow to start shopping. You can present your preapproval to the dealership or inform them of your desire to borrow with WECU. Dealerships can also access the preapproval loan details through the Credit Union Direct Lending (CUDL) system.

How do I apply for an auto loan?

Once you have been pre-approved, you can choose to have your credit pulled and move forward with an auto loan application. There is no fee to apply.

When applying for an Auto Loan, you will need the following:

• Driver’s license
• Employment information
• Housing information
• Amount expected to finance
• Term desired

And, if you’ve already picked out the vehicle you wish to buy, you’ll also need:

• 17-character vehicle identification number (VIN)
• State where you’ll register the vehicle
• Exact mileage reading
• Dealer or seller’s name

You can also apply over the phone at 800-525-8703 or at a branch.

† Information contained in your credit report will be used to qualify you for an offer. An offer is not guaranteed. Loan approval is subject to verification of income, debt-to-income ratio, credit information, and application information needed to meet the minimum requirements established for the offer.