Get More Smiles To The Gallon
Pay off credit card debt with an auto loan refinance!
If your vehicle is worth more than you owe, you can refinance your loan up to 90% of the vehicle’s value and get cash back to pay off high interest credit card debt. A lower interest rate will save you money each month, and allow you to pay off your debt faster.
Why drivers in Southern California choose us to make it happen:
Financing up to 120%
Competitive rates
Quick pre-approvals
Flexible terms up to 84 months
Whatever the plan is for your road ahead, make it happen with:
- Up to 120% financing for new and used vehicles.
- Rates as low as5.89%.2
- No Payments for 90 days3
- Quick pre-approvals.
- Extended terms up to 84 months for the lowest possible monthly payment.
- A personal auto-buying concierge service.
- Low-cost loan protection add-ons.
- No application or funding fees.
- Up to .25% rate discount on newly funded auto loans for Rewards+ Members.Learn More
Auto Loan Rates
| Loan | Term | APR | Est. Payment Per $100 |
|---|---|---|---|
| New Auto (2023 – 2024) | Up to 48 months | 5.89% - 15.19% | $2.34 - $2.79 |
| New Auto (2023 – 2024) | Up to 60 - 72 months | 6.09% - 15.39% | $1.66 - $2.14 |
| New Auto (2023 – 2024) | Up to 84 months | 6.59% - 12.89% | $1.49 - $1.81 |
| Pre-owned Auto (2014 – 2023) | Up to 48 months | 6.29% -15.59% | $2.36 - $2.81 |
| Pre-owned Auto (2014 – 2023) | Up to 60 - 72 months | 6.49% – 15.79% | $1.68 - $2.16 |
| Pre-owned Auto (2014 – 2023) | Up to 84 months | 6.99% - 13.29% | $1.51 - $1.83 |
APR- The annual percentage rates listed are our best rates. Your rate may be higher depending on credit history and underwriting criteria. Financing available up to 120% of retail vehicle value including tax and license plus optional CU SoCal GAP and Mechanical Repair Coverage. Ask a CU SoCal representative for details. Vehicle models 2023 to 2024 with up to *10,000 miles will be considered new. Vehicle models 2014 to 2023 with up to 120,000 miles will be considered Pre-owned. CU SoCal does not finance salvaged title or Lemon Law Buyback vehicles. For more information, please call our telephone service center at 562.698.8326. Payment factor based on maximum term. Minimum payment on all vehicle loans is $100. Rate includes a 0.25% reduction for payroll direct deposit of $750 into a CU SoCal Checking Account and a 0.25% reductions for having an Automatic Loan Payment set up from a CU SoCal share account. Members may combine both discounts for a total maximum discount of 0.50%. Rate may adjust if you discontinue direct deposit/payroll or payment transfer. The above discounts are one time, and only apply at time of origination. The rates and terms above are effective as of 11/1/2023 and are subject to change without notice.
Optional Loan Protection
| Loan Payment Protection Learn more | Loan Payment Protection may help safeguard you and your family in case you are injured or lose your job. | Loan Payment Protection can be added to new or used vehicle loans when you purchase your car, or call us at 562.365.1851 to add it to an existing loan. |
|---|---|---|
| Guaranteed Asset Protection (GAP) | GAP is designed to protect you against financial loss in the event your car is stolen or declared a total loss in an accident. | GAP can be added to new or used vehicle loans when you purchase your car, or call us at 562.365.1851 to add it to an existing loan. |
| Mechanical Repair Coverage (MRC) | MRC is a high-quality, comprehensive coverage plan that safeguards you from expensive auto repairs. | MRC can be added to new or used vehicle loans when you purchase your car, or call us at 562.365.1851 to add it to an existing loan. |
| HealthCAR Warranty | Get low cost, month-to-month warranty coverage and avoid costly repairs. There is no limit on your vehicle’s mileage and healthCAR is accepted by more than 91,000 licensed automotive repair shops. | To learn more and sign up for healthCAR, click here. |
Debt Protection
File a Claim
Life, Disability, or Involuntary Unemployment Claim? We are here to help!
In your time of need, our claims process is quick and easy. If you elected payment protection on your loan, you
can use this convenient claims process to quickly and easily file your claim.
To begin, please fill out a claim form at https://myclaimportal.cunamutual.com/link/contract?ContractNumber=10409604.
If you prefer, call 1.800.621.6323 to begin the process and a CUNA Mutual Group Claims Specialist will guide
you through the process.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Payment protection products include debt protection products available through the credit union
Running tight on funds? Consider Skip a Pay for relief:
- CU SoCal allows Members to skip a payment for any non-Real Estate CU SoCal loan for a $25 fee as long as the following requirements are met:
- At least 18 payments have been made on the loan.
- A payment on the selected loan is not presently more than 10 days past due.
- A payment on the selected loan has never been more than 30 days past due.
- The selected loan has not had more than three occurrences of payments which were 11-30 days past due.
- A payment on the selected loan has not been skipped within the past year.
- The loan payment being skipped is $75.00 or greater.
- Other requirements may apply.
To skip a loan payment, simply complete ourSkip A Loan Payment formand drop it off at your nearest CU SoCal branch, mail it to P.O. Box 76000 Anaheim, CA 92809, or fax it to us at 714.990.5492.
Auto Buying Services
| Auto Expert Website800.359.4567 | A personal auto-buying concierge who locates the vehicle you want, negotiates to get you the best price, completes the paperwork, searches for the highest bid for your trade-in, and delivers the car to you! |
|---|
Having these documents handy will help accelerate the application and approval process.
1
Current driver's license or government/state issued ID.
2
Current registration or purchase order.
3
Proof of insurance.
Hear from others like you who made it happen.
Super low car loan rates and easy to access locations.
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Frequently Asked Questions (FAQs) for Auto Loans
What’s a Good Down Payment on a Car?
How Fast Will a Car Loan Raise My Credit Score?
Most car buyers will experience a temporary reduction in their credit score after taking out an auto loan. Buying a new or used car with a loan canraise your credit score over the life of the loan, as long as you make on-time monthly loan payments.
How Much Will a Car Loan Drop My Credit Score?
Shopping for auto loan rates within a 14-day period will ensure that multiple inquiries are counted as only one inquiry or excluded entirely by some scoring systems, according to the credit bureauExperian. However, this can still cause asmall reduction in credit score. Accepting a loan offer may cause another small score dip. A credit score will rise as on-time monthly loan payments are made.
Does Paying Off Your Car Loan Early Hurt Your Credit Score?
Paying off your car loan early may hurt your credit score, but the effects are usually only temporary. Some lenders charge a loan prepayment penalty, so ask your lender if there are prepayment fees, before youpay off your car loan early. CU SoCal does not charge a prepayment penalty on any loan.
Pros And Cons of Leasing vs. Buying A Car
There are cost differences associated withleasing vs. buying a car, and these will be influenced by the term of a loan or a lease, how much money you put down, the interest rate you qualify for, and the value of the car. Buying a car gives you the freedom to drive unlimited miles and eventually own the car. Leasing is a great option for people who prefer to drive a new car every few years and don’t mind a mileage limitation.
How Can I Pay Off My Car Loan Early?
Paying off a car loan early can save you money in interest you’d otherwise be paying. The sooner you pay off your car loan, the more money you’ll have each month. Not skipping any payments and makingone large extra payment every year can help youpay off your loan early.Before you pay off your loan, ask your lender if they charge a pre-payment penalty.
Buying a new car feels great and you’ll have the peace of mind of driving a reliable vehicle. Thebenefits of buying a new carinclude the latest safety and fuel efficiency technologies. However, all these technological goodies come at cost. That’s why many individuals purchase certified pre-owned cars instead, as they can be less expensive.
Will Refinancing My Car Loan Hurt My Credit Score?
Refinancing a car loan can save your money if you can get a lower interest rate. The first step ofauto refinancingis to talk to different lenders about rates and loan terms. CU SoCal saves Members money every day through vehicle loan refinancing, and will drop your rate from another lender by at least 2%. If approved for a loan refinance, the remaining amount you owe on your first loan will be paid off and you will start making payments on the new loan. A small drop in credit score is likely, but most score increase as on-time monthly loan repayments are made.Learn more.
How Can I Save For a Car?
With a thorough plan in place,saving up for a carisn't as complicated as you might think. Some actions you can take include creating a budget and a savings and purchase timeline, deciding on the type and make of car, and calculating an approximate monthly payment are all good ways to start saving.
How Can I Refinance My Car Loan?
Refinancing a car loan provides several advantages, including a lower interest rate, a lower monthly payment, and more. However, be aware that some financial institutions will charge prepayment or other fees forrefinancing your car loan. And, if your new loan has a longer term, you may end up paying more for your car than if you just stuck with the original lender. CU SoCal will lower your vehicle loan rate from another lender by at least 2%.Learn more.
Learn More About Auto Loans With Our Educational Resources
Blog Post: How to Save For a Car
Blog Post: How to Refinance a Car
Blog Post: What is Car Financing?
Online Class: Car Loans
Video: Auto Loan Refinancing For Savings
