Used Auto Loans

One of the first decisions you’ll make when shopping for a car is whether to buy a new or used one. Buying a used car can save you big bucks.

Used vehicles offer:

Lowers Upfront Costs. Purchasing a car that’s a few years old could help you save thousands, especially if you have your heart set on a particular model.
Depreciation Advantage. Cars lose value with each passing month and mile. Used vehicles depreciate slower, while a new car can lose up to 20% of its value within the first year.
Lower Insurance. Your vehicle’s value is integral to determining your insurance cost. Insurance costs tend to be lower on used cars because a used car has less value than a newer version.

The paperwork required for a used auto loan will depend on your situation. You can expect to provide complete documentation verifying your financial and employment status. Below are other documents you may need.

Documents Need for Used Auto Loans
Income Verification	W-2 Forms Pay Stubs Income Tax Returns Pension and/or Social Security Documents Alimony and/or Child Support Documents
Asset Verification	Bank Statements Retirement and Investment Account Balances
Debt Disclosures	Other Auto Loans Student Loans Credit Card Debt Existing Mortgage
Credit History	Permission to Check Credit Bankruptcy and Foreclosure Records
Employment Confirmation	Name and Contact Information of Employer
Vehicle Information	Make, Model, and Purchase Price

Knowing the average car loan interest rate and creating a budget is helpful when you’re getting ready to finance a vehicle. Rates and fees vary widely. A pre-approval can help you shop for cars in your price range and provide an estimate of your interest rate and APR.

The auto loan interest rate you receive is based on factors including:

Credit Score. A high credit score will give you more options and access to a lower interest rate.
Down Payment. The more you put down for your vehicle, the lower your monthly payment.
Term of Loan. While a longer loan term lowers the monthly payments, the interest rate is often higher. Paying off the vehicle as quickly as possible is ideal to reduce the overall cost.

Calculate expenses involved in purchasing a vehicle, including:

Purchase price
Warranties
Taxes
Title transfer fee
Gas and maintenance
Insurance
Registration fee

Buying a used vehicle can be intimidating. But with the right knowledge and preparation, you can find the perfect one. Take your time, research, and enjoy the process.

Consider getting pre-approved. It will help you set a realistic budget and ensure your car payment fits your budget. Applying for a used auto loan at Focus Federal Credit Union is simple, quick, and easy.

As an FFCU member, you can take advantage of:

Competitive Interest Rates and Loan Terms. FFCU reinvests in our members. Because of this, you can access loans more readily than with other types of lenders.
Dedicated Customer Support. Our local team is here to work with you if you have less-than-perfect credit or a more complex situation.
Financial Education. Take advantage of financial literacy seminars and services.

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Can I refinance my existing used auto loan?

In most cases, you can refinance your car loan anytime. It could make sense if your credit has improved or interest rates have decreased since you received your original loan. Comparing refinance offers with your current used auto loan can help you decide.

What is the pre-approval process?

You can get pre-approved for a loan by completing some paperwork with Focus Federal Credit Union before you start car shopping. Getting pre-approved helps you set a realistic budget because it lets you know how much you can borrow and at what interest rate. And getting pre-approval shows the dealership you’re ready to buy and can sometimes give you the upper hand in negotiating prices.

How do I repay my used auto loan?

You repay your auto loan by making a monthly payment with interest to Focus Federal Credit Union. You can set this payment up to auto-draft from your FFCU account, so you never have to think about it or worry about being late.

Though you might need a car loan to buy a vehicle, there’s always the chance you’ll want to pay your loan off early. You can do this by making extra payments or larger monthly payments. Watch for a prepayment penalty, a fee for paying a loan off before the term ends.

Are there any additional fees?

When you take out a used auto loan, you expect to pay interest, but other costs may be less obvious. Look out for costs, including taxes, fees, and prepayment penalties.

Vehicle Loans 66 months or less

as low as:

6.45^% - 18^% APR

Vehicle Loans 67 thru 78 months

as low as:

6.95^% - 18^% APR

Vehicle Loans 79 thru 90 months

as low as:

7.45^% - 18^% APR

Vehicle Loans 91 thru 120 months

as low as:

9.45^% - 18^% APR

See All Rates

Get your new car today

Focus Federal Credit Union offers the best in vehicle financing.

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Get a loan with a quick application process, competitive rates, and extraordinary service.

Used Auto Loans

6.45% APR

Calculate Your Auto Loan payment.

Benefits of a Used Auto Loan

Qualifying for an Auto Loan

Used Auto Loan Process

Calculate expenses involved in purchasing a vehicle, including:

Benefits of Choosing Focus Federal Credit Union

APPLY TODAY

Frequently Asked Questions

Vehicle Loans 66 months or less

Vehicle Loans 67 thru 78 months

Vehicle Loans 79 thru 90 months

Vehicle Loans 91 thru 120 months

Get your new car today

Used Auto Loans

6.45% APR

Calculate Your Auto Loan payment.

Flexible Terms

Competitive Rates

Easy Online Application

Benefits of a Used Auto Loan

Qualifying for an Auto Loan

Used Auto Loan Process

Calculate expenses involved in purchasing a vehicle, including:

Benefits of Choosing Focus Federal Credit Union

APPLY TODAY

Frequently Asked Questions

Vehicle Loans 66 months or less

Vehicle Loans 67 thru 78 months

Vehicle Loans 79 thru 90 months

Vehicle Loans 91 thru 120 months

Get your new car today