Low Rate Auto Loans

Whether you are looking for a car, truck, motorcycle, RV, or anything in-between, we have financing for you. Buying a new vehicle is exciting, and with our flexible terms and low rates we’ll help to get you on the road, dirt, or water.

Auto Loans

Features at a glance

Interest Rates Certified by Datatrac

    • Rates as low as 3.49% APR1
    • Fast approval process
    • Flexible terms up to 84 months
    • 100% financing for qualified borrowers
  • Convenient dealer direct lending program

In the market for a new car? Whether you want to get pre-approved or apply for financing at the dealership, Scott Credit Union has the solution for you!

Get Pre-Approved

When you get a pre-approval, dealers know that you’re a serious buyer, while you know that you have great low-rate Scott Credit Union financing.

Dealer Direct Program

Our Dealer Direct program offers Scott Credit Union financing at the dealership. This means you can apply for our low-rate loans and purchase your new vehicle at the dealership – without visiting one of our branches.

Click here for a list of participating dealers.

First Time Car Buyer?

We know that buying a car for the first time can be an overwhelming experience, so we’re here to help. We have put together a page that explains in detail how the process will go and what steps you should take. It also has some helpful definitions of common car buying terms. Plus, if you qualify we’ll give you a $50 gift card!

Click here to visit the page.

1APR=Annual Percentage Rate. Rate shown is valid as of October 16, 2019. Rates are subject to change and are based on the term of the loan, model year of the vehicle, as well as your credit history. Loan example: The monthly payment of a $10,000 loan at 3.49% APR for 60 months would be $181.89. Maximum term on secured loans is dependent upon the age of the security and mileage on the collateral. Some restrictions may apply.

Other Vehicles

Features at a glance

  • Fast approval process
  • 100% financing for qualified borrowers
  • Convenient dealer direct lending program

In the market for a motorcycle, RV, boat or other type of vehicle? Whether you want to get pre-approved or apply for financing at the dealership, Scott Credit Union has the solution for you!

Get Pre-Approved

When you get a pre-approval, dealers know that you’re a serious buyer, while you know that you have great low-rate Scott Credit Union financing.

Dealer Direct Program

Our Dealer Direct program offers Scott Credit Union financing at the dealership. This means you can apply for our low-rate loans and purchase your new vehicle at the dealership – without visiting one of our branches.

Click here for a list of participating dealers.


First Time Buyer's Guide

Step by Step Borrower’s Guide: “My First Car”

Are you new to the auto loan process, or perhaps looking to buy a car on your own for the first time? We know that financing your first car can be overwhelming – that’s why we want to help make the experience as simplified and as seamless as possible! Below are the steps you’ll take and what to expect when getting your first car loan!

Am I eligible?

You must be eligible for Scott Credit Union membership in order to get an auto loan through us! See eligibility requirements here. If you are interested in a “My First Car” Loan, you must be at least 18 years old, with no prior auto loans.

Pre-Approval Process
  • Visit an Scott Credit Union branch or call 618-345-1000 to get pre-approved for the loan.
    • You will need your social security number.
    • Have an idea of how much money you want to borrow.
  • You will be asked basic questions about income, employment, any current debt/payment obligations, etc. (This is to help determine if you can afford the loan amount you are requesting.)
  • The Financial Service Representative (FSR) will then pull your credit report and determine if you qualify for the loan you are requesting. This will be done by the following business day.
    • You can expect 1 of 3 pre-approval responses:
      • Approval
      • Denial
        • This could be because of insufficient credit, derogatory credit, insufficient collateral, co-borrower has bad credit, etc. You will be called and a follow-up notice will be mailed explaining why you were denied and what options you have.
      • Approval with Stipulations or Counter-Offer
        • If you have no credit (or not enough credit), you may need to have a co-borrower in order to be approved for a loan.
You're Pre-Approved...now what?
  • You’ll want to find a vehicle using the guidelines given to you through the loan pre-approval. (The Financial Service Representative (FSR) will tell you how much money you are approved to borrow and explain all that goes into the final price of an automobile so you know what to be looking for.)
  • Check with your insurance agent prior to purchase to get an idea of what monthly insurance cost will be. It varies depending on car type, your age, gender, traffic record, etc.
  • You can purchase a car from a dealer or private individual.
    • If purchasing from a private individual, the FSR will inform you of the documents needed for a private sale. You can then fax or email those documents to Scott Credit Union.
    • Scott Credit Union works with 400+ area car dealers through an indirect lending program. While you are free to purchase from any dealer, a purchase from an Scott Credit Union approved dealer means you can close your loan at the dealership for your convenience. If that is the case, be sure to tell the dealer that you’ve been pre-approved through Scott Credit Union.
      • Final paperwork can be signed at the dealership, OR you can contact Scott Credit Union and provide vehicle details (make/model/year/VIN), and FSR will inform you of documents needed to complete the loan. As soon as documents are signed, the car is yours!
  • If you close the loan anywhere other than an Scott Credit Union branch, be sure to call a Scott Credit Union FSR to set up a follow-up appointment for the “My First Car” Loan.
    • FSR will set you up with SCU Online. They can set up a recurring payment for you, or show you how to make a payment on your own.
    • FSR will set up text alerts for you, for 5 days before payment is due.
    • You will receive a $50 Visa Gift Card.

FAQs

What determines my credit score?

Your score is based on the following factors:

  • Payment History: This refers to how you have made your payments on a past or current debt. On-time payments positively affect your credit score. Late payments negatively affect your credit score.
  • Capacity: The amount of debt owed on your credit cards, compared to the credit card limits. Maxed out credit cards, for instance, would negatively affect your score.
  • Length of Credit History: The length of time you’ve had credit reporting in your name.
  • Types of credit: Credit cards, car loans, mortgages, etc.
  • Inquiries: The number of times a creditor or possible creditor views your credit report. A large number of inquiries may negatively impact your score.
How do I know what my credit score is?

You can ask your financial service representative to share your score with you if you apply for a loan.

How do I build or improve my credit?

The best way to know how to build/improve your specific credit score would be to speak to a financial service representative. But in general, you can build and improve your credit score by making on-time payments on all debt, including credit cards and installment loans. Also, be informed and responsible when requesting new debt (evaluate credit card interest rates, etc.). Refer to “Capacity” and “Inquiries” on the “What determines my credit score?” tab.

What qualifications do I need in order to get the best auto loan rate?

Your credit score determines your interest rate. The better your score, the lower your interest rate.

What is a co-borrower, and do I need one?

A co-borrower is another person on the loan with you. You might need a co-borrower if you have limited credit in your name or do not have enough income to be approved for the loan on your own. Both borrowers are then equally responsible for the loan.

What is FICO?

FICO is a term invented by the Fair Isaac Corporation. This company developed the FICO Score as a tool to help businesses make smarter lending decisions. Your FICO Score is determined solely on the information contained in your credit report.

How do I make a payment?

You can make your payments online, in a branch or mail your payments to SCU. You can also set up an auto debit from another institution.

What is "gross" income?

Gross income is the amount of money you make before any taxes or deductions are taken out of your paycheck.

Why can't I use my GI Bill or Student Loans as income?

These sources are not considered earned income for the purposes of repaying a loan.

How long does a pre-approval take?

We can usually have a decision back to you the same business day that you apply for the loan. If you are requesting your pre-approval in person at an SCU branch or at an approved SCU dealership, sometimes the Financial Service Representative can have the decision to you in 5-10 minutes!

Do I have to get a pre-approval in order to purchase a car?

No, you can visit one of our affiliated dealers and they can submit the application directly to Scott Credit Union. Or, you can visit a branch to apply after you find the automobile you’d like to purchase.

Rates


Automobile Loans
Model Years Minimum Loan Amount Term APR1
2019 – 2014 60 Months as low as 3.49%
2019 – 2014 $15,000 72 Months as low as 3.99%
2019 – 2014 $25,000 84 Months as low as 5.24%
2013 – 2010 60 Months as low as 4.49%
2013 – 2010 $15,000 72 Months as low as 5.24%
2009 & Older 60 Months as low as 5.99%

Motorsports (Motorcycles & ATVs)
Model Years Minimum Loan Amount Term APR2
2019 – 2014 48 Months as low as 4.49%
2019 – 2014 $5,000 60 Months as low as 4.74%
2019 – 2014 $15,000 72 Months as low as 5.74%
2013 – 2010 48 Months as low as 5.99%
2013 – 2010 $5,000 60 Months as low as 6.24%
2009 & Older 48 Months as low as 6.99%

Boats, Campers, & RVs
Minimum Loan Amount Term APR3
$5,000 60 Months as low as 4.95%
$10,000 84 Months as low as 5.45%
$15,000 120 Months as low as 6.20%
$35,000 180 Months as low as 6.95%

1APR=Annual Percentage Rate. Rate shown is valid as of October 16, 2019. Rates are subject to change and are based on the term of the loan, model year of the vehicle, as well as your credit history. Loan example: The monthly payment of a $10,000 loan at 3.49% APR for 60 months would be $181.89. Maximum term on secured loans is dependent upon the age of the security and mileage on the collateral. Some restrictions may apply.

2APR=Annual Percentage Rate. Rate shown is valid as of October 16, 2019. Rates are subject to change and are based on the term of the loan, model year of the vehicle, as well as your credit history. Loan example: The monthly payment of a $10,000 loan at 4.74% APR for 60 months would be $187.61. Maximum term on secured loans is dependent upon the age of the security and mileage on the collateral. Some restrictions may apply.

3APR=Annual Percentage Rate. Rate shown is valid as of October 16, 2019. Rates are subject to change and are based on the term of the loan, as well as your credit history. A 20% equity position is required for terms greater than 120 months. Loan example: The monthly payment of a $10,000 loan at 5.45% APR for 84 months would be $143.54. Maximum term on secured loans is dependent upon the age of the security and mileage on the collateral. Some restrictions may apply.

Vehicles for Sale

We currently don’t have any vehicles for sale. Please check back again soon.

All bids must be submitted online and a confirmation of the receipt of your bid will be sent via email. Scott Credit Union reserves the right to refuse any and all bids. Bids will be accepted until 11:59 PM on the designated close date. If there are two bids of equal amounts SCU will consider the first bid received as the higher bid. If your bid is accepted you will be notified within one (1) business day of the close date. No further notification will be sent to unaccepted bids. Purchaser will have five (5) business days from the acceptance of any bid to complete the sale. Transactions not completed within five (5) business days are subject to forfeit. Payment must be made to Scott Credit Union in the form of cash, cashier’s check, or approved financing. Scott Credit Union is not the manufacturer of or a dealer in the collateral and all sales are completed “as is, where is, with all faults” and without warranties or representations of any kind whatsoever, expressed or implied. Purchased vehicles subsequently titled in IL may be subject to an alternate sales tax calculation if “Illinois Title” is not noted in the description. Scott Credit Union can provide financing for qualified buyers.



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