Get the right car loan for you.

PCU does not always require a down payment for vehicle loans. Financing options are available for up to 100% of the purchase price. Whether you need to make a down payment will depend on your application, including the loan amount, loan term, collateral, and credit history.

Refinancing your car is an easy way to potentially lower your car loan interest rate and monthly payments. To do this, you’ll need the right information and documents (car mileage, VIN number, 10-day payoff amount, driver’s license, and possibly income verification), and then you’ll choose a financial institution with which to apply.

The bank or credit union will review your information, check your credit history, and then let you know whether or not you qualify for a lower interest rate. If you do, they’ll work with you to run the numbers and set your new loan term to a lower monthly car payment.

Credit history is one of the main factors lenders consider to determine auto loan approval. It shows them whether the borrower is high or low risk. Most financial institutions will look at the borrower’s industry-specific auto FICO^® Score⁵, their base FICO^® Score from one or more consumer credit reporting bureaus: Equifax, Experian and TransUnion.

A borrower’s credit score doesn’t just determine car loan approval and the eligible amount, it also affects the interest rate the borrower is given. While it’s possible to find car loan interest rates between 0-8% on new car loans, borrowers will require a credit score of 700 or higher. Reversely, while a borrower may find an auto loan lender willing to accept an average (mid-600s) or low (500s to low 600s) credit score, the borrower’s interest rate will likely be three to five times higher (between 10–24%) than those with good or excellent credit.

If your vehicle is totaled or stolen within the term of your loan, your insurance company only pays the actual cash value of the vehicle at the time it is totaled or stolen. In some cases, this amount may be less than what you owe on your loan. GAP serves as additional protection that could pay down your remaining loan balance.

At PCU, we offer MEMBER'S CHOICE^® Guaranteed Asset Protection (GAP) Plus coverage to our members, which includes $1,000 towards your down payment on a replacement vehicle when financed by PCU within 60 days after your primary insurance company issues a settlement check.