Auto Loan FAQs

Most auto loans are simple interest loans. That means the interest accrues daily, starting the day you sign the loan until the day you pay it off. The interest you pay is based on the loan balance you have, along with your interest rate and the number of days in the year. A portion of each payment applies to the principle, and another portion applies to the interest.

Yes. But becoming a credit union member is quick and easy. You can apply for membership in minutes. You don’t even have to come into one of our branch locations to do it, and we’d love to have you join us.

Many factors play a role in this determination, including your credit score, income, expenses, and any down payment you plan to make. We recommend getting pre approved to learn how much you qualify for.

It’s always our goal to process your loan application right away. Once we do a credit and income verification, we usually fund a loan within 48-hours. So often, the whole process can be completed quickly. 

Of course, we also recommend that you apply for your loan with us now and then start shopping with confidence. Pre-approval gives you negotiating power when you’re car shopping and ensures an extremely smooth loan process.

To start, we recommend using our monthly payment calculator to get a general idea. But then applying and getting pre approved will help you know exactly what your payments and loan terms would be.

Yes! We partner with TrueCar® to help you save time and money. On average, our members save about $3,572** off MSRP. They also say the car buying process is much more enjoyable.

To learn more, visit our car buying service page.

Our auto loan terms range from 36 to 84 months.

You can see them on our auto loan page. Just click here.

Our auto loan application is quick and easy. Simply go here to our application. You’ll be asked to answer some questions about the type of loan you want, how much you want to borrow, and how long you want to borrow it for. 

Then you’ll need to add your personal information like your social security number, date of birth, Drivers License, and employment information. From there, you’re on your way to pre approval! Yes- applying online is that easy.

To apply for a loan, you’ll need:

• Income verification
• Drivers License
• Social Security Number
• Bill of sale (once you have your vehicle picked out)
• Auto insurance declaration with AFFCU listed as the loss payee

No. At Atlantic Financial Federal Credit Union, we never charge an application fee for auto loans.

No, we offer convenient loan closing options that do not require you to come to a branch. We can send you all the applicable loan documents for review and have you sign them electronically. This efficiency allows you to close your loan from anywhere.

The interest rate you can access is closely tied to your credit and loan payment history. So if your credit isn’t where you want it to be, taking a little time to improve it can help tremendously. 

From there, shorter loan terms come with lower interest rates, so consider financing an auto for a shorter duration to access lower rates. Larger down payments can also help lower your interest rate. 

We also think you might like this helpful article about financing a car the smart way.

Loan approvals are good for 30-days.

Well, that’s easy! Just call us at (410) 584-7474. You’ll have immediate access to a loan team member.

You can make your monthly loan payment in a number of ways. You may mail us a check, transfer funds from your AFFCU accounts to your loan as payment, use your financial institutions’ online bill pay system, or pay by card (fees apply).

Yes, we encourage you to do so. When you set up auto payments, the funds are drafted on the day you select and for the amount you determine. This is a great way never to miss a payment.

Yes, you can. The extra amount you pay will be applied to your loan. You can make additional payments, too. Doing both or either will help you pay off your loan faster and save you money on interest.

Yes. All of our accounts allow you to manage them and make your monthly payments online or through our mobile banking app.

We know life happens- so all of our loans come with a 15-day grace period. If you need more time than that, we’ll work with you. Just let us know as soon as possible. It’s easier to help you when we know ahead of time that making a payment will be tough for you.

That’s usually a request we can process. Just reach out to us as soon as you know that a date change would be helpful.

Depending on your current situation, refinancing your auto loan might save you money by giving you a lower interest rate, lower your monthly payment, or change your loan terms. If you think refinancing might benefit you, we welcome you to reach out and talk with one of our loan team members. 

You can also read more here, or here. You can also use our vehicle refinance calculator to calculate any possible savings.

Yes. We’re always happy to help you save money or find loan terms to fit better your life or budget, no matter where you initially got the loans.

You’ll apply to refinance an auto loan the same way you apply to finance a loan. 

Simply go here to our application. You’ll be asked to answer some questions about the type of loan you want, how much you want to borrow, and how long you want to borrow it for. Then you’ll need to add your personal information like your social security number, date of birth, Drivers License, and employment information.