Auto Loan FAQ

At Atlantic Financial FCU, we aim to make it easy for you to get into your new car. With a quick application process and affordable loan options, let our team help you to invest in the car of your dreams or the one that’s perfect for your family’s lifestyle.

Take a look at some of the most commonly asked questions about auto loans. If you have further questions, be sure to reach out to us today.

Auto Loan Application Questions

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

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.

Provide us with all the requested information on the loan application. We may inquire about proof of income, proof of identification, and other information if necessary.

It’s always our goal to process your loan application right away. Often, we can tell you within a day if you qualify for a loan and if we can process the loan for the vehicle you’ve selected. For a faster process, apply for your loan with us now and then start shopping with confidence.

Auto Loan Questions

To find out, log into your account. Navigate to your statement for more information. You can also contact our offices to learn a real-time amount you owe based on the current interest on your loan.

It’s never a good idea to miss a payment. We understand things can happen. That’s why we encourage you to reach out to our team right away to ensure we can work with you to get your loan payments caught up and back on time.

After your final loan payment is processed, we will then get your title to you. This can take some time depending on state laws and legal requirements. You can always give our team a call to learn more about the current status of your title or lien release.

Let us help you. When you plan to sell your car, give us a call. We will release the title or the equivalent to it after the loan is paid in full. You can view your payoff balance on your account or learn more by calling our offices.

Making Auto Loan Payments

Yes, you can. The extra amount you pay will be applied to your loan. You can make additional payments, too.

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. You can pay more than your required amount. This is a great way to never miss a payment.

Making payments online is incredibly easy and convenient. It is also possible to check your account balance and to look at previous statements using your online account.

Depending on the terms of your loan, you may have to pay a fine for each late payment. We also want to make sure you get that payment made on time so it does not get reported to the credit bureaus as being late.

If you need to change your payment due date, we can typically process this request for you.

We’re Here for You

If you’re considering an auto loan or want more information on our current rates, loan types, and terms, we invite you to learn more about our auto financing options. Let’s answer those questions, provide you with insight, and get a loan offer in your hands in no time. Click the button below to learn more!

Learn More About Auto Loans & Car Buying