Determine how much you can afford.

• Begin by reviewing your monthly expenses in relation to your income. Lenders usually help you do this for no fee and refer to it as a pre-approval process for automobile financing.
• Auto loans for new vehicles are usually for three to seven years. Loans for used vehicles are usually for two to four years.
• Interest rates for auto loans vary from lender to lender, so shop around for the best deal before you commit. Lenders include credit unions, banks, financing companies and dealerships.
• When you apply for an auto loan, your vehicle is the collateral for the loan. That means the lender partially owns the vehicle until the loan is paid in-full. At that time, the lender will sign over the vehicle title—a document that shows who owns the vehicle—to you.
• If you have an auto loan and you do not fulfill the loan terms then the lender may repossess the vehicle, sell it, and apply the proceeds to the loan balance. If the proceeds do not cover the loan balance then you will owe the remaining balance to the lender.
• Keep in mind that as you increase your monthly financial obligations, your borrowing power for other purchases and your ability to save money will be reduced.

A helpful tool for determining how much you can afford is the edmunds.com True Cost to Own ^SM (TCO) tool.

Click here for the PEFCU Auto Loan Calculator.

Research vehicles you're interested in.

Researching vehicle values, common problems and available features of vehicles will help you make a smart choice. Use the links below to research vehicles before you go shopping or apply for a loan.

Get pre-approved for an auto loan.

Drive your financial future with PEFCU. Affordable rates and speedy decisions make it easy for you to purchase the new or used car, truck or SUV that fits your needs and your budget. Financing terms range from 12 to 72 months with extended terms available for recreational vehicles including campers and RVs valued at more than $15,000.

Apply online now, stop by a branch, or tell your auto dealer you want PEFCU financing. View our current rates or click the "Apply Now" button below to apply online.