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Auto Loan FAQ 

Ahh, the great open road! Cruising around under sunny skies, in comfortable seats, and with a superb auto loan is a daydream we just can’t wait to have IRL. (Especially that last part.)

Getting a car is a big deal, but financing it doesn’t have to be. And lucky for you, you have us! We’re here to help! Let's take a look at some auto loan FAQs to get you started on the right path. (Get it?)

Common Auto Loan FAQs

Got questions about auto loans? We’ve got answers! Here’s a list of our most commonly asked questions for your reading pleasure.

Who is eligible to apply for a UMe auto loan?

Short answer? Anyone!

Long answer? If you’re not a UMe member and you apply for a loan with us, you’ll need to actually join the credit union to receive the funds. Membership with UMe is easy-peasy, especially if you’re looking to get a car loan through us. As long as you fulfill one of the following requirements, you’ll be golden!

It’s important to note that a valid driver’s license is necessary to list you on a car loan title, which comes into play later on. After all, the primary member or auto loan applicant must be listed on the car title. 

Are there any prepayment penalties for paying off a UMe car loan early? 

Zip! Zero! Zilch! None! Need we say more?

What qualifies a vehicle for a new auto loan rate versus a used auto loan rate?

The question may sound confusing… but, the answer is a lot simpler than you might think.

If the vehicle you’re looking to buy was built between 2019 and 2020 and has less than 5,000 miles, it will be considered NEW. If the vehicle was made anytime during 2010+, we’ll mark it as USED. Easy peasy, just like we promised!

How do I apply for a UMe auto loan?

Here at UMe, we believe in making things easy for you. Members can apply for their next auto loan online, in person, or over the phone with a UMe Team Member. 

How quickly are auto loan applications reviewed?

We may not break the sound barrier, but we are pretty fast! UMe auto loan applications are generally reviewed within 24 hours during the work week (Monday through Friday). Weekend applications will be reviewed in more detail during the next business day.

Can I get pre-approved for a car loan before I start car shopping?

Absolutely! Feel free to shop to your heart’s content with a pre-approval, and experience all the great perks that come with it, too.

Who can I purchase a car from once approved?

After you receive pre-approval from UMe, you are cleared to purchase a vehicle from:

  • Private parties within California
  • Franchise dealers
  • CUDL approved dealers
  • Autoland
  • Carmax
  • Enterprise

Don’t see your dealership on the list? Give us a shout at our main UMe office for help!

What do you need to apply for a car loan?

For your initial application, all you need to apply for pre-approval are:

  • Your SSN (social security number)
  • Monthly gross income (usually your most recent paycheck stub)
  • All personal information, such as your name, date of birth, and membership info

If your auto loan is approved, you’ll have to hold off on the partying for just a little longer. UMe will require you to submit:

  • Current proof of insurance
  • Current proof of income
  • Personal references, which are like letters of recommendation, but cooler

And after that? Rejoice! You’ve officially conquered the auto loan paperwork beast!

Ask Questions And Get Answers With UMe

A famous emu once said that auto loans are definitely not like a box of chocolates — you always know what you’re gonna get because when you bank with UMe, you never have to guess what’s in store. Wise words, indeed!

Get set up for success with an auto loan through UMe Credit Union today!

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