Auto Loan Resources
Trust Target Credit Union to save you money on your auto buying and financing needs.
Whether you're purchasing a new or used car, or refinancing your current loan, turn to BCU for comprehensive vehicle financing solutions.
Finance Your Car
Get the new or used auto loan that fits your needs and delivers a great deal.
Refinance Your Car
Refinance with BCU. We'll help you lower your payment and save on interest.
Auto Buying Service
Save time and money with our exclusive Auto Buying Service.
Financing Your RV or Boat
Relax and enjoy the ride. Leave the financing to us.
- Mechanical Repair Coverage (MRC)
- Guaranteed Asset Protection (GAP)
- Loan Payment Protection (LPP)
- Northern Illinois Preferred Dealers
- TruStage Auto and Homeowners Insurance
- Online Notices
How do I know how much I would be approved for?
Since all pre-approvals are based on a number of variables within each applicant scenario, a loan application must be submitted for underwriter review to determine the actual amount we would be able to pre-approve. Pre-approvals are based on a few variables, such as, but not limited to:
- Your Credit History
- Loan Type
- Value of the vehicle relative to the amount of the loan
Do you provide counteroffers?
Yes! If we are unable to approve the full amount or term requested, we may provide you with a counteroffer.
How do I apply for a loan?
For your convenience, BCU provides a variety of ways to apply for financing. You may call us at 888-389-8344 to apply by phone, or if you prefer, you may be directed to our Online Loan Application to apply at your convenience. Once your loan application is completed, one of our loan associate will contact you either by email or phone within one business day to review the status of your application. Thank you for choosing BCU for your financing needs!
What factors does BCU consider for interest rates?
Here at BCU, rates are determined by a number of variables such as, but not limited to:
- Your Credit Score
- Value of the vehicle relative to the amount of the vehicle
- Age of the vehicle being financed
- Fuel Type
- Payment methods
Interest rates are subject to change.
What is Loan-to-Value?
Loan-to-Value refers to the amount of the loan in relation to the retail value of the vehicle being financed (i.e. auto is valued at $10,000.00, loan amount is $9,000.00 – 90% loan-to-value; auto is valued at $10,000.00, loan amount is $11,000.00 – 110% loan-to-value)
What are Rewards Rates?
Rewards Rates let you earn more on your deposits and/or save more on your loans. To qualify for a Rewards Rates you must have two of the following relationships:
- Direct Deposit of at least $500 per month into a checking account at the Credit Union
- At least $25,000 on deposit
- A qualifying loan in good standing that includes: Mortgage, Home Equity, Auto, and Credit Cards. A qualifying loan must have a current balance and credit cards must have a transaction within the past 30 days. Any Credit Union loan that is not in good standing or delinquent will disqualify you for Rewards Rates.
What are your loan terms?
BCU offers a wide range of loan repayment options with terms up to 84 months. You will be assigned a loan associate who will work with you to find the repayment options you are qualified for and best suited to your individual needs.
How long is a pre-approval valid?
Once a pre-approval is determined, it is valid for 90 days.
Could my pre-approval change?
In the event that any of the variables used to determine the pre-approval change, the pre-approval may change as well.
Can a pre-approval amount be increased?
Please contact your loan associate to discuss an increase.
Is a pre-approval specific to one vehicle?
No, your pre-approval is based on your qualifying characteristics and BCU’s guidelines. However, the terms of your pre-approval may change if the vehicle being financed changes. Please feel free to contact your loan associate to discuss vehicle scenarios.
What are the BCU guidelines for an auto loan?
The vehicle being financed must be within 10 model years or 100,000 miles or less to be considered for financing. (Exceptions may be considered on a case-by-case basis.) If you are uncertain whether or not your vehicle falls within these guidelines, please contact us with the specific VIN and mileage to discuss in more detail.
Can I purchase from a private party/individual?
- Yes!Please contact your loan associate to receive the private party sales agreement and other necessary loan documents.Documentation will need to be filled out between you and the seller and returned to your loan associate.
- If the owner has an outstanding loan on the vehicle, it may delay registration and titling of the vehicle up to 6 weeks.
What is the process if I have a preapproval letter and I want to make a vehicle purchase over the weekend or after Credit Union hours?
If you purchase a vehicle on the weekend have your dealership fax/email the purchase order to your loan associate. We will contact you on the first business day to discuss the terms and next steps. A check can be delivered to the dealer as early as the next business day.
- If you purchase a vehicle after hours, have your dealership fax/email the purchase order to your loan associate.We will contact you on the next business day.
Will the dealership let me take the vehicle home without same day payment?
This would be at the dealer’s discretion. Please have your preapproval in hand and discuss your options with the dealer.
Are there any fees associated with the auto loans?
Yes, depending on whether the vehicle is a purchase or refinance. The fees for vehicle purchases vary by state, but typically will not exceed $105.00. There is no fee for vehicle refinances.
If you would like to discuss in more detail you may call us at 888-389-8344. Our business hours are 7:30 a.m. to 6:00 p.m. CST. If you are ready to apply, please click here to be directed to our online loan application to apply at your convenience or call us at 888-389-8344. You may submit an application via the phone 7 days a week, 24 hours a day. Once your loan application is completed, one of our loan associates will contact you either by email or phone within one business day to review the status of your application.