Buying & Refinancing an Auto - East County Schools Federal Credit Union
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Auto Loans & Refinance

Auto/Truck Loan Pre-Approval

Save yourself time & money by having your loan approved before you shop for a vehicle. A pre-approved vehicle loan is valid for 90 days*. Pre-Approved financing can give you an advantage when bargaining for the price of the vehicle.

Most loan paperwork can all be done electronically. Even new credit union members can fly through the process. Get pre-approved by filling out a no-obligation application online or meeting with a loan officer in branch. Happy driving!

NEW or USED Automobile or Truck Purchase

100% financing, not to exceed manufacturer's suggested retail price on new vehicles

120% of wholesale value (including options) on used vehicles.

Our financing also includes sales tax, license, Credit Life and/or Disability, and low cost, high value MBP (Mechanical Breakdown Protection) and GAP (Guaranteed Asset Protection) policies. Our vehicle loans have great rates and low monthly payments.

  • Same Great Rates for New or Used Vehicles - See our “Current Rates
  • Terms up to 84 months ($30,000 or greater)
  • Convenient, automatic payments from checking or by payroll deduction
  • Credit life and/or disability insurance at lower rates
  • Convenient 10 or 11 monthly payments per year if you need it

Refinance Your Vehicle

Is your car loan with another lender? Lower your monthly payment or improve the terms of your loan by refinancing with East County Schools FCU **

Auto Buying Assistance

We partner with New Cars Inc. to help you locate and purchase your next new or used car, truck, SUV or van. A representative is in our El Cajon branch to help you; they take the price haggling out of the purchasing, and will even deliver the car to you!

Rates as low as 1.49%APR*** (based on receiving 0.50% off our 2.49%APR*** lowest rate if you finance your loan though ECSFCU and buy your new or used car through New Cars Inc. and receive another 0.50% automatic payment discount when paying with an ECSFCU checking account or payroll deduction).

Find the current value of your vehicle

It’s easy! Whether you are looking to find the value of a vehicle you are considering to purchase, or need to find out how much you should get with a trade in, just sign on to Kelley Blue Book.

*Finance charges begin accruing as of the loan origination date.

**APR = Annual Percentage Rate. Rate shown includes 0.50% deduction for automatic payments from an ECSFCU checking account or payroll deduction. Rate is also based on a 0.50% New Cars Inc. discount. When you purchase a new or pre-owned vehicle through our auto buying partner, New Cars Inc., get 0.50% off your qualifying interest rate for loans up to 66 months, or 0.25% off your qualifying interest rate for loans 67-84 months. Rates may vary based upon credit history and loan term. (Example: $15,000 loan for 60 months at an APR of 2.500% will be $265.96 per month. Other rates and terms available. New Vehicle Loans up to 100% TPP / 120% Invoice. Used Vehicle Loans up to 120% KBB Wholesale. Add 2.00% for non-purchase vehicle loans. All loans subject to approval and rates are subject to change.

***Refinancing not available on existing ECSFCU auto loans.

Guaranteed Asset Protection (GAP) Advantage with PowerBuyTM

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GAP is an optional insurance policy, available for new and used vehicles, that pays the difference between how much is owed and what your insurance company pays if the car is declared a total loss or stolen. Unless you’re covered by GAP insurance, this financial shortfall, or GAP, could leave you owing thousands of dollars.

Your car’s actual value is the cost of the car when it was new minus depreciation, age, mileage, condition, etc. Since cars depreciate quickly, the amount you receive from the insurance company may be significantly less than what you owe.

Who Should Buy GAP?

GAP is primarily for those who have a 60-month (or longer) term loan, have less than 20% down, or purchased a car that has a high rate of depreciation.

Read more about GAP Insurance

GAP insurance hypothetical example:

Description Dollar Amount
Purchase Price $25,000
Loan Balance at time of loss: $20,000
Value of Vehicle at time of loss: $17,000
Amount Insurance Company Pays: $17,000
Remaining Loan Balance: $3,000
ECSFCU GAP Protection Pays: $3,000

Signing up for GAP is easy:

  • Sign up for GAP when you apply for your vehicle loan
  • GAP amount can be rolled into your monthly loan payment
  • GAP is fully refundable if you cancel coverage within the first 60 days
  • Guaranteed Asset Protection coverage is only $400

What is PowerBuy?

PowerBuy provides you with additional funds to finance your next vehicle with East County Schools, in addition to paying off your loan balance.

Did you Know?*

  • A vehicle loses 11% of its value the second you drive it off the lot
  • 15-20% is the average value a new car loses annually

*Information from Edmunds.com

Your purchase of GAP Advantage with PowerBuy is optional. Whether or not you purchase GAP Advantage with PowerBuy will not affect your application for credit or the terms of any existing credit agreement you have with the credit union. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP Advantage with PowerBuy. You should carefully read the contract for a full explanation of the terms.

Mechanical Breakdown Protection

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How many times have you heard stories about vehicles breaking down right after the warranty expires? Mechanical Breakdown Protection (MBP) shields you from the high costs of mechanical or electrical repairs on your vehicle once your basic manufacturer’s warranty has expired. In addition, MBP also provides comprehensive roadside assistance, nationwide coverage, and the flexibility to choose a repair facility of your choice. Before you commit to any other program, compare it to our Mechanical Breakdown Protection plans.

Read more about Mechanical Breakdown Protection

Benefits of MBP

  • Available on both new and used vehicles
  • No deductible on covered parts or labor
  • Nationwide protection
  • Direct payment to repair facility
  • 24-Hour Roadside Assistance
  • Transferable coverage if you sell your vehicle before your agreement expires
  • Rental Vehicle Assistance
  • Increased resale value

To learn more about Mechanical Breakdown Protection contact one of East County Schools’ lending professionals at (619) 588-1515

Credit Life, Disability, and Unemployment Insurance

Protects you and your family from unforeseen circumstances, including loss of a life, an unexpected disability, loss of employment, or an unpaid family leave. All of these “protected events” are difficult to predict.

How Does it Work?

Instant Loan Decision 24/7

Apply for a loan on YOUR schedule. East County Schools FCU offers several convenient and secure ways for you to submit your loan request. Simply click on one of the links below to get started.

Approved loan decisions come back immediately*. Non-automatically approved loans are reviewed generally within a business day and one of our loan officers will contact you.

If you're looking for a Vehicle Loan, Signature Loan, VISA Credit Card** or Home Equity Loan**, make it easy on yourself with our online loan application!

* Pending verification of income and credit
** VISA Credit Card and Home Equity Loans do not have Instant Loan Decisions

Non Credit Union Members may also apply for a loan online

You can still apply for a loan before you become an ECSFCU member. All non-members must meet membership requirements before any loan can be funded. See if you are eligible for ECSFCU membership.

Apply for a Loan Online Loan Application

Loan Rates

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Members LoveECSFCU!

  • ECS-logo

    From the beginning of the process to the day of funding, Suzy and her assistant, Lance, were exactly what anyone would hope for when refinancing their home. They responded to all my questions with patience and in a timely manner. They let me know what to expect and when to expect it every step of the way. I couldn't be more pleased with the service I received. Thank you Suzy and Lance for making this so easy!

     

    Elissa Ellis-MacLeod, on her ECSFCU home refinance