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 60 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.
*APR = Annual Percentage Rate. Rate shown is for well-qualified borrowers. Rate includes 0.50%
automatic payment from an ECSFCU checking account or payroll
deduction. All loans subject to approval and rates are subject to
change. Rate is also based on the following 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. 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.
** Refinancing not available on existing ECSFCU auto loans.
Guaranteed Asset Protection (GAP) Advantage with PowerBuyTM
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.
GAP insurance hypothetical example:
|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
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.
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?
This voluntary insurance premium is included in your monthly payment; you won't receive extra bills or statements. If you have a balance on your loan and are totally disabled due to injury, illness, or in the event of an unexpected death, Credit Life and Credit Disability Insurance can help.
Why is it Valuable?
Credit Life and Credit Disability Insurance works in two different ways. You and your family won't have to make loan payments if you're totally disabled due to an injury or illness. It will help pay your loan until you're fully recovered, or in the event of an unexpected death, it will pay off the loan. Savings, salary or payoffs from other life insurance may be spared, giving your family financial freedom when they need it most.
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