Vehicle Loans

Before you apply for an auto loan, you’ll want to have the following on hand:

• Know your Social Security Number or Individual Tax Identification Number. If you have an ITIN, you may be asked to bring in your ITIN letter issued by the IRS – the application process will retrieve your credit report and score, so you’ll need to have your tax ID ready
  • As a UW Credit Union member, you can check your credit score for free anytime in Web Branch using our credit score monitoring tool
• Know your income – We may ask for paystubs from the last month, a job offer letter, or bank account statements from the last 6 months to verify your income
• Vehicle information – year, make, model, Vehicle Identification Number (VIN), current mileage, and asking price of the vehicle you wish to purchase

**Note: Applications for married Wisconsin residents will require the information of both spouses, even if one party will not be on the loan.

Yes, you can apply for a loan even if you haven’t chosen the exact vehicle yet. UW Credit Union offers a pre-approval option, which allows you to get an idea of the interest rate and loan amount you qualify for. While the final application would be based on the specific vehicle you choose, a pre-approval can help you better understand a budget and streamline your buying process once you find the right vehicle. Our pre-approval process will ask questions about your financial situation and review your credit profile to help you determine your eligibility before ever stepping into a dealership.

Check out our Auto Research Center to help your vehicle searching process!

From the time you submit your application to UWCU, you will have 30 days to find your vehicle and complete the application.

Yes, it is possible to get a vehicle loan with a low credit score, but you may face higher interest rates. Taking steps to improve your credit score before applying can help you get better terms on your new loan. Another option is to find a parent, guardian, or relative who has a higher credit score and is willing to co-sign on your loan. However, credit score is not the only factor that is reviewed in this process! Eligibility is based on your credit, income, payment history, and employment history. Standard underwriting criteria will apply.

Check out our resources and tools for credit score monitoring! This will give you a way to keep an eye on your credit score and potentially help you refinance to a lower rate or payment in the future.

At UWCU, your vehicle loan’s interest rate is determined by several factors, including your credit score, loan term, and the model year of your vehicle. Higher credit scores and shorter loan terms generally lead to lower rates, while lower scores and longer terms can cause the rate to be higher. New cars have different rates compared to used ones. For a general understanding of UW Credit Union’s available rates, terms and projected monthly payments, check out these charts. 

Whether you’re shopping for a new or used vehicle to purchase or just looking to get pre-approved, we offer budget-friendly financing! Already have the vehicle you love but wish you had lower payments? No problem! Our fast, online refinancing can help you save. Find out how we help our members across the country with their vehicle lending needs! Standard underwriting criteria will apply.