You can apply for any kind of JHFCU vehicle loan online, over the phone, or in person at any one of our branches. Generally, your loan request can be processed in minuets. When applying, contact us to find out if you need to submit any additional materials with you application. The Credit Union offers the following types of vehicle loans:
JHFCU will refinance any other car loan at 1% less!* Whether you just bought your vehicle with dealer financing last month, or you bought it 3 years ago, as long as your loan payments are currently up-to-date, you can save money with JHFCU and pay off the vehicle over the term of the original loan.
Applying is easy! You can apply in person at one of our branches, over the phone by calling 410-534-4500 and pressing 3, or online by logging into your account. There's no lengthy approval process, and you can keep the same term on your loan or extend it if you add GAP insurance. To take advantage of this offer and improve your financial health, be sure to bring us:
*As low as our new or used car rates. Floor rate is equal to our current new car loan rate. Rates subject to change. Minimum loan $3,000. No off-lease vehicles. Existing JHFCU loans are not eligible for refinancing. Members may elect to apply through our regular underwriting process, where rate is based on applicant's credit and may vary. Other restrictions may apply.
You can apply for any kind of JHFCU vehicle loan online, over the phone, or in person at any one of our branches. When applying, you may also want to contact us to find out if you need to submit any additional materials with your application. The Credit Union offers the following kinds of vehicle loans:
Regardless of what kind of vehicle you desire, new or used, JHFCU offers you the option of applying for a pre-approved auto loan. Before submitting an application for pre-approval, members are encouraged to determine what kind of car they wish to purchase (new or used), the probable term of the loan, and the amount of down payment. These factors will affect your estimated payment amount and, therefore, will affect your pre-approval. Members may be approved for a maximum of $50,000. Those who want to apply for more than $50,000 need to submit a purchase order at the time of application. JHFCU will also finance registration fees, taxes, lien fees, and up to $1000 for any warranties.
If you've been pre-approved for an auto loan, the Credit Union will send you a letter detailing how much money you can borrow, the term of the loan, and the interest rate on your loan. The approval will be valid for 30 days from the date of the letter.
When financing a new car, JHFCU may be your lowest cost option, and there are other benefits to financing with the Credit Union as well. Rates are typically 2-3 percentage points lower than what banks or finance companies offer, and even though special dealer rates may be lower, it's most likely because they will charge you more for the car if you take the low rate. (In most cases, you have a choice of a rebate or lower rate, and taking the rebate and applying it towards the purchase generally works out much more favorably for you!)
The Credit Union offers a choice of 48, 60, or 72 month terms and can finance 100% of the value for qualified borrowers. Rates for all car loans are determined by an evaluation of the applicant's credit, and members can receive an additional ½ % off with Direct Deposit to JHFCU. A JHFCU car loan offers extra flexibility through a variety of repayment options: you can set up a payroll deduction so that part of your payment comes right out of each paycheck. You can also transfer money online or over the phone from your checking or savings account. Or, if you have an account elsewhere, you can elect to have payments debited monthly via ACH, the Automated Clearing House system. Finally, you have the option to bring in or mail your monthly payment.
If you purchased a car within the past 120 days, you can still apply to refinance the vehicle at our new car loan rates under our "second chance" financing program.
When applying for a used car loan for a car purchased through a private dealer, you may need to submit additional materials along with your application: such as purchase order or inspection certificate. Contact the Credit Union by calling 410-955-4500 and pressing 3 if you have any questions. The vehicle cannot be more than 20 years old. Older vehicles may be financed at our unsecured loan rates for qualified applications.
JHFCU also offers Auto Plus loans for both new and used cars. With Auto Plus, you can borrow up to 125% of the vehicle's retail value and take advantage of our low rates. Plus, when you get an Auto Plus loan from the Credit Union, you'll receive free GAP (Guaranteed Auto Protection) insurance, which pays off your remaining loan balance should your car be stolen or damaged and determined a total loss. Rates for new and used Auto Plus loans are 2% over the stated car loan rate as determined by evaluation of the applicant's credit and direct deposit option..
You can also finance your new or used boat, Jet Ski, RV, or mobile home with JHFCU. Check our rate page for current rates and terms, or call the Credit Union for more information. Rates for recreational vehicles are determined by an evaluation of the applicant's credit.
A Home Equity loan or line of credit is another financing alternative for your vehicle purchase. With rates as low as prime minus 1/2%, no closing costs, and the possibility of tax-deductible interest, a JHFCU Home Equity loan may be worth considering. Contact the Credit Union for more details.