Auto Loans

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If you’re graduating or just starting out, earn your financial independence with your own auto loan. Manage this first car loan responsibly to build your own credit for the future.

• Wide range of terms available
• May require 6 to 12 months of continuous employment
• Fast decision making and local servicing
• Skip-a-Payment² available
• Insurance options available:
  • Guaranteed Asset Protection (GAP) Insurance
  • TruStage® Auto Insurance
  • Loan Protection Insurance
• Loan discounts available
• Apply on-site at our local lending partners

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Auto Loans at Evergreen Credit Union

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Do I need to be a member of Evergreen Credit Union to apply for an auto loan?

No, you do not have to be a member of Evergreen Credit Union to apply for an auto loan. However, if you are approved and before Evergreen funds your loan, you will be asked to open a Share (Savings) Account with a minimum deposit of $5. This $5 represents your ownership in our credit union.

What do I need to apply for an auto loan with Evergreen Credit Union?

Applicant must live, work, worship, or attend school in Androscoggin, Cumberland, Lincoln, Oxford, Sagadahoc, or York counties, or have an immediate relative who meets our field of membership requirements.

To apply for your auto loan, you will need a valid government issued photo ID.

If a PO Box is listed on your government issued photo ID or doesn’t reflect an address within the six counties listed, please be sure to provide documentation to support your membership eligibility such as a: car registration, recent pay stub, utility bill or a signed lease agreement.

If you work, worship, or attend school within one of the six counties in our field of membership, please provide one of the following: a recent paystub, a letter from your place of worship, or a current class schedule or a transcript from your school.

If you have an immediate relative who meets our field of membership requirements, additional supporting documentation, such as the examples provided above, will be required.

How can I apply for an auto loan with Evergreen Credit Union?

You can apply for an auto loan at Evergreen by

• Clicking here to apply right now!
• Visiting Online Banking or Mobile Banking
• Visiting any of our 5 branches

What auto loan terms are available at Evergreen?

Evergreen offers a wide range of auto loan terms such as:

• Up to 24 months
• Up to 48 months
• Up to 60 months
• Up to 72 months
• Up to 84 months

For First-Time Auto Loans, Evergreen offers:

• Up to 24 months
• Up to 36 months
• Up to 48 months
• Up to 60 months

Does Evergreen offer first-time auto loans?

Yes, Evergreen offers first-time auto buyer rates and loan terms.

Can I get an auto loan for a new or used vehicle?

Yes, at Evergreen we offer auto loans for both new and used vehicles.

Can I refinance an existing auto loan at Evergreen?

Yes, you can apply for refinancing at Evergreen Credit Union.

How long does it take to get approved for an auto loan?

Approval time varies on the applicant. Some may be approved on the same day they apply while for others it may take longer if more information is required.

Does Evergreen offer Guaranteed Asset Protection (GAP Insurance)?

Yes, you can chose to purchase GAP Insurance at the time of purchase or any time throughout the term of your auto loan.

Does Evergreen charge an application fee for an auto loan?

No, Evergreen does not charge a fee for you to apply for an auto loan.

Can I apply for an auto loan on a weekend?

Yes, you can apply for an auto loan 24/7 online or visit any branch with Saturday hours.

Why choose Evergreen Credit Union for my auto loan?

You should choose to apply for your auto loan with Evergreen Credit Union because we have:

• Competitive rates
• Personalized service
• Fast decision making and local servicing
• Loan discounts available
• Loan Protection Insurance
• You can work on-site with our participating auto dealers and local lending partners.

Can I finance a vehicle from dealership or private seller?

At Evergreen, we can help you finance the vehicle of your choosing, whether it’s from a dealership or private seller.

How long is a pre-approval valid?

Once preapproved, that status is good for 30 days.

How do I make payments on my auto loan?

Making payments on your auto loan is easy! You can

• Set up automatic payments through Online Banking or Mobile Banking
• Visit Online Banking or Mobile Banking each month when your payment is due and manually initiate your payment.
• Visit a Teller at any of our 5 branches

What happens if I’m denied an auto loan?

If you are not approved for an auto loan you can:

• Reapply in the future
• Make on-time payments and reduce credit card balances
• Take advantage of Evergreen’s free Financial Coaching or Everfi, Evergreen’s online financial education courses.

If I’m approved, how will I receive the funds for my auto loan?

When and if you are approved for your auto loan, Evergreen will issue you a bank check made out to the car dealership or private seller for the amount of on your Purchase and Sale Agreement.

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General FAQs About Auto Loans

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What does it mean to have pre-approval for an auto loan?

A pre-approval is a credit driven loan decision which allows you to shop for a vehicle in the price range that you’re qualified up to. A pre-approval is a positive talking point to share with a car dealership and is highly encouraged. When arriving at a dealership preapproved it allows the car dealer to know what kinds of cars to show you. It may also make the next steps of your transaction’s smoother.

How will my monthly payment be calculated for my auto loan?

Your monthly payment is calculated by the loan amount, the interest rate of the loan, and the loan term.

How is the rate calculated for my auto loan?

Rates for loans are primarily driven by credit scores and how long you want to borrow the money for (the term). For an auto loan, the make, the model, and the year of the vehicle also factor into the rate. This is the variance in collateral.

What is Guaranteed Asset Protection (GAP Insurance) and why do I need it?

Guaranteed Asset Protection or GAP Insurance is optional coverage that helps protect you financially if your car is totaled or stolen and you still owe more on your loan than the car is worth. It can be a smart safety net depending on your loan terms and down payment.

How do I get my credit score?

Your credit score can be obtained through multiple ways by:

• Accessing Online Banking or Mobile Banking: Menu → Tools → CreditHub: Score & Offers
• Going to AnnualCreditReport.com where you can get a free credit report each year from the three credit reporting agencies, Experian, Equifax, and TransUnion.
• Using free credit score apps or websites
• Visiting your local Evergreen branch where a team member will be happy to answer questions or assist you with the options outlined above.

What is Annual Percentage Rate?

Annual Percentage Rate is the total cost you pay to borrow money over a year.

What is a loan term?

A loan term is the amount of time you agree to repay the loan

Will applying for an auto loan affect my credit?

A hard inquiry may temporarily lower your credit score by a few points. Multiple applications in a short time can have a bigger impact. Visit, myFICO.com for more information or reach out to an Evergreen team member to further discuss statistics and likelihood of approval.

How much should I spend on my first car?

Buying your first car can be an exciting milestone but you want to be careful that the excitement doesn’t overtake the entire process. The right vehicle is one that meets your needs while keeping your monthly payment within an affordable range. Evergreen has multiple online calculators, team members at all 5 branches, and financial coaches available to help you in your budgeting and car buying process.

What credit score do I need for an auto loan?

The good news is that there is no single credit score requirement to apply for an auto loan. People with varying credit scores are approved, however, your score does have an impact on the interest rate you’ll receive. Evergreen offers options like the 1^st Time Auto Buyer Program, which is designed specifically for members who may have limited or no credit history, or perhaps no co-signer or large down payment. This means even if your score is low or you’re just starting out, you may still qualify under the right conditions.

Should I refinance my auto loan?

Refinancing your auto loan can be a good idea, but only if it will have a meaningful impact on your borrowing costs or monthly budget without creating other drawbacks.

Can I get an auto loan with imperfect credit?

Yes, you can absolutely get an auto loan with imperfect credit, you’ll usually end up paying a higher interest rate than someone with better credit. Evergreen offers options like the 1^st Time Auto Buyer Program, which is designed specifically for members who may have limited or no credit history, or perhaps no co-signer or large down payment. This means even if your score is low or you’re just starting out, you may still qualify under the right conditions.

My credit isn’t great, what can I do to improve my score?

If you don’t have excellent credit but are looking for an auto loan, here are some things you can do to improve your credit score:

• Make a larger downpayment
• Consider a less expensive vehicle
• Get preapproved
• Apply with a co-signer or co-borrower
• Wait a few months before applying, make on-time payments, and reduce credit card balances.

Can I add a co-borrower or co-signer?

Yes, you can add a co-borrower or co-signer to your loan application.

What is the difference between a co-borrower and a co-signer?

A co-borrower is a joint applicant who shares both ownership and responsibility for the loan while a co-signer helps the primary borrower to qualify but does not usually have ownership rights to the loan.

Is a down payment required?

A down payment is not always required for an auto loan, however first-time auto buyers and vehicles with higher mileage. While a down payment isn’t required it doesn’t hurt to bring one, here’s why:

• It lowers the amount you need to borrow
• It reduces your monthly payment
• It lowers the total interest paid
• It may help you qualify for better loan terms

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