Auto Loans

At BFCU, we provide our members with some of the lowest auto loan rates in Massachusetts. Whether you are buying a new or used vehicle, we can make the process of getting your next car simple and efficient. We offer flexibility on our loans, so you can take the full length of the term to payoff it off or do it early without having to fear any prepayment penalties.

BFCU Lien Holder Code: 

#C01123

Auto Loan Request

Submit your online auto loan application today for quick approval. Interest rates are determined by applicant's credit score.**

**Direct Deposit Discounted Rate: The ANNUAL PERCENTAGE RATE on your loan will reflect a discount of 0.50% if you have:

1. A checking account with BFCU;
2. A savings account with BFCU;
3. Direct Deposit from your employer to the BFCU checking or savings account;
4. Automatic loan payments from the BFCU checking or savings account that the Direct Deposit is set up with;

Your ANNUAL PERCENTAGE RATE will increase by 0.50% if you discontinue Direct Deposit to your BFCU savings or checking account. Any increase will take the form or more payments of the same amount. EXAMPLE: If your loan was $10,000 at 6% for 120 months and the rate increased to 6.50% after 3 years, you would have to make 4 additional payments.

Dealer Purchase

When purchasing a car from a dealership, you'll list BFCU as the lien holder on the purchase and sales agreement, Registration and Title Application (RTA). We will require a copy of the sales sticker when you purchase a new vehicle. 

Private Party Purchase

In cases of purchasing a vehicle from a private party, we will require a copy of the title (front and back), bill of sale, the Registration and the Title Application (RTA). BFCU should be listed as the lien holder.

Refinance

When refinancing your loan, we require a copy of your most recent loan statement, including the name of the financial institution, the payoff address, and the account number of your former loan. Additionally, please provide the 10-day loan pay-off amount, per diem (interest per day), and a copy of your car's registration. 

Lease Buyout

In the case of a lease buyout to finance the remainder of your car's purchase price with BFCU, we require a lease buyout letter from the leasing company. Please also provide an odometer disclosure statement and security deposition authorization (if applicable).