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Vehicle Loans

Ready to buy a new or a pre-owned car, a boat, a motorcycle, or an RV? Whether you are a first-time buyer or looking to refinance, we have many options that can cater to your specific vehicle financing needs. Parsons Federal Credit Union has the resources and experience to help you secure a simple, affordable loan that's right for you! You can find all our vehicle rates here.

Click on the tabs below to learn more about our selection of loans.

New Auto Loans

We have some of the most competitive vehicle loan programs and rates available in the marketplace today, offering:

  • Click here for updated information on our attractive rates and terms.
  • Terms up to 84 months**
  • Up to 135% financing* available including tax, license, Guaranteed Auto Protection (GAP), and Mechanical Breakdown Protection.
  • No pre-payment penalties
  • Pre-approval before you shop — for a bargaining edge at the dealer and so you know exactly how it fits into your budget
  • Did you know? We can refinance your vehicle's loan — see how our rates compare to dealers by clicking here

How much will my auto payment be?

Note: Parsons Federal Credit Union is unable to finance vehicles registered to a business.

*Based on creditworthiness and/or appraised value of the collateral. Down payment may be required. Contact a Loan Officer for more information.
**Minimum loan amount may vary based on loan term.

Existing Member?
Click here to Apply

Not a Member?
Click here to Apply

Pre-Owned Auto Loans

We can help you finance your purchase, refinance your existing vehicle loan 1 or buy out your existing lease. Check out our competitive  rates  and flexible terms.

Pre-Owned Auto Purchase from a Dealer:

Unlike dealers or other financial institutions, Parsons FCU is able to offer you the same great new auto loan rates on a pre-owned vehicle purchase! Our low pre-owned auto loans will save you a significant amount of money over the life of the loan. Here is what we offer:  

  • Click here for updated information on our attractive rates and terms.
  • Terms up to 84 months**
  • Minimum loan amount of $5,000
  • Up to 135% financing* available including tax, license, Guaranteed Auto Protection (GAP), and Mechanical Breakdown Protection.
  • No pre-payment penalties
  • Pre-approval before you shop — for a bargaining edge at the dealer and so you know exactly how it fits into your budget

1 Existing Parsons FCU auto loans not eligible for refinancing
*Based on creditworthiness and/or appraised value of the collateral. Down payment may be required. Contact a Loan Officer for more information.
**Minimum loan amount may vary based on loan term.

Pre-Owned Auto Purchase from a Private Party

If you’re buying your vehicle through a private party, speed up the process by providing these documents and information with your application:

  • Original Certificate of Title (If the seller is not currently financing the vehicle)
  • Signed Authorization of Payoff from seller (If there is a financing lien)
  • Copy of most recent statement or payment coupon which lists lender's phone number and address
  • Copy of the current vehicle registration document

Note: Parsons FCU does not finance vehicles purchased on eBay, Craigslist or from auction

Based on creditworthiness and/or appraised value of the collateral. Down payment may be required. Restrictions may apply if you reside outside California.
Contact a Loan Officer for more information. 

Refinancing Auto Loans from Another Lender

If you’re refinancing a vehicle loan currently financed through another lender, gathering these items will help us process your application as quickly as possible:

  • Copy of the current vehicle registration documents
  • Copy of most recent statement or payment coupon which lists lender's phone number and address

Note: Due to privacy concerns, lenders may not release information about your loan directly to us. We may ask that you obtain payoff information about your loan and forward it to us.

Lease Buy-Outs

Love your leased car so much you can’t bear to part with it? We can also help finance your lease buy-out, with a loan that’s treated as a pre-owned vehicle loan with our standard rates and terms. In addition to the needed documents we’ve listed in that section, also provide with your application the lease buy-out instructions from your leasing company that shows:

  • Amount required to terminate the lease
  • Instructions for completing the DMV paperwork
  • Odometer Statement (Normally provided by lease finance company)
  • Up to 135% financing* available including tax, license, Guaranteed Auto Protection (GAP), and Mechanical Breakdown Protection.

Click here for current pre-owned and refinanced vehicle loan rates.

How much will my auto payment be?

*Based on creditworthiness and/or appraised value of the collateral. Downpayment may be required. Restrictions may apply if you reside outside California. Contact Loan Officer for more information.

Note: Parsons Federal Credit Union is unable to finance vehicles registered to a business.

Existing Member?
Click here to Apply

Not a Member?
Click here to Apply

EV & PHEV Auto Loans

Time to save the planet and your wallet too!

With so many Electric Vehicles (EV) to choose from these days, we have a feeling that many more of our members will be shopping for EVs when it’s time to get a new car. So, whether you’re looking for a brand new or pre-owned Battery Electric Vehicle (BEV) or Plug-in Hybrid EV (PHEV), Parsons Federal Credit Union has you covered with a loan that works perfectly for you and your preferences.  

Take advantage of our EV financing program:

  • Click here for updated information on our attractive rates and terms for new and pre-owned BEV and PHEV models.
  • Terms up to 84 months**
  • Up to 135% financing* available including tax, license, Guaranteed Auto Protection (GAP), and Mechanical Breakdown Protection.
  • No pre-payment penalties.
  • Quick pre-approval — for a bargaining edge at the dealer, and so you know exactly how it fits into your budget.
  • Financing available for all new and pre-owned BEV and PHEV models listed on  www.fueleconomy.gov

How much will my auto payment be?

*Based on creditworthiness and/or appraised value of the collateral. Down payment may be required. Contact a Loan Officer for more information.

**Minimum loan amount may vary based on loan term.

Existing Member?
Click here to Apply

Not a Member?
Click here to Apply

Dream Car for Auto Loans over $100,000

Your Dream Car is Within Reach!

The time has come to let Parsons FCU help you get a step closer to owning your ultimate dream car! Whether you’re looking for that super luxury cruiser that almost drives itself, a fit-for-a-movie-star grand touring convertible, an exclusive Formula-1 inspired sports car, or a battle-tested, army-sanctioned SUV, you know it’s not difficult these days to face price tags of $100,000 or more. We’re here to help our members secure their dream cars with a new, member-exclusive financing program, designed for vehicle purchases requiring loan values of $100,000 and more.

Take advantage of this special  Dream Car  financing program:

  • Click  here  for updated information on our "Dream Car" program's attractive rates and terms.
  • Maximum financing term of 84-months.
  • Minimum financed amount of $100,000.
  • Up to 135% financing* available including tax, license, Guaranteed Auto Protection (GAP), and Mechanical Breakdown Protection.
  • No pre-payment penalties.
  • Quick pre-approval — for a bargaining edge at the dealer, and so you know exactly how it fits into your budget.

How much will my auto payment be ?
*Based on creditworthiness and/or appraised value of the collateral. Down payment may be required. Contact a Loan Officer for more information.

Boat, RV & Travel Trailer Loans

If the open road — or open waters — call to you in a big way, Parsons FCU can offer financing for the purchase or refinance of new and pre-owned RVs and boats. We offer low, fixed-rate financing and competitive terms, on loans that offer smooth sailing all the way.

  • Financing for powerboats, sail boats, motor homes and travel trailers (horse and boat)
  • Up to 100% financing* on loan amounts up to $100,000
  • Terms up to 180 months
  • No prepayment penalties

For complete terms and details for a specific loan type, contact one of our loan officers at (800) 765-4527.

Check out our  current RV and Boat Loan Rates .
*Based on creditworthiness and/or appraised value of the collateral. Down payment may be required. Contact a Loan Officer for more information.

Apply Now

Motorcycle, ATV, & Off-Road Vehicle Loans

Motorcycles, Scooters

  • Available for new and pre-owned motorcycles
  • Terms up to 72 months
  • Financing available for up to NADA Guide's Clean Retail Value
  • Down payment may be required. Contact a Loan Officer for more information.

Motorcycles must be fully registered and "street legal" (no off-road, motor-cross or pocket type motorcycles).

For complete terms and details, contact one of our loan officers at (800) 765-4527.

Apply Now

Off-Road Vehicles

  • Available for new and pre-owned ATVs
  • Terms up to 72 months
  • Financing available for up to NADA Guide's Clean Retail Value
  • Down payment may be required. Contact a Loan Officer for more information.

Apply Now

Check out our current  rates .

accessibility fix Loan payment calculator  here.

First-Time Buyer Vehicle Loans

Vehicle loans are a great way to establish and build credit — or rebuild it. Unlike many banks or finance companies, we don’t penalize our members for their lack of credit history with sky-high interest rates and mandatory co-borrowers. We offer our first-time buyers and credit builders the same affordable, low fixed-rates.

We do require that applicants are:

  • At least 18 years of age
  • Have a valid driver's license
  • Have been employed for at least 12 months

The maximum loan amount for the First-Time Buyer Vehicle Loan is $20,000. The  required  down payment could be as low as 5%* depending on credit approval.

Current rates Click here  for current rates.

*Subject to credit approval

Apply Now

 

Learn about Parsons FCU vs Dealer Rates

Shopping for a vehicle loan is a lot like shopping for the car itself—you want to be sure you’re getting the best deal possible! However, keep in mind that a lower rate doesn’t necessarily mean you’re going to save money. Dealers will often offer you a lower or comparable rate, but you must watch out for hidden fees and stipulations.

Before making a decision, ask your dealer the following questions:

1) What are the terms of the loan? When dealers offer “lower” rates, they usually come with a maximum loan term of 36-months –which means your monthly payments will be higher. Parsons FCU offers terms up to 84 months for new and pre-owned vehicle loans, with flexible terms and rates that allow you monthly payments that fit your budget.

2) Are there any application or documentation fees? Most dealers (and banks) will charge you an application or documentation fee, which is usually about $100. Adding this amount to your loan, even with a “lower” dealer rate, may cost you more money in the end. Parsons FCU does not charge application or documentation fees.

3) Is the dealer offering a rebate? If you choose the dealer’s rebate plan, you forego the low or zero-interest rate loan. Adding the rebate to your down payment can make Parsons FCU financing very attractive – because the larger down payment reduces the amount financed.

4) Are there any pre-payment penalties? At times you may want to pay a little bit more than your minimum monthly payment, or pay off the loan early. Some dealers will not allow these pre-payments and will charge you a penalty fee if you pay your loan off early. Parsons FCU does not charge any pre-payment penalties.

The following payment breakdown is only an example. Member savings may vary on an individual basis. Loan terms and conditions may also vary.

Auto Loans

FINANCING A
NEW CAR  

Parsons FCU Loan
@ 4.00% APR*
60-mo. term
Dealer Loan**
@ 8.60% APR* 
60-mo. term

Loan Amount

$30,000

$30,000

Standard Monthly Payment

$553.91

$616.22

Total Interest

$3,324.50

$6,972.71

Total Payment

$33,234.50

$36,972.71

*APR = Annual Percentage Rate. Click here for current loan rates & disclosures. All loans subject to approval.

By going with Parsons FCU, you can save $3,738.21

**Dealer loan rate from (750 or higher new car):
https://cars.usnews.com/cars-trucks/advice/average-auto-loan-interest-rates