Auto Loan Options

• What is the difference in new car vs. used car loans?

  A car loan is classified as new if the car has only been owned by the manufacturer or dealer and the title has never been in a person's name. A used car loan is a car that has been owned by someone else previously, even if you're planning to purchase it from a dealer.
  
  While each dealer or financial institution has their own guidelines, at Mutual 1st Federal we consider current and previous model year (2020 and 2021) vehicles as new car loans. Cars can be financed for up to 10 model years, so model years 2012 - 2019 are considered a used car loan.

• What is the best way to finance a car?

  Getting pre-approved before you go to the dealer gives you a financial advantage. By getting pre-approved for an auto loan, you concentrate on finding the right vehicle for you. It gives you the best negotiating power to focus on the price of the vehicle, since you already know what you're pre-approved for, and how much the payments will be.
  
  If you get pre-approved for an auto loan with Mutual 1st Federal, we can provide a pre-approval letter which you can take with you to a car dealer to simplify the buying process.

• What do I need to apply for a car loan?

  To apply for an auto loan, you'll need:
  
  

  • To be eligible for membership (or be a current member) at our credit union: live, work, worship or attend school in Omaha or the surrounding area (find out more about becoming a member)
  • An estimate of how much you want to borrow
  • Work or income history
  • Personal information (address, date of birth and social security number)

  If you're planning to make a down payment or have an estimate on a trade-in, that information is helpful to provide when applying for an auto loan.