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Car Loans FAQs


How long will it take to hear whether or not my loan application is approved?

We give top priority to car loans. We typically have an answer the next business day.

Why is there a difference between the rate on the web site and the rate I received?

There are factors that affect the rate: your credit history, the type of vehicle and the amount you’re financing. Rates also may have changed in the time between your research and your application was submitted. Loan pre-approval will let you know exactly what your rate will be when you’re ready to buy.

Now that my loan is pre-approved, what’s next?

If you applied for pre-approval, you can go shopping for your new vehicle. Your pre-approval rate is good for 30 days. Ask for the cash price since you have your financing in place.

If you’re purchasing your vehicle from a dealer, the dealer can fax us a purchase order. Then you can make an appointment to sign the paperwork at any branch. If you have access to a fax machine, we can fax you the loan papers.

If you’re purchasing your vehicle from a private seller, we need to have a completed non-dealer auto form and a Department of Motor Vehicles lien form in order to process the loan. Then you can make an appointment at any branch to sign the paperwork.

When I refinance my vehicle, who receives the check from the credit union?

The check will be sent directly to the financial institution that currently holds the loan.

Can I add Guaranteed Asset Protection (GAP) to an existing vehicle loan?

If you have an existing Virginia Credit Union auto loan, you may be eligible to purchase GAP. Additional qualifications must be met, so please contact us for details.

Can GAP be purchased if the vehicle is financed through another financial institution?

No, the vehicle must be financed at your credit union.

Can I purchase GAP for my used vehicle loan?

Yes, GAP may be purchased for both new and pre-owned vehicles.