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Vehicle Loans FAQs

I have submitted my loan application – what’s next?

  • Once your application is submitted, it is sent to our lending team for review. You can expect an email to be sent to the address on file once a decision is made. To track the status of your application, you can refer to the Check Your Loan Application web page. You will need your application number and SSN/Tax ID.

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

There are factors that affect the rate, such as your credit history, the amount you’re financing and the term of the loan. Rates also may have changed in the time between your research and when your application was submitted. Getting your loan pre-approved in advance will enhance your car shopping experience since you will know your rate in advance.

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

If you applied for a pre-approval, you can go shopping for your new vehicle. Your pre-approval rate is good for 45 days. Ask the dealer 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 we can send you the loan documents to sign electronically, or 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 will need a completed Vehicle Refinance 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 or we can send it to you electronically.

When I refinance my vehicle loan that’s financed with another lender, who receives the check from Virginia Credit Union?

The check will be sent directly to the company 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 up to one year from the effective date of the loan. Additional qualifications must be met, so please contact Member Services at 804-323-6800 or 800-285-6609 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.

Are there any limitations to where I can register/title my boat?

Boats can be registered/titled in most states with the exception of Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Hawaii, Kansas, Maine, New Hampshire, North Dakota, Tennessee, Wisconsin, and Wyoming.

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