Purchasing a new vehicle can be overwhelming, but U of I Community Credit Union is here to help. As financial coaches, we gathered some of the most common questions we receive about vehicle loans in order to help you through the process:
Q: What types of vehicles does U of I Community Credit Union (UICCU) finance?
A: UICCU offers loans for new and used cars, trucks, semis, motorcycles, ATVs, RVs, boats, jet skis, and trailers.
Q: What types of vehicle loans does UICCU offer?
A: UICCU offers multiple types of vehicle loans including buyouts from another financial institution, refinancing of current vehicle loan, dealer purchases, and private party purchases.
Q: Who is eligible to apply for a vehicle loan?
A: UICCU membership is open to anyone who lives or works in Champaign, Ford, Piatt, Douglas, Vermilion, Coles, Dewitt, Edgar, Iroquois, Moultrie, and Sangamon counties in Illinois. University of Illinois employees and students are also eligible, in addition to family members of current UICCU members. To see the full membership eligibility list, click here.
Q: Can I get approved before I pick out the car?
A: Yes, we actually recommend it! You can come in or apply online for a preapproval before knowing the vehicle you are purchasing. We will ask for an estimated dollar amount that you are expecting to spend and will base the approval amount off of that. Not sure how much you can spend within your budget? That’s okay! Ask your representative to help you estimate a payment based on certain dollar amounts so you can find out what works best for you.
Q: How does someone apply for a vehicle loan?
A: Applying for a vehicle loan is easy. Simply stop by one of our branches to meet with a member service representative, or apply online here. We also partner with select local dealerships that can take your application and close the loan when you are ready to make a purchase.
Q: What is the process when applying online?
A: The online application can be found here. The application process will take approximately 5-10 minutes to complete. You will receive a decision within 24 hours, or by the end of the next business day if your application is submitted on a weekend.
Q: What documents are needed to apply for a vehicle loan?
A: Click here to see a list of documents needed based on your situation.
Q: Do I need to show proof of insurance?
A: Yes, we require proof of full coverage insurance on the vehicle you are financing. You must always carry full coverage insurance while your loan is financed with UICCU. To show proof of insurance, we require a copy of the declarations page that lists UICCU as the lien holder and an effective date of coverage starting the day the loan contract was signed. We do not need your insurance card.
Q: Can I purchase a vehicle in another state?
A: Yes, we will finance vehicles in another state.
Q: Once approved, how do I pay the dealer?
A: We will give you a certified check payable to the dealership the same day the loan contract is signed and everything is finalized.
Q: What will my rate be?
A: Current rates can be found here. Your rate is determined by your credit score, year of vehicle you are purchasing, mileage on the vehicle you are purchasing, and the loan to value of the vehicle you are financing.
Q: How do I make payments to my vehicle loan?
A: There are several ways to make your payment to your vehicle loan:
- Mail a check with your payment coupon
- Visit a branch location to pay with check or cash
- Setup automatic payments from another institution
- Setup automatic payments from an account at UICCU
- Setup bill pay (iPay) on iBranch
- Make a payment online
Click here to view more information about our vehicle loans. If you have any additional questions, feel free to reach out to a member service representative by stopping by one of our branch locations or by calling 217-278-7700.