Auto Loans

Community First Credit Union membership is open to anyone who lives, works, or attends school in one of the following Florida counties: Baker, Brevard, Broward, Clay, Duval, Flagler, Indian River, Lake, Martin, Nassau, Orange, Palm Beach, Putnam, Seminole, St. Johns, St. Lucie, or Volusia.

Membership is also open to any relative of an existing or eligible Community First Credit Union of Florida member. We also offer membership to select employer groups, including employees of Brooks Rehabilitation, Miller Electric Company, and Web.com. Not sure if you qualify? Contact us.

Before you get started shopping for your vehicle in Florida, determine your budget, how much you can afford to pay each month, and how much you can offer as a down payment.

• Check our current auto rates and determine where your budgeted vehicle cost fits into the minimum financing amount, loan terms (length), and interest rates.
• Type your vehicle price, down payment, desired loan term, and interest rate into the auto loan calculator.
• Assess whether the final estimated payment fits into your monthly budget.
• If you have a vehicle to trade in, first estimate its current value using a resource such as Kelly Blue Book. Use this information in the advanced feature of the calculator to see how its value can lower your monthly payment.
• Also keep in mind auto insurance rates in Florida, which will be an addition to your monthly car payment.

The loan:

To secure the best loan terms and interest rate, be prepared to do your research. Typically, it is advised to compare at least three loan options. Compare interest rates and length of the loans against your budget. Keep in mind the price of the vehicle you want to finance. Think of a good, better, and best option, from lower price to higher. Weigh the cost of each vehicle with each loan term and interest rate against your monthly budget.

Also consider the length of the loan. Decide whether you would rather pay less per month and more over the life of the loan. If you are in a financial position to pay more per month, you will pay less in interest over the length of the loan term.

Also be aware of your credit score before applying for a loan. If your score is below 700, it could be more difficult to secure a loan with a good interest rate. Learn how you can improve your credit score.

The vehicle:

You can also be more cost effective by buying a slightly used vehicle. Due to depreciation, brand new cars lose up to 20% of their value as soon as you drive them from the car lot. You may be able to buy a car that is 1-3 years old and get more features for a better price than buying a base level vehicle in the latest model.

To apply online for an auto loan or at one of our branches, you generally need to provide the following information:

• Valid United States Driver's License, Permanent Resident Card, or United States Passport
• Your income
• Your address and proof of residence
• The make and model of the vehicle you want to finance.
• The desired loan amount and terms

Other documentation may be needed depending on your specific financial situation, but the information above is a good starting point and can make it easier to applyfor a loan. Read our helpful guide on qualifying for an auto loan.

You can apply for a Auto Loan online or in a branch. It takes minutes to complete the application, and eligible borrowers receive approvals in minutes.

To get the best auto loan interest rate for a used car, you need a higher credit score and a shorter loan term. At Community First, we offer loans for vehicles up to 13 years old, but interest rates are higher than if you are buying a new car. Check the model year of the vehicle you want to purchase, assess its current value, and be mindful of the LTV (loan to value) ratio. See our current rates for older used vehicles.

The loan term is the length of time a borrower is given to repay the loan. Keep this in mind when purchasing a vehicle. Generally, the longer the term, the more interest is owed. Elongated loan terms, which are being offered more frequently by many financial institutions, may lead to significant depreciation of the vehicle’s value by the time the loan is paid off.

Interest is the cost associated with borrowing money to finance a vehicle. This is what the lender charges to allow you to make payments over a period of time. Your monthly payment will include part of your principal (the cost of the vehicle) and a portion that goes toward the interest.

LTV stands for loan to value ratio. This is important to keep in mind when purchasing a vehicle because a high LTV means the borrower may owe more on a loan than the value of the car. To know the LTV of your loan, use this formula:

LTV = (Loan Amount / Car Value) * 100

There are a few times of the week and year that are best for getting a good deal on a car. They are:

• Weekdays
• Holidays
• End-of-year (October, November, December)

Generally, it's better to purchase a car on a weekday, a holiday, or on the last few days of the month. Dealerships often have sales quotas they are trying to meet for the month. October, November, and December are also good times to shop for a car. During the end-of-year season, dealerships are starting to get the next year's inventory in, which means you could get a better deal on the current year's model. Not looking for a new car? The end-of-year season is also a great time to shop for used vehicles due to the influx of trade-ins.

Because it is harder for a lender to assess the value and condition of a used car. Buyers must also be aware of the value of an older vehicle because of the loan to value ratio. With prices rising and interest rates fluctuating, a buyer may end up owing more on a loan than the vehicle is actually worth on the market.