Commonly Asked Auto Loan FAQs
At Chartway, we take pride in providing our member base with the right information they need to make the smartest, strongest, and most relevant decisions for their personal financial goals.
Continue reading to learn the most commonly asked questions about auto loans.
Who is eligible to apply for an auto loan?
Any member of Chartway FCU’s family of banks is eligible to apply for an auto loan. Membership is limited to those who qualify via specific employment or associations.
Some of these membership prerequisites may include:
- Association through one of the 750 employers and businesses that offer Chartway’s services to employees
- An immediate family member who currently banks with Chartway
- A donation to a specialized charity group such as the We Promise foundation
- A registered address near one of the many Chartway branches found all across the United States
Chartway members must own an active banking account to complete their auto loan application.
Are there prepayment penalties for paying a loan early?
When obtaining an auto loan through Chartway, members will not be faced with any hidden fees due to paying off a balance early. However, some members prefer to maintain the original length of their loan to build a stronger credit score and a longer borrowing history.
How do I apply for an auto loan?
Chartway makes it fast and easy to apply for auto loans, guiding borrowers through three easy online steps.
- Secure Membership: Sign up for a savings or checking account through Chartway before applying for your loan.
- Provide Information: Following the on-screen instructions, applicants will be asked to provide important details such as their credit score, desired car price, and repayment schedule. This will help our bank officers move quickly through the approval process.
- Discover Your Rate: To get a better picture of your potential auto loan rate, consult with our most recent interest rates.
Auto loan applications can also be completed in person at any one of Chartway’s local branches.
How quickly can I get approved for an auto loan?
Once the auto loan application process has been completed, Chartway’s professional bank officers will deliver an answer within twenty-four hours or less. This allows applicants to apply for their auto loan and shop for a new vehicle within the same day.
Can I get preapproved before going into a dealership?
Auto loan pre-approval is available for select applicants meeting a specific set of criteria.
To check if you are qualified, please call our Member Solution Center at (800) 678-8765.
What are the benefits of refinancing?
Refinancing a previous vehicle loan is an excellent way to save, consolidate, and manage personal debt.
This can be extremely beneficial for members who are:
- Interested in lowering their monthly car payments
- Concerned with their current interest rates
- Seeking the best option for their vehicles and specific cash flow needs
To begin the vehicle refinancing process through Chartway, simply submit an application for review along with any relevant information regarding your current loan. Loan officers will respond to your application within one business day.
What are the current auto loan rates?
Chartway’s auto loan rates are updated frequently and continuously recognized as some of the best interest rates in the area. Check out our most recent interest rates here.
For questions regarding current promotions or reduced interest rates, contact a local bank officer.
Step Into An Auto Loan Today
Chartway is proud to provide loyal members with the opportunities they need to achieve their goals.
Take the next step towards financial freedom by securing your auto loan of choice with Chartway now.