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Car Loan Options

Consider whether to get a loan from the dealer or Credit Union ONE.

By one estimate, the average American will buy nine vehicles in his or her lifetime. With all that practice, you’d think we would know how to get a great deal. But many folks don’t take the time to learn how to haggle or research the best way to pay for the car.



Obviously, most consumers don’t walk into dealerships with fists full of cash. They borrow money to purchase that rugged pickup, luxury sedan or kid-toting minivan. Some get their used and new car loans from banks or credit unions, others finance through auto dealerships.

So where should you get a car loan in Michigan? At Credit Union ONE, we offer many auto loan options with competitive interest rates. Meanwhile, consumer advocates warn car buyers to be wary about obtaining loans from dealerships. According to the nonprofit Center for Responsible Lending, U.S. consumers shell out, as a group, $25.8 billion in dealer financing overpayments over the life of their loans.

But don’t just take our word from it. Consider this list of car-financing pros and cons compiled by consumer experts:

Dealer Pros
  • You need a car immediately. You know exactly which model you want. You want to get the whole task done in one day. So it’s convenient to get the vehicle and loan from one place. Keep in mind, you get the best of both worlds by getting Credit Union ONE financing when you purchase a vehicle through one of our preferred dealers. 
  • Sometimes dealers do offer excellent interest rates, like those zero percent deals you see on TV. But be careful, that sort of offer might be available only for new cars, for certain models, or for consumers with the very best credit scores.
  • Dealerships seldom finance the loans on their own. They deal with a variety of banks. Sometimes they can get customers a good loan rate by “shopping” at several banks.
  • Some dealers will loan money to consumers with poor credit scores.

Credit Union ONE Pros
  • You already know us well because our relationship. When you borrow from us, there’s no danger in doing business with a fly-by-night operation. Plus, we are more in tune with your needs and more willing to help.
  • Your might be eligible for an interest rate discount if you have other loans with us. Credit unions have a reputation for having lower rates on used and new car loans. Plus, at Credit Union ONE, we have relationships with dealers to help you find your next ride.
  • There won’t be any hidden fees. We provide you with a list of all loan costs before you commit to borrowing the money.
  • We can pre-approve your loan before you go car shopping. You will know how much you have to spend and be spared the possible embarrassment of a dealership reject your financing application.

Other Considerations

No, you won’t ever get a zero percent loan from us. But our new car loans are very consumer friendly these days due to low interest rates. We're here to help you find the best deal possible.
No doubt you will spend time researching gas mileage and safety ratings before buying a vehicle.
But you should also spend time figuring out how much you can afford to borrow. Then when it comes to making the ultimate decision of where to get your auto loan, proceed carefully.
 
Related resources

How do I check my balance? 

You can find this information by logging in to Online Banking, Mobile Banking, or using 24-Hour Telephone Banking. Also, you can call the Member Contact Center at 800-451-4292 or visit a branch.

How do I view transaction information?

You can find this information by logging in to Online Banking, Mobile Banking, or using 24-Hour Telephone Banking.

How do I make a loan payment? 

Make a payment via phone; use the Make a Payment feature; transfer money through Online Banking; or use ACH autopay.

How can I get the lien released on my car?

The release of lien will be mailed to the address on file after 5 business days of the loan payoff. You can also contact Member Contact Center at 800-451-4292 to request a release of lien be mailed, emailed, or faxed.

Do you notarize? 

Credit Union ONE offers Notary services for members and non-members at no charge. Please visit any of our branch locations for this service. A notary public is an officer commissioned by the Michigan Secretary of State to serve as an unbiased and impartial witness. The most common function of the notary is to prevent fraud by attesting to the identity of a person signing a document. Notarization on a document certifies that the person whose signature is entered on the document personally appeared before the notary, established his or her identity, and personally signed the document in the presence of the notary.

Do you offer student loans? 

Credit Union ONE partnered with Student Choice to process student loans and we can help you apply for loans and find additional information online. 

What are your current loan rates? 

Our Rates page provides the most updated rates we're offering. 

What do I owe on my loan?

You can find this information by logging in to Online Banking, Mobile Banking, or using 24-Hour Telephone Banking. Also, you can call the Member Contact Center at 800-451-4292 or visit a branch.

My car is being repossessed what can I do to stop it?

Visit a branch or call the Member Contact Center at 800-451-4292 or If a member's loans are past due, up for repossession or charged off, the loan can be reviewed by the Credit Solutions Department.

How do I get a document notarized?

Credit Union ONE offers Notary services for members and non-members at no charge. Please visit any of our branch locations for this service. A notary public is an officer commissioned by the Michigan Secretary of State to serve as an unbiased and impartial witness. The most common function of the notary is to prevent fraud by attesting to the identity of a person signing a document. Notarization on a document certifies that the person whose signature is entered on the document personally appeared before the notary, established his or her identity, and personally signed the document in the presence of the notary.

What is Student Choice?

Credit Union ONE partnered with Student Choice to process student loans and we can help you apply for loans and find additional information online. 

Auto loan rates?

Our Rates page provides the most updated rates we're offering. 

What is the payoff on my loan?

You can find this information by logging in to Online Banking, Mobile Banking, or using 24-Hour Telephone Banking. Also, you can call the Member Contact Center at 800-451-4292 or visit a branch.

How much do I owe to bring my loan current?

Visit a branch or call the Member Contact Center at 800-451-4292 or If a member's loans are past due, up for repossession or charged off, the loan can be reviewed by the Credit Solutions Department.

How do I apply for a student loan? 

Credit Union ONE partnered with Student Choice to process student loans and we can help you apply for loans and find additional information online. 

Personal loan rates?

Our Rates page provides the most updated rates we're offering. 

How do I check my loan status?

Check your status by logging in to Online Banking; setting up alerts in Online Banking; accessing Telephone Banking or Mobile Banking. Also, you can call the Member Contact Center at 800-451-4292 or visit a branch.

How do I use your Skip-A-Pay feature?
 

Members can skip a payment on qualified loans in good standing twice every 12 months for a $30 fee per occurrence. Payments cannot be skipped in consecutive months.  The loan must be open a minimum of 121 days to be eligible. Read more about Skip-A-Pay.

Can I make a partial payment?

Visit a branch or call the Member Contact Center at 800-451-4292 or If a member's loans are past due, up for repossession or charged off, the loan can be reviewed by the Credit Solutions Department.

What is the difference between a secured loan and an unsecured loan?
 

A car loan and mortgage are the most common types of secured loan. An unsecured loan is not protected by any collateral. If you default on the loan, the lender can't automatically take your property. The most common types of unsecured loan are credit cards, student loans, and personal loans.

RV loan rates?

Our Rates page provides the most updated rates we're offering. 

How do I payoff my loan? 

Loan payoff amounts for same-day payoff can be obtained in Online Banking by clicking on the Loan Payment tab and from that menu selecting Loan Payoff Amount. You also can call the Member Contact Center or visit a branch. Dealers can call the Member Contact Center at 800-451-4292 for payoff amounts. Payoffs can be mailed to Credit Union ONE, 400 E Nine Mile Rd., Ferndale, MI 48220. Loan payoffs can be also be processed at a Credit Union ONE branch.

I am in the market for a new car, what are your current rates?

View our Rates page.

Boat loan rates?

Our Rates page provides the most updated rates we're offering. 

How do I complete the loan payoff process? 

Loan payoff amounts for same-day payoff can be obtained in Online Banking by clicking on the Loan Payment tab and from that menu selecting Loan Payoff Amount. You also can call the Member Contact Center or visit a branch. Dealers can call the Member Contact Center at 800-451-4292 for payoff amounts. Payoffs can be mailed to Credit Union ONE, 400 E Nine Mile Rd., Ferndale, MI 48220. Loan payoffs can be also be processed at a Credit Union ONE branch.

What are your CD rates? 

View our Rates page.

Motorcycle loan rates?

Our Rates page provides the most updated rates we're offering. 

I am not using my camper for the winter and will be putting it in storage? What do I need to do?

Members need to keep full coverage on their vehicles for the term of their loan. If the vehicle will be put in storage for any period of time and the member drops the collision insurance on the vehicle, the member can contact Credit Union ONE and so their loan can be noted. Members should be aware when vehicle is taken out of storage that full coverage needs to be placed back on.

How do I apply for a recreational vehicle loan? 

Get all the details about Vehicle Loans online.

Home equity loan/line of credit rates?

Our Rates page provides the most updated rates we're offering. 

My auto is a VET and I will not be driving it for the winter so I will be putting it in storage. What do I do?

Members need to keep full coverage on their vehicles for the term of their loan. If the vehicle will be put in storage for any period of time and the member drops the collision insurance on the vehicle, the member can contact Credit Union ONE and so their loan can be noted. Members should be aware when vehicle is taken out of storage that full coverage needs to be placed back on.

How do I apply for a boat loan? 

Get all the details about Vehicle Loans online.

How do I apply for a motorcycle loan? 

Get all the details about Vehicle Loans online.

What types of boats will you finance? 
 

We finance pontoon, deck, ski, bow rider and other fishing boats. We do not finance high-performance boats, cruisers or Jet-Skis. Read more on our Boat Loans page.  

How do I apply for a (personal, auto, home equity) loan? 

Apply online, in person at any Credit Union ONE Branch or call 800-451-4292.

What types of RVs will you finance? 
 

We finance Class A and B, Class C, Fifth Wheel, Travel Trailers and Pop-Up Campers. Lean more on our RV & Camper Loans page.

What types of motorcycles will you finance? 
 

We finance street bikes and three-wheeled bikes. We do no finance custom choppers or high-performance street bikes. Learn more on our Motorcycle Loans page.

How does Skip-a-Pay work?
 

Our Skip-a-Pay page provides all the details about this service.

How do I pay off my loan? 

Loan payoff amounts for same day payoff can be obtained in Online Banking by clicking on the Loan Payment tab and from that menu selecting Loan Payoff Amount. Call the Member Contact Center at 800-451-4292 or visit a branch.  Payoffs can be mailed to Credit Union ONE, 400 E. Nine Mile Rd., Ferndale, MI 48220. 

What is Mechanical Repair Coverage? 

Our Mechanical Repair Coverage page explains all the details.

How can I make a payment to a Credit Union ONE loan?
 

You can make payments to your Credit Union ONE loan through the Online Banking, Mobile Banking, and Telephone Banking systems. You may also use the "Make A Payment" service that allows you to make one-time ACH or debit/credit card payment to your Credit Union ONE loan.

How do I complete the loan payoff process? 

Loan payoff amounts for same day payoff can be obtained in Online Banking by clicking on the Loan Payment tab and from that menu selecting Loan Payoff Amount. Call the Member Contact Center at 800-451-4292 or visit a branch.  Payoffs can be mailed to Credit Union ONE, 400 E. Nine Mile Rd., Ferndale, MI 48220. 

How do I purchase Mechanical Repair Coverage? 

Our Mechanical Repair Coverage page explains all the details.

Why is my loan past due?

Visit a branch or call the Member Contact Center at 800-451-4292 to get all the details you need.

How will this affect my credit report? 

Visit a branch or call the Member Contact Center at 800-451-4292 to get all the details you need.

I didn't make my payment because I did not have a coupon?

Call the Member Contact Center at 800-451-4292 or visit a branch. There is a $5.00 fee for a set of 36 coupons.

How can I get more loan coupons?

Call the Member Contact Center at 800-451-4292 or visit a branch. There is a $5.00 fee for a set of 36 coupons.

How do I close a loan with Credit Union ONE?

Loan closing can be done at any Credit Union ONE branch. Some loans can also be closed electronically.

Can I close a loan online? 

Loan closing can be done at any Credit Union ONE branch. Some loans can also be closed electronically.

Where do I find information on my loan title?

Michigan is not a title holding state. Titles that are issued in the state of Michigan will be mailed to you once the Credit Union ONE lien is placed on it. If  a vehicle is titled out of state and that state is a title holding state, then the members title will be held at Credit Union ONE until the loan is paid in full.

Why is my loan past due?

Call the Member Contact Center at 800-451-4292 or visit any Credit Union ONE branch. If many cases, you might have sent in a loan payment but it was short a few cents. Your loan will become past due if the difference is not made up before the next due date and a late fee will be assessed. 

I made my payment and I was charged a late fee. Why?

Call the Member Contact Center at 800-451-4292 or visit any Credit Union ONE branch. If many cases, you might have sent in a loan payment but it was short a few cents. Your loan will become past due if the difference is not made up before the next due date and a late fee will be assessed. 

What is the interest rate on my loan?

Our current interest rates are quoted using the APY. Credit Union ONE does not refinance our own loans for a lower interest rate. Call the Member Contact Center at 800-451-4292 or visit any Credit Union ONE branch for more information.

Can I get a lower interest rate?

Our current interest rates are quoted using the APY. Credit Union ONE does not refinance our own loans for a lower interest rate. Call the Member Contact Center at 800-451-4292 or visit any Credit Union ONE branch for more information.

Where can I find my loan guarantee letter? 

Please visit a branch location of call the Member Contact Center at 800-451-4292 for more information.

How can I obtain a letter of guarantee?

Please visit a branch location of call the Member Contact Center at 800-451-4292 for more information.

Can I change the due date on my loan?

Contact Credit Union ONE at 800-451-4292 or visit any Credit Union ONE branch for assistance.

How do I change the due date on my loan?

Contact Credit Union ONE at 800-451-4292 or visit any Credit Union ONE branch for assistance.

I can't make the payment by the due date, what can I do?

Contact Credit Union ONE at 800-451-4292 or visit any Credit Union ONE branch for assistance.

I am having a problem making my payments?

The Member Contact Center Loan Servicing Agents can assist members with changing the due date on their loan that may better for their budget. Credit Union ONE does not refinance our own loans however we can look into lowering the interest rate on the loan if the member qualifies. If members are facing financial difficulties, we can assist with starting the Loan Modification process.

How can I change the due date of my loan payments?

The Member Contact Center Loan Servicing Agents can assist members with changing the due date on their loan that may better for their budget. Credit Union ONE does not refinance our own loans however we can look into lowering the interest rate on the loan if the member qualifies. If members are facing financial difficulties, we can assist with starting the Loan Modification process.

Can I refinance my loan for a lesser interest rate?

The Member Contact Center Loan Servicing Agents can assist members with changing the due date on their loan that may better for their budget. Credit Union ONE does not refinance our own loans however we can look into lowering the interest rate on the loan if the member qualifies. If members are facing financial difficulties, we can assist with starting the Loan Modification process.

Can I apply for a loan online? 
 

You can apply for a variety of secured and unsecured loans online. You can also apply at any of our branch locations or by calling us at (800) 451-4292.

How can I make a loan payment online?

You can make payments to your Credit Union ONE loans through Online Banking. Just click the Pay Bills link once you have logged in and follow the instructions.

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