Skip to Main Content Skip to Sitemap Skip to Online Banking
Take Our Survey
placeholder for jump to top link
Is it time to upgrade your vehicle?

Buying a Vehicle

test

Make sure your next vehicle is the right fit.

Auto Loans
Drive away happy with competitive rates on vehicle loans.
Learn more about managing your money.
Contact Us
Featured article
Image supporting Car Loan Options

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

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 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.

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 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. 

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 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.

How do I apply for a boat, motorcycle, or recreational vehicle 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.  

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.

What is Mechanical Repair Coverage? 

Our Mechanical Repair Coverage page explains all the details.

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.

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.

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. 

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.

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.

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.

Budgeting seminar

Attend this free seminar hosted by Credit Union One where you’ll learn how to better manage your money.
Register NowLearn More