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Auto Loans

Ready for a new car? Whether you are a first-time buyer or looking to refinance, we have many options that can cater to your specific auto financing needs. Parsons Federal Credit Union has the resources and experience to help you secure a simple, affordable loan that's right for you! You can find all our auto rates here.

Interested in applying? Here is what you need to know to get started.

To apply on your smartphone, click here. Otherwise, choose from the following drop-down menus to apply for the loan you're interested in, straight from your desktop.

New Auto Loans

We have some of the most competitive vehicle loan programs and rates available in the marketplace today, offering:

  • Up to 125% financing available, including tax, license and GAP
  • Terms up to 84 months*
  • No pre-payment penalties
  • Pre-approval before you shop — for a bargaining edge at the dealer and so you know exactly how it fits into your budget
  • We can refinance a new vehicle purchase too — see how our rates compare to the dealer's

Vehicle loans Click here for current rates and terms for new vehicle loans.

How much will my auto payment be?

Parsons Federal Credit Union is unable to finance vehicles registered to a business.

*Minimum loan amount $15,000 for loans up to 72 months and $25,000 for loans up to 84 months

Apply Now

Pre-Owned Auto Loans

We can help you finance your purchase, refinance your existing vehicle loan* or buy out your existing lease. Check out our competitive rates and flexible terms.

Pre-Owned Auto Purchase

When you’re buying a pre-owned vehicle:

  • Finance up to 125% of Kelley Blue Book Retail Value including GAP
  • Minimum loan amount $5,000
  • Terms up to 84 months**

*Existing Parsons FCU auto loans not eligible for refinancing

**Minimum loan amount $15,000 for loans up to 72-months and $25,000 for loans up to 84 months

Private Party Purchases

If you’re buying your vehicle through a private party, speed up the process by providing these documents and information with your application:

  • Original Certificate of Title (If the seller is not currently financing the vehicle)
  • Signed Authorization of Payoff from seller (If there is a financing lien)
  • Copy of most recent statement or payment coupon which lists lender's phone number and address
  • Copy of the current vehicle registration document

Note:  We do not finance vehicles purchased on eBay, Craigslist or from auction

Refinancing Auto Loans from Another Lender

If you’re refinancing a vehicle loan currently financed through another lender, gathering these items will help us process your application as quickly as possible:

  • Copy of the current vehicle registration documents
  • Copy of most recent statement or payment coupon which lists lender's phone number and address

Due to privacy concerns, lenders may not release information about your loan directly to us. We may ask that you obtain payoff information about your loan and forward it to us.

Lease Buy-Outs

Love your leased car so much you can’t bear to part with it? We can also help finance your lease buy-out, with a loan that’s treated as a pre-owned vehicle loan with our standard rates and terms. In addition to the needed documents we’ve listed in that section, also provide with your application the lease buy-out instructions from your leasing company that shows:

  • Amount required to terminate the lease
  • Instructions for completing the DMV paperwork
  • Odometer Statement (Normally provided by lease finance company)

Due to privacy concerns, most leasing companies will not provide information about your lease directly to us. Also, the leasing company involved may direct you to an affiliated auto dealer to complete the lease termination procedure. In such cases, the dealer will assist you in completing our loan paperwork.

Vehicle loan rates Click here for current pre-owned and refinanced vehicle loan rates.

How much will my auto payment be?

Parsons Federal Credit Union is unable to finance vehicles registered to a business.

Apply Now

RVs & Boats

If the open road — or open waters — call to you in a big way, Parsons FCU can offer financing for the purchase or refinance of new and pre-owned RVs and boats. We offer low, fixed-rate financing and competitive terms, on loans that offer smooth sailing all the way.

  • Financing for powerboats, sail boats, motor homes and travel trailers
  • Up to 100% financing on loan amounts up to $100,000
  • Terms up to 180 months
  • No prepayment penalties

For complete terms and details for a specific loan type, contact one of our loan officers at (800) 765-4527.

Check out our current RV and Boat Loan Rates.

Apply Now

Motorcycles & Off-Road Vehicles

Motorcycles, Scooters

  • Available for new and pre-owned motorcycles
  • Terms up to 72 months
  • Minimum 10% down payment required
  • Financing available for up to Kelly Blue Book Retail Value or NADA Guide's Clean Retail Value

Motorcycles must be fully registered and "street legal" (no off-road, motor-cross or pocket type motorcycles).

For complete terms and details, contact one of our loan officers at (800) 765-4527.

Apply Now

Off-Road Vehicles

  • Available for new and pre-owned ATVs
  • Terms up to 72 months
  • Minimum 10% down payment required
  • Financing available for up to Kelly Blue Book Retail Value or NADA Guide's Clean Retail Value

Apply Now

Check out our current rates.

accessibility fix Loan payment calculator here.

First-Time Buyer Vehicle Loans

Vehicle loans are a great way to establish and build credit — or rebuild it. Unlike many banks or finance companies, we don’t penalize our members for their lack of credit history with sky-high interest rates and mandatory co-borrowers. We offer our first-time buyers and credit builders the same affordable, low fixed-rates.

We do require that applicants are:

  • At least 18 years of age
  • Have a valid driver's license
  • Have been employed for at least 12 months

The maximum loan amount for the First-Time Buyer Vehicle Loan is $20,000. The required  down payment could be as low as 5%* depending on credit approval.

Current rates Click here for current rates.

*Subject to credit approval

Apply Now


Learn about Parsons FCU vs Dealer Rates

Shopping for a vehicle loan is a lot like shopping for the car itself—you want to be sure you’re getting the best deal possible! However, keep in mind that a lower rate doesn’t necessarily mean you’re going to save money. Dealers will often offer you a lower or comparable rate, but you must watch out for hidden fees and stipulations.

Before making a decision, ask your dealer the following questions:

1) What are the terms of the loan? When dealers offer “lower” rates, they usually come with a maximum loan term of 36-months –which means your monthly payments will be higher. Parsons FCU offers terms up to 84 months for new and pre-owned vehicle loans, with flexible terms and rates that allow you monthly payments that fit your budget.

2) Are there any application or documentation fees? Most dealers (and banks) will charge you an application or documentation fee, which is usually about $100. Adding this amount to your loan, even with a “lower” dealer rate, may cost you more money in the end. Parsons FCU does not charge application or documentation fees.

3) Is the dealer offering a rebate? If you choose the dealer’s rebate plan, you forego the low or zero-interest rate loan. Adding the rebate to your down payment can make Parsons FCU financing very attractive – because the larger down payment reduces the amount financed.

4) Are there any pre-payment penalties? At times you may want to pay a little bit more than your minimum monthly payment, or pay off the loan early. Some dealers will not allow these pre-payments and will charge you a penalty fee if you pay your loan off early. Parsons FCU does not charge any pre-payment penalties.

The following payment breakdown is only an example.  Member savings may vary on an individual basis. Loan terms and conditions may also vary.

Auto Loans

Parsons FCU Loan
@ 2.74% APR*
60-mo. term

Dealer Loan
@ 2.99% APR* 
60-mo. term

Loan Amount



Standard Monthly Payment



Total Interest



Total Payment



*APR = Annual Percentage Rate. See all of our rates here.  All loans subject to approval.

By going with Parsons FCU, you can save $133.53.