Important disclosure

BMI Federal Credit Union Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Updated 16 September 2023
Fact checked

A quick review of BMI Federal Credit Union auto loans

BMI Federal Credit Union logo
BMI Federal Credit Union (BMI FCU) offers financing for new, used, and recreational vehicles and auto loan refinancing. Members can get discounted rates and fees based on membership tiers, too. In addition, you can earn the same yields on share certificates while paying your auto loan.

Want to see what a BMI FCU auto loan will cost? Try the BMI auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key BMI Federal Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: Auto loans start at 5.79% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: No application fees.
  • Discounts: Lower interest rates and discounted fees for members.

BMI auto loan options

New and used vehicles

BMI FCU offers affordable interest rates and flexible rates for up to 84 months on new and used auto loans. For as low as 5.79% APR, you can finance a new vehicle for 24 months. Then, rates start at 5.89% APR for longer terms.

Recreational vehicles

BMI also has recreational vehicle loans for ATVs, RVs, boats, motorcycles, jet skis, motorhomes, and snowmobiles. Boats, RVs, and motorcycles come with rates as low as 6.99% APR. Meanwhile, you can finance ATVs and wave runners starting at 7.99% APR.

BMI auto loan calculator

Loan Amount

$25,000

Term

60 months

BMI Federal Credit Union

BMI Federal Credit Union auto loan

Estimated Month Repayments
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
Get a low interest rate BMI Federal Credit Union auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a BMI Federal Credit Union auto loan

Eligibility criteria

While BMI doesn’t specify the requirements to get a car loan, you typically need to:

  • Be a BMI FCU member
  • Be at least 18 years old
  • Be a U.S. citizen or permanent resident
  • Have a steady source of income

It’s also good to check out how to get an auto loan before applying at BMI. This way, you know what to expect and can come prepared for your loan application.

How to join BMI FCU

To join BMI Credit Union, you should either:

  • Live, work, worship, or attend school in Delaware, Franklin, Fairfield, Licking, Madison, Morrow County, Pickaway, or Union
  • Or be a relative of a member

What you’ll need to have ready:

When you apply for auto financing with BMI Federal Credit Union, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

You may need to provide BMI with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

When refinancing, you may need to give additional details, like your automobile’s make, model, age, mileage, and vehicle identification number (VIN). You also need to include proof of insurance. Having these details and documents on hand can help BMI FCU speed up your loan application.

Ways to apply for a BMI auto loan:

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 614-707-4000

Additional BMI FCU auto loan details

  • Automatic payment: Available.
  • Loan approval times: Undisclosed. However, credit unions generally take 1 business day to a few weeks depending on your situation.
  • Rate discounts: Competitive low rates for members with higher credit scores.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: Undisclosed.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Ways to repay: Online banking, mobile app, in person, and over the phone.
  • Hardship program: Undisclosed.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

Pros and cons

Pros

  • Competitive interest rates for members.
  • Flexible loan terms (up to 84 months).
  • Low rates for members with higher credit scores.
  • No application fees.
  • Many vehicle types – new and used vehicles, ATVs, boats, pickup trucks, jet skis, motorcycles, motorhomes, RVs, mowers, snowmobiles, and truck campers.
  • Several ways to apply – online, in person, and through partner dealers.
  • BMI car buying services.
  • Auto2Save program to earn the same yield on a share certificate as you pay your auto loan.
  • Loyalty Rewards program with reduced rates and fees based on your membership tier.

Cons

  • Membership limitations.
  • Undisclosed vehicle requirements.
  • Undisclosed fees and penalties.
  • Low credit scores may lead to higher rates.
  • Only 5 branches in Dublin, Columbus, and Westerville.

Frequently asked questions

Does BMI Federal Credit Union refinance auto loans?

Yes. You can refinance your auto or sport recreational vehicles through BMI without paying application fees.

What is the maximum length of a BMI auto loan?

You can finance your BMI FCU vehicle loan for up to 84 months.

What information do I need to provide when applying for a BMI Credit Union vehicle finance?

When applying for a car loan, you typically need to provide your personal and contact details, SSN, address, and monthly expenses. You will also need to show proof of identity, income, and employment.

How many pay slips does BMI Federal Credit Union require during my car loan application?

You need to provide a copy of your last 2 month’s pay stubs. But if you’re self-employed, you may usually use your bank statements, tax returns, 1099s, or other proof of income sources.

Where can I apply for a BMI car loan?

You can apply for BMI FCU vehicle financing online, in person, or over the phone.

Are there discounts available on BMI FCU auto loans?

Yes. Through the Loyalty Rewards program, BMI offers discounted rates and fees based on membership tiers.

What is Auto2Save?

BMI’s Auto2Save helps auto loan holders to open an Auto2Save Certificate account. This lets members earn the same rate they pay on their auto loans. Moreover, members can add funds up to 10% of the car loan payment to their Auto2Save Certificate.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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