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

Carla Soto
Carla Soto
Updated 05 October 2023
Fact checked

Lafayette Federal Credit Union auto loans overview

Lafayette Federal Credit Union logo

Since 1935, Lafayette Federal Credit Union (LFCU) has been offering its members affordable financing options. LFCU has auto financing for a range of vehicles, including old and new cars, trucks, SUVs, motorcycles, boats, RVs, and even vintage cars. Qualified members can lock in rates from 5% APR and terms extending up to 84 months.

Want to see what an LFCU auto loan will cost? Try the Lafayette Federal Credit Union 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 Lafayette Federal Credit Union auto loan features

  • Minimum loan amount: $25‚000 for 73 to 84 months.
  • Maximum loan amount: Up to 125% of the vehicle’s appraised value.
  • Interest rates: From 5% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: Undisclosed.
  • Discounts: Autopay, fuel-efficient vehicle, and auto insurance discounts.

LAFAYETTE FCU AUTO LOAN OPTIONS

New and used auto loans

For as low as 5% APR, you can either buy a new or used car, truck, or SUV or refinance your existing auto loan. LFCU’s auto loans can stretch up to 84 months. Plus, you may qualify for certain rate discounts for setting up automatic payments and choosing a fuel-efficient vehicle.

Classic auto loans

Lafayette FCU also offers loans for buying or fixing vintage cars, like exotic vehicles, hot rods, muscle cars, and kit cars. Rates can go as low as 5.500% APR for purchasing and 8% APR for restorations. You can stretch your repayments for up to 120 months.

Motorcycle loans

If you’re looking for a way to secure a bike, Lafayette FCU also has loans for motorcycles. You can apply for new or used motorcycle loans with up to 60-month repayment periods. Moreover, the starting rate is 7.250% APR, and you can borrow up to 125% of the total cost.

Recreational vehicle and boat loans

You can finance up to 90% of the purchase price or value of a recreational vehicle or boat, too. LFCU has flexible repayment terms of up to 15 years with rates starting at 10.75% APR.

Lafayette Federal Credit Union auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

$25,000

Term

60 months

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Lafayette Federal Credit Union

Lafayette Federal Credit Union auto loan

Lafayette Federal Credit Union auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Lafayette Federal Credit Union auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America 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 an LFCU auto loan

Eligibility criteria

Lafayette Credit Union doesn’t specify standards for auto financing, but you should commonly be:

  • An LFCU member
  • 18 years old or older
  • Employed or have a dependable source of income

Each credit union has unique criteria you need to meet. To boost your chances of getting approved for credit, ensure you choose a lender that matches your situation.

How to join Lafayette Credit Union

LFCU is open to anyone who meets one of the following requirements:

  • Live, work, worship, or study in the Washington, D.C. metro area or Potomac, Maryland
  • Employee of a Select Employer Group
  • Member of the American Consumer Council living in Maryland, Virginia, or Washington, D.C.
  • Family member of a Lafayette Federal member
  • Home Ownership Financial Literacy Council (HOFLC) lifetime member

What you’ll need to have ready

Personal details

When you apply for auto financing with Lafayette 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

Documents

You may need to provide LFCU 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.

Besides the late fee, consider inquiring about other loan fees that Lafayette FCU may charge, too. This will allow you to crunch the numbers, compare other offers, and weigh your options. Being prepared for your total loan expenses can help you avoid defaulting on your loan.

Ways to apply for a Lafayette FCU auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 1 (800) 888-6560

Additional LFCU auto loan details

  • Automatic payment: Available.
  • Loan approval times: Credit unions may take a day to a few weeks depending on your circumstance.
  • Rate discounts: 0.25% APR discount with direct deposit and autopay from a Lafayette Federal checking account. 0.125% APR off for qualified fuel-efficient vehicles.
  • Repayment frequency: Monthly.
  • Late payment fees: 5% of the amount due.
  • Prepayment penalty: Undisclosed.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Hardship program: Undisclosed.
  • Ways to repay: Online, through mail, and in person.

Vehicle restrictions and limitations

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

PROS AND CONS

Pros

  • Competitive interest rates.
  • Flexible repayment periods.
  • Up to 125% financing.
  • 0.25% rate discount with autopay.
  • 0.125% APR discount for qualified fuel-efficient vehicles.
  • Convenient online application available.
  • Loans for a variety of vehicles – new and old cars, trucks, SUVs, motorcycles, boats, RVs, and vintage cars.
  • Easy auto-buying service.
  • Discounted auto insurance for members.

Cons

  • 5% late payment fee.
  • For members only.
  • Undisclosed vehicle requirements.
  • Potential higher APRs for borrowers with poor credit scores.

FREQUENTLY ASKED QUESTIONS

Are there discounts available on Lafayette Credit Union vehicle loans?

LFCU offers a 0.25% APR discount when you setup automatic transfers from a Lafayette Federal checking account. If you finance a qualified fuel-efficient vehicle, you may also qualify for a 0.125% rate discount.

How to apply for an auto loan at Lafayette Federal Credit Union?

You have multiple options when applying – online, in a nearby branch, or by contacting the credit union.

How do I pay my LFCU car loan?

You can conveniently pay your vehicle loan online, through mail, and in a branch near you.

Does Lafayette FCU refinance auto loans?

You can refinance your auto loan to benefit from Lafayette’s low interest rates and discounts.

Will applying for vehicle finance with LFCU affect my credit score?

Note that submitting a loan application will require LFCU to do a hard credit check. This will then appear on your credit report and decrease your score by a few points. To lift your credit, ensure you avoid missing your monthly payments.

How much do I qualify for with a Lafayette Credit Union auto loan?

Qualified borrowers may loan up to 125% to finance either new or used vehicles.

Video: Andrew’s member experience | Lafayette Federal Credit Union

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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