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Oakland University Credit Union Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 15 October 2023
Fact checked

Oakland University Credit Union auto loans overview

Oakland University Credit Union logo

Whether it’s for purchasing, refinancing, or leasing, Oakland University Credit Union (OUCU) provides flexible auto loans. Members can choose from different loans tailored for cars, motorcycles, recreational vehicles, boats, and commercial vehicles.

Want to see what an OUCU auto loan will cost? Try the Oakland University 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 Meriwest Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Up to the NADA Clean retail value.
  • Interest rates: From 7.09% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: No application fee.
  • Discounts: Undisclosed.

OAKLAND UNIVERSITY CREDIT UNION AUTO LOAN OPTIONS

New and used auto loans

You can finance pre-owned and new vehicles starting at 7.09% APR. Moreover, you can extend your repayment period for up to 84 months. Remember though that the rates you qualify for depend on your credit score, loan term, and collateral.

Auto lease

Auto leases are also available at Oakland University Credit Union. Through this, you can get a vehicle with payments of 25-40% less per month. Mileage options also begin at 7,500 miles a year.

Recreational vehicle and boat loans

You can also go on an adventure with OUCU’s RV and boat loans. With this loan, you can finance 5th wheelers, motorhomes, travel trailers, campers, and boats for as low as 8.24% APR. Plus, terms can be as long as 180 months.

Motorsport and motorcycle loans

Whether you’re after new or used motorcycles or motorsport vehicles, you can fund one through OUCU. For motorcycles less than 600cc and other motorsport vehicles, rates start at 7.14% APR. Meanwhile, motorcycles with 600cc or greater have rates from 7.09% APR.

Business auto loans

You can also fund vehicles for commercial purposes. Interest rates start at 8.09% APR, and terms can stretch up to 84 months. Keep in mind that the business and collateral should be located in Michigan.

Oakland University Credit Union auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

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Oakland University Credit Union

Oakland University Credit Union auto loan

Oakland University 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 Oakland University 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 Oakland Credit Union auto loan

Eligibility criteria

Although OUCU doesn’t state the vehicle financing criteria, you should usually be:

  • A member of OUCU
  • 18 years old or older
  • A legal resident
  • Employed or have a reliable source of income

Other than the criteria, it helps to understand how to get approved for a car loan. This will prepare you for the loan application process so that you can make guided decisions. Plus, this can give you insight into how to qualify for the best loan rates and terms.

How to join OU Credit Union

OUCU membership is open to:

  • Oakland University faculty, staff, students, alumni, or donors and their immediate family members
  • Desk Drawer Fund donors
  • Select employee groups
  • Anyone who lives, works, worships, goes to school, or owns a business in Oakland, Genesee, Lapeer, Livingston, and Macomb Counties
  • An immediate family or household member of someone who has a credit union account

What you’ll need to have ready

Personal details

When you apply for auto financing with Oakland University 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 OUCU 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.

You should have at least $1,000 available equity if you’re refinancing an existing OU Credit Union loan to lower your rate. Then, this amount will be added to your new loan balance and deposited into your account.

Ways to apply for a Meriwest CU auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 517-333-2424

Additional OUCU auto loan details

  • Automatic payment: Available.
  • Loan approval times: Pre-approval in as little as 10 minutes. Online applications may take 1-2 business days.
  • Rate discounts: Rate discounts for members with great credit.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: $0.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Ways to repay: Internal transfer, manual one-time payment, automatic recurring payments, and by mail.

Vehicle restrictions and limitations

  • Maximum vehicle age: No age limitations.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Flexible loan terms.
  • Quick loan approval.
  • No application fees.
  • No prepayment penalties.
  • Fast pre-approval offered.
  • Multiple partner dealers.
  • Co-applicants allowed.
  • No vehicle age limitations.
  • Auto purchase, refinance, and lease allowed.
  • Loans for new and pre-owned cars, classic cars, motorcycles, snowmobiles, ATVs, motorhomes, 5th wheels, travel trailers, campers, boats, and more.

Cons

  • Undisclosed late payment fee.
  • Membership required.
  • Applicants with poor credit standing may get higher interest rates.

FREQUENTLY ASKED QUESTIONS

How much interest does Oakland University Credit Union charge on car loans?

OU Credit Union’s vehicle loans start at 7.090% APR for new and used auto loans.

How to apply for a vehicle loan at OU Credit Union?

You can apply online, over the phone, through a chat with Fran, and in a branch location.

Are there early repayment fees on OUCU auto loans?

You can pay off your loan early without worrying about prepayment penalties.

How long does an Oakland Credit Union car loan take to be approved?

You can get pre-approved in 10 minutes. Then, it may take 1-2 business days to get approved online.

How do I pay my Oakland Credit Union auto loan?

You have multiple options to pay your car loan. Payments can be through internal transfers, manual one-time payments, automatic recurring payments, and by mail.

Are the auto loans available in all 50 states?

Oakland Credit Union offers auto loans to all members who live or work in the U.S.

Video: OU Credit Union is the official financial institution of Oakland University

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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