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

Carla Soto
Carla Soto
Updated 20 October 2023
Fact checked

SchoolsFirst Federal Credit Union auto loans overview

SchoolsFirst Federal Credit Union logo

SchoolsFirst Federal Credit Union was founded in 1934 and is the largest credit union in California. Whether you’re buying or refinancing, SchoolsFirst has competitive car loans you can choose from. On top of great rates and terms, the credit union offers tailored loans for first-time buyers and members with limited or no credit history.

Want to see what a SchoolsFirst auto loan will cost? Try the SchoolsFirst 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 SchoolsFirst Federal Credit Union auto loan features

  • Minimum loan amount: $25,000 or greater for an 84-month term.
  • Maximum loan amount: Up to 130% of the car’s value.
  • Interest rates: As low as 5.85% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: Undisclosed.
  • Discounts: Autopay discount.

SCHOOLSFIRST FCU AUTO LOAN OPTIONS

New and used auto loans

SchoolsFirst offers up to 130% financing for pre-owned and new vehicles. Interest rates range from 5.85% to 18% APR, and you can choose repayment periods of up to 84 months. Moreover, you can finance a leased or private-seller car.

​First-time auto buyer loans

If you’re a first-time buyer or you have a limited or no credit history, SchoolsFirst FCU offers special loans, too. You can borrow up to $30,000 and choose a term of up to 60 months. However, to qualify, you should put in a 10% cash down payment.

SchoolsFirst Federal 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

Change
SchoolsFirst Federal Credit Union

SchoolsFirst Federal Credit Union auto loan

SchoolsFirst 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 SchoolsFirst 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 a SchoolsFirst Federal Credit Union auto loan

Eligibility criteria

Meriwest doesn’t specify the requirements, but you should normally meet the following criteria:

  • At least 18 years old
  • A member of SchoolsFirst FCU
  • Qualify for credit

To improve your chances of qualifying, try to boost your credit and lower your debt-to-income ratio (DTI). These will show you’re a responsible borrower, so the credit union may offer you more ideal APRs and repayment terms.

How to join SchoolsFirst Federal Credit Union

You can be a part of SchoolsFirst if you meet one of the following criteria:

  • A current or retired school employee of an eligible school
  • An immediate family member of a SchoolsFirst FCU member
  • An employee of a company that provides a direct service to an eligible school or district in California
  • A college student enrolled in an eligible education program with a student teaching requirement

What you’ll need to have ready

Personal details

When you apply for auto financing with SchoolsFirst 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 SchoolsFirst 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.

If you’re refinancing your car loan, you need to prepare more details. These include your current lender’s information, proof of auto insurance, and a completed authorization for payoff form. So, ensure you’re ready with the necessary documents and details to make your application easier.

Ways to apply for a SchoolsFirst FCU auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call (800) 462-8328

Additional SchoolsFirst auto loan details

  • Automatic payment: Available.
  • Rate discounts: 0.75% rate discount for automatic transfers from a SchoolsFirst FCU account.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: $0.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Hardship program: Skip-a-payment available. (Learn more)
  • Ways to repay: Online banking and mobile banking.

Vehicle restrictions and limitations

  • Maximum vehicle age: 5 model years old for an 84-month term.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Low interest rates.
  • Longer repayment periods.
  • Longer repayment terms.
  • Up to 130% financing.
  • 0.75% autopay discount.
  • Pre-approval offered.
  • No prepayment penalty.
  • Available for purchasing and refinancing.
  • No payments for the first 90 days.
  • Auto Convenience Check (ACC) offered.
  • Multiple car-buying services available.
  • Qualified members can skip one or two consecutive payments during the summer months without impacting credit scores.

Cons

  • Limited to members.
  • Loan fees undisclosed.
  • Possible higher APRs for applicants with poor credit scores.

FREQUENTLY ASKED QUESTIONS

How much interest does the SchoolsFirst FCU charge on car loans?

SchoolsFirst’s interest rates range from 5.85% to 18% APR.

Are there discounts available on SchoolsFirst vehicle loans?

If you set up automatic payments from your SchoolsFirst FCU account, you can get a 0.75% rate discount.

What is the maximum term of a SchoolsFirst FCU car loan?

SchoolsFirst offers loan terms of up to 84 months.

Can I repay my SchoolsFirst Federal Credit Union vehicle loan early?

Yes. You don’t need to worry about prepayment penalties if you pay off your loan earlier.

How much do I qualify for with a SchoolsFirst FCU auto loan?

Depending on your qualifications, you may finance up to 130% of the vehicle’s value.

Does SchoolsFirst refinance auto loans?

You can refinance your existing loan to SchoolsFirst and benefit from the credit union’s low rates and flexible terms.

How to apply for a SchoolsFirst Federal Credit Union auto loan?

Auto loan applications can be online, over the phone, and in person.

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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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