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

Carla Soto
Carla Soto
Updated 11 November 2023
Fact checked

TruChoice Federal Credit Union auto loans overview

TruChoice Federal Credit Union logo

TruChoice Federal Credit Union boasts vehicle loans with affordable interest rates and long repayment periods. No matter if you’re financing new or used cars, motorcycles, snowmobiles, ATVs, boats, or even RVs, TruChoice offers the same low rates. Plus, you can apply and access your account anytime, anywhere.

Want to see what a TruChoice auto loan will cost? Try the TruChoice 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 TruChoice Federal Credit Union auto loan featuresx

  • Minimum loan amount: No minimum for vehicles more than 3 years old.
  • Maximum loan amount: Undisclosed.
  • Interest rates: As low as 5.49% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: Late fee.
  • Discounts: Undisclosed.

TRUCHOICE FEDERAL CREDIT UNION AUTO LOAN OPTIONS

New and used auto loans

TruChoice FCU offers competitive low-rate loans with flexible payment plans to help you finance your dream ride. Whether you want to purchase a pre-owned or new car, motorcycle, snowmobile, ATV, boat, or RV, rates begin as low as 5.49% APR. Additionally, you can make your loan payments for up to 84 months.

Car equity loans

If you have equity in your current car and need extra cash, you can also borrow up to 125% of your vehicle’s full value. You can use the funds for a variety of purposes and repay your car equity loan for as long as 144 months.

TruChoice 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
TruChoice Federal Credit Union

TruChoice Federal Credit Union auto loan

TruChoice 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 TruChoice 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 TruChoice auto loan

Eligibility criteria

While TruChoice Federal Credit Union doesn’t disclose the criteria, you normally need to be:

  • A member of TruChoice FCU
  • At least 18 years old
  • A legal resident
  • Employed or have a dependable source of income

Other than these, make sure you check your credit score first. This will give you an idea about your financial situation and your eligibility for auto financing. Generally, borrowers with high credit scores secure better loan offers. So, try to build your credit to get an affordable loan.

How to join TruChoice Federal Credit Union

You qualify for TruChoice FCU membership if you meet one of the following:

  • Live, work, worship, or attend school in Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset, or York County in Maine
  • Have a relative who’s a member of TruChoice

What you’ll need to have ready

Personal details

When you apply for auto financing with TruChoice 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 TruChoice 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.

It will also be beneficial to have a grasp of the loan application process. This will prepare you for your application and guide your decisions before signing a contract.

Ways to apply for a TruChoice auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 207-772-0808 or 800-639-5550

Additional TruChoice FCU auto loan details

  • Automatic payment: Available.
  • Loan approval times: Undisclosed, but it can take a day or more depending on your application.
  • Rate discounts: Potential lower APRs for members with excellent credit scores.
  • Repayment frequency: Monthly.
  • Late payment fees: $25.
  • Prepayment penalty: Undisclosed.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Hardship program: Skip-a-pay available. (Learn more)
  • Ways to repay: Online banking and mobile banking.

Vehicle restrictions and limitations

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

PROS AND CONS

Pros

  • Competitive interest rates.
  • Long payment terms.
  • Easy online application.
  • Co-applicants allowed.
  • Same low rates for cars, snowmobiles, motorcycles, ATVs, boats, and RVs.
  • No minimum loan for vehicles more than 3 years old.
  • Dealership purchase, private sale, lease buyout, and refinance available.
  • Autopay allowed.
  • Optional GAP coverage offered.
  • Free personalized credit score analysis offered.

Cons

  • Membership required.
  • $25 late payment fee.
  • Undisclosed vehicle requirements.

FREQUENTLY ASKED QUESTIONS

How much interest does TruChoice Federal Credit Union charge on auto loans?

TruChoice FCU’s new and used vehicle loans have a starting rate of 5.49% APR.

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

You can make your repayments for up to 84 months.

Can I apply for a TruChoice vehicle loan online?

Yes. You can easily apply for auto financing online.

How can I contact TruChoice FCU about my auto loan?

You can reach out to TruChoice at 207-772-0808 or 800-639-5550.

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

Though the credit union doesn’t list the exact requirements, you commonly need your 2 most recent pay stubs when applying for credit.

What information do I need to provide when applying for a TruChoice vehicle loan?

Aside from your loan details, you need to provide information about yourself, including your name, contact details, and address. TruChoice FCU will ask about your income and employment, too.

Will applying for an auto loan with TruChoice FCU affect my credit score?

Since a formal application requires a hard credit check, it will appear on your credit report. So, it can temporarily ding your credit score by a few points. To build your credit, make sure you consistently pay your car loan.

Video: TruChoice Federal Credit Union – Benjamin Franklin gives directions in the car!

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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