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UMCU Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 15 November 2023
Fact checked

University of Michigan Credit Union auto loans overview

University of Michigan Credit Union logo

The University of Michigan Credit Union (UMCU) was established in 1954 and has multiple branches across Ann Arbor, Ypsilanti, Dearborn, and the Flint area. UMCU continues to offer easy auto financing with competitive interest rates and flexible repayment terms. Plus, members can finance pre-owned and new cars, SUVs, trucks, motorcycles, boats, and a variety of recreational vehicles.

Want to see what a UMCU auto loan will cost? Try the University of Michigan 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 University of Michigan Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: From 6.49% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: Undisclosed.
  • Discounts: Graduation rate discounts.

UNIVERSITY OF MICHIGAN CREDIT UNION AUTO LOAN OPTIONS

New and used auto loans

If you’re looking for a new or used sedan, sports car, SUV, or truck, UMCU can help you finance your ride. The credit union has auto loans with rates ranging from 6.49% to 17.59% APR. Moreover, you can choose repayment periods as long as 84 months.

RV, motorcycle, and boat loans

You can also finance a range of recreational vehicles, boats, and more. For motorcycles, jet skis, snowmobiles, and ATVs, fixed rates can range from 6.49% to 15.99% APR. Meanwhile, motorhomes, boats, and travel trailers have fixed APRs from 6.75% to 20%. To know the terms you qualify for, you can get in touch with the U of M Credit Union.

University of Michigan 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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University of Michigan Credit Union

University of Michigan Credit Union auto loan

University of Michigan 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 University of Michigan 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 University of Michigan Credit Union auto loan

Eligibility criteria

Even if U of M Credit Union doesn’t specify the criteria for vehicle financing, you commonly need to meet the following:

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

Besides the general criteria, lenders look at your credit history, too. That said, check your credit score and try to improve your credit before you apply. This will increase your chances of getting approved and securing ideal loan offers.

How to join the University of Michigan Credit Union

UMCU is open to anyone who meets the following affiliations:

  • University students, faculty, or staff of EMU, UM Ann Arbor, UM-Dearborn, UM-Flint, or WCC
  • EMU alumni
  • UM Hospital or alumni
  • Ecumenical Theological Seminary
  • Retirees
  • Parents of university students
  • Family members
  • Current members
  • Live, work, or worship within the Lower Peninsula of Michigan

What you’ll need to have ready

Personal details

When you apply for auto financing with the University of Michigan 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 UMCU 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.

Remember that car loans are secured. This means that you put up your vehicle as collateral in case you default on your payments. So, carefully compare and weigh your options before you choose a loan.

Ways to apply for a U of M Credit Union auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 734-662-8200 or 800-968-8628

Additional UMCU auto loan details

  • Automatic payment: Available.
  • Rate discounts: 0.50% APR discount on auto loans new to UMCU for new graduates.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: Undisclosed.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Ways to repay: Online banking, over the phone, through the 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.
  • Long repayment terms.
  • Rate discounts for new graduates applying for loans new to UMCU.
  • Easy online application.
  • Tailored loans for new and used cars, SUVs, trucks, motorcycles, recreational vehicles, and boats.
  • Convenient loan payment options – autopay, online banking, over the phone, through the mail, and in person.

Cons

  • Membership required.
  • Undisclosed loan fees.
  • Unspecified vehicle requirements.

FREQUENTLY ASKED QUESTIONS

Can I apply for a U of M Credit Union auto loan online?

Yes. UMCU offers quick and convenient online loan applications.

How much interest does the University of Michigan Credit Union charge on car loans?

New and used auto loans range from 6.49% to 17.59% APR.

What is the maximum term of a UMCU vehicle loan?

The University of Michigan Credit Union offers car loan terms stretching up to 84 months.

Are there discounts available on University of Michigan Credit Union car loans?

If you’re a new graduate, you may get 0.50% off on your rate if you apply for an auto loan new to UMCU.

How do I pay my U of M Credit Union auto loan?

You can conveniently set up automatic payments. Alternatively, you can pay your auto loan through online banking, over the phone, by mail, and in a branch.

How many pay slips does UMCU require during my car loan application?

Though the University of Michigan Credit Union doesn’t specify the required documents, you commonly need your 2 most recent pay stubs.

Will applying for a vehicle loan with UMCU affect my credit score?

Loan applications require a hard credit check, so they will appear on credit reports. Because of this, applying for a car loan will lower your credit score for a short period. Nonetheless, you can improve your credit by consistently meeting your monthly loan payments.

Video: Should I buy a new or used car? | UMCU’s Auto Buying Series

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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