Get a $200 cash bonus when you establish a Qualifying Direct Auto Loan. For complete rules and details, see below.
Auto Loans for Penn Staters
How do you roll? A great rate + a $200 cash bonus = a winning combination.
Vehicle Loan is rated
out of
5 by
445.
Finding the right car can be complicated. Financing it doesn’t have to be.
What will your monthly payment be?
$
Financing a New or Used Car with PSECU
Our fast loan application process lets you choose your vehicle and get on the road.
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Apply online.
- Gather the information you’ll need for your application, including monthly income and current debt payments. The application process takes as little as 20 minutes.
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Get prequalified.
- You’ll receive your loan decision fast – often within minutes and usually the same day. Your preapproval is valid for 60 days.
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Find the right car, truck, or SUV.
- Now the fun part begins. Find the right vehicle and the best price. You can search the PSECU Member Showroom by CUDL® AutoSMART for current vehicles listed for sale. You can also browse our repossessed inventory and bid on your next vehicle.
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Get your loan funding.
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When you’re ready, we’ll mail you an AutoDraft. You can request your AutoDraft anytime during that 60-day period. An AutoDraft is like a blank check for your preapproved amount that you can use at any authorized car dealer. Your AutoDraft will be valid for 120 days from the date of issue. If you haven’t requested your AutoDraft or AutoCheck within 60 days after your loan approval, you’ll need to reapply.
If you’re buying from an individual instead of a dealership, you can handle the transaction with an AutoCheck. An AutoCheck is made out to a specific seller for the exact amount of your purchase. -
Finalize the sale.
- You’ll fill out information on the AutoDraft, including the term of payment (number of months). The dealer will take care of the rest when you’ve found the ride for you.
Current Rates
| TERM | APR* | Monthly Payment | Value (Minimum) | Loan Amount (Minimum) |
|---|---|---|---|---|
| 1-36 Months | 2.49% | $28.86/per $1000.00 | $3,000.00 | $1,000.00 |
| 37-48 Months | 3.24% | $22.24/per $1000.00 | $6,000.00 | $1,000.00 |
| 49-60 Months | 3.24% | $18.08/per $1000.00 | $8,000.00 | $1,000.00 |
| 61-72 Months | 3.24% | $15.31/per $1000.00 | $12,000.00 | $1,000.00 |
| 73-84 Months | 3.24% | $13.33/per $1000.00 | $20,000.00 | $1,000.00 |
| 85-120 Months | 7.74% | $12.01/per $1000.00 | $40,000.00 | $40,000.00 |
*APR denotes Annual Percentage Rate
Rates reflect a .25% APR reduction for Automatic Payment Service and loan amounts up to 100% of the retail value of the vehicle. Your rate will increase if you discontinue Automatic Payment Service. PSECU will charge an additional 2% to the current interest rate when financing a vehicle for more than 100% and up to 120% of the retail value, and an additional 3% to the current interest rate when financing a vehicle for more than 120% and up to 130% of the retail value. PSECU will only finance up to 100% of the retail value of the vehicle for refinance of an existing PSECU vehicle loan. Monthly payment example: 36 monthly payments of $28.86 per $1,000 borrowed at the 2.49% APR or 60 monthly payments of $18.08 per $1,000 borrowed at the 3.24% APR. The Manufacturer's Suggested Retail Price determines new vehicle values; Kelley Blue Book® or other authorized guides determine used vehicle values. Minimum value is $3,000. Monthly payment examples are representative of the maximum term for the corresponding rate per $1,000 borrowed. Your payment may be different from the examples shown. PSECU makes all final decisions regarding vehicle value and proper rate. Loan rates, terms and information are subject to change at any time. Kelley Blue Book® is a registered trademark of the Kelley Blue Book Co., Inc.
Vehicle Loan Terms
| Types | Value (Minimum) | Loan Amount (Minimum) | Term (Maximum) |
|---|---|---|---|
| New & Used Vehicles | $40,000 | $40,000 | 120 months |
| New & Used Vehicles | $20,000 | NA | 84 months |
| New & Used Vehicles | $12,000 | NA | 72 months |
| New & Used Vehicles | $8,000 | NA | 60 months |
| New & Used Vehicles | $6,000 | NA | 48 months |
| New & Used Vehicles | $3,000 | NA | 36 months |
Rates reflect a .25% APR reduction for Automatic Payment Service and loan amounts up to 100% of the retail value of the vehicle. Your rate will increase if you discontinue Automatic Payment Service. PSECU will charge an additional 2% to the current interest rate when financing a vehicle for more than 100% and up to 120% of the retail value, and an additional 3% to the current interest rate when financing a vehicle for more than 120% and up to 130% of the retail value. PSECU will only finance up to 100% of the retail value of the vehicle for refinance of an existing PSECU vehicle loan. Monthly payment example: 36 monthly payments of $28.86 per $1,000 borrowed at the 2.49% APR or 60 monthly payments of $18.08 per $1,000 borrowed at the 3.24% APR. The Manufacturer's Suggested Retail Price determines new vehicle values; Kelley Blue Book® or other authorized guides determine used vehicle values. Minimum value is $3,000. Monthly payment examples are representative of the maximum term for the corresponding rate per $1,000 borrowed. Your payment may be different from the examples shown. PSECU makes all final decisions regarding vehicle value and proper rate. Loan rates, terms and information are subject to change at any time. Kelley Blue Book® is a registered trademark of the Kelley Blue Book Co., Inc.
FAQS
How much of a new car’s price can I finance?
PSECU will finance up to 100% of the manufacturer's suggested retail price (MSRP) of any untitled, current model year vehicle that doesn't have excessive mileage.
What if I finance more than 100% of the vehicle value?
The interest rate you pay is based on the total amount of your loan as a percentage of the total amount of your vehicle’s value. This is your loan-to-value ratio (LTV). The total amount of your loan will include taxes, tags, and any additional add-ons, if financed. PSECU will charge a higher rate of interest if you finance a vehicle for more than 100% of the vehicle value (an LTV greater than 100%).
For example: If you finance a vehicle for more than 100% and up to 120% of the retail value, PSECU will charge an additional 2% to the current interest rate. If you are financing a vehicle for more than 120% and up to 130% of the retail value, PSECU will charge an additional 3% to the current interest rate. The Manufacturer’s Suggested Retail Price determines new vehicle values; Kelley Blue Book® or other authorized guides determine used vehicle values. PSECU makes all final decisions regarding vehicle value and proper rate.
The interest rate you pay is based on the total amount of your loan as a percentage of the total amount of your vehicle’s value. This is your loan-to-value ratio (LTV). The total amount of your loan will include taxes, tags, and any additional add-ons, if financed. PSECU will charge a higher rate of interest if you finance a vehicle for more than 100% of the vehicle value (an LTV greater than 100%).
For example: If you finance a vehicle for more than 100% and up to 120% of the retail value, PSECU will charge an additional 2% to the current interest rate. If you are financing a vehicle for more than 120% and up to 130% of the retail value, PSECU will charge an additional 3% to the current interest rate. The Manufacturer’s Suggested Retail Price determines new vehicle values; Kelley Blue Book® or other authorized guides determine used vehicle values. PSECU makes all final decisions regarding vehicle value and proper rate.
What should I know about financing a used vehicle?
For used vehicles, financing is available up to the retail value of any car or truck worth at least $3,000. Value is based on Kelley Blue Book® or other authorized pricing guides. A used vehicle must have a title or be a previous year model purchased after March 31.
Can I borrow more than a vehicle’s retail price?
In some cases, yes. When we provide financing for more than the retail price or value of a new or used vehicle, a higher interest rate applies.
When will my first payment be due?
Your first payment will be due within 30 days from the date of your vehicle purchase.
SOME GUIDANCE FOR THE ROAD.
$200 Alumni Auto Loan Cash Offer: To receive $200, members must: establish a Qualifying Direct Auto Loan with PSECU between 9/22/20 and 12/31/20 and satisfy all requirements. This offer is limited to one (1) cash bonus per PSECU member account. This is a one-time promotional offer and is limited to PSECU members opening a new Qualifying Direct Auto Loan through the designated PSECU promotional offer page.
ABOUT THE $200 ALUMNI AUTO LOAN CASH OFFER: From 9/22/20 to 12/31/20, PSECU is running a Promotion for those who establish a Qualifying Direct Auto Loan by using the designated PSECU promotional offer page. To receive $200, members must establish the Qualifying Direct Auto Loan between 9/22/20 and12/31/20 and satisfy the promotion requirements. PSECU will deposit $200 into the Regular share within 60 days after the requirements are satisfied. A $5 minimum Regular share balance is required to be eligible to receive the $200, and the PSECU member must be in good standing as defined by PSECU's Bylaws, Article II, Section 1. The Annual Percentage Yield on PSECU's Regular share account is .05%. This variable rate is current as of 9/1/20 and may change. Withdrawals and fees may reduce earnings on the account.
*Based on December 2019 Auto Lender Summary from Experian.
- Participant must be a member of PSECU. If Participant is not currently a PSECU member, Participant must apply for membership and join PSECU, and comply with all $200 Alumni Auto Loan Cash Offer requirements. The Participant must establish a Qualifying Direct Auto Loan during the promotional period of 9/22/20 through 12/31/20.
- Participant must be a U.S. Resident.
- Promotional offer open to persons 21 years of age or older at the time he/she establishes a Qualifying Direct Auto Loan through the designated PSECU promotional offer webpage.
- Qualifying Direct Auto Loan is defined as an approved and funded AutoDraft, AutoCheck, or auto rollover loan of at least $7,500 and excludes refinancing of a current PSECU auto loan.
- The recipient of the $200 Cash Offer is solely responsible for payment of applicable taxes on that amount. If you have any questions, please seek the advice of a qualified tax professional.
- Payment of the $200 Cash Offer will be deposited into the Regular share within 60 days after the requirements are satisfied.
- The member must be in good standing, as defined by PSECU's Bylaws Article II, Section I, to receive the $200 Cash Offer.
- All decisions of PSECU regarding this promotional offer are final. PSECU may terminate or change the terms and conditions of this promotion without notice.
- Employees, agents, and officials of PSECU, and immediate family members of any of these, are not eligible for this promotional offer.
- Subject to all applicable federal, state, and local laws and regulations.
ABOUT THE $200 ALUMNI AUTO LOAN CASH OFFER: From 9/22/20 to 12/31/20, PSECU is running a Promotion for those who establish a Qualifying Direct Auto Loan by using the designated PSECU promotional offer page. To receive $200, members must establish the Qualifying Direct Auto Loan between 9/22/20 and12/31/20 and satisfy the promotion requirements. PSECU will deposit $200 into the Regular share within 60 days after the requirements are satisfied. A $5 minimum Regular share balance is required to be eligible to receive the $200, and the PSECU member must be in good standing as defined by PSECU's Bylaws, Article II, Section 1. The Annual Percentage Yield on PSECU's Regular share account is .05%. This variable rate is current as of 9/1/20 and may change. Withdrawals and fees may reduce earnings on the account.
*Based on December 2019 Auto Lender Summary from Experian.
Rated 1 out of
5
by
Geran from
Car Loan
This is the second time I’ve applied for a car loan with the bank I’ve used for years and always paid my loans on time with. Second time they have denied it - though they will quite willingly refinance an auto loan I’ve taken out with other lenders. This credit union continues to decrease in quality and certainly makes my account with my other credit union look all the better. My advice apply from some big bank get the loan and refinance it with them - it seems that they are only happy when you need to take a bunch of extra steps. Also, their decision turnaround time is abysmal given that you get auto loan approvals/denials in an hour elsewhere.
Date published: 2020-11-23
Rated 5 out of
5
by
Chuck D from
Bought my last three vehicles through PSECU.
The application process is streamlined, Automatic payment has always been the best. Three Dealers involved and each, though they would rather have taken me to the finance of their choice, responded very well when they heard the name of My Credit Union. Waiting for a check was never a problem. The Quality of PSECU Service was well recognized for both it's value and strength in the Central Pennsylvania market.
.
Date published: 2020-10-24
Rated 5 out of
5
by
Jim C from
Great used auto loan
I had some concerns about doing the loan process on line, but everything went smoothly. Applied on Monday afternoon...approved on Tuesday..received check and packet on Saturday. Great rate and length of loan. Very pleased
Date published: 2020-09-03
Rated 1 out of
5
by
spechtds from
poor service all around. more like a BANK than CU
nothing but problems, debt free so now my credit score does compute in their system. being debt free is a problem i guess. also my debts, loans, credit cards are/were through PSECU.
want me to find a car i want to buy and then they will send me a check for it, after i already was approved. do you think a car dealer will wait for me when i tell them the check is in the mail.
I remember when PSECU was a credit union and cared about its customers. it looks like more of a big bank than what it used to.
and then they will reply to my comment with "we appreciate" yadda yadda yadda and pretend to care or listen and it is so transparent that it really say to go take a hike.
i am so disappointed in what PSECU has become
Date published: 2020-08-01
Rated 5 out of
5
by
Sam1 from
Great product
Low rate. Easy payment method ddddddddddddfdfddfffffffffff
Date published: 2020-07-17
Rated 5 out of
5
by
Silverado from
Best Credit Union To Deal With
The Autodraft check was the easiest yet. By far the best way to buy a vehicle with a loan. You have the buying power to go select any vehicle you want on that Dealerships lot. My check was mailed to me fast, and the team at PSECU were great at answering all my questions
Date published: 2020-05-18
Rated 1 out of
5
by
Grady from
Living in the past
Got approved for a loan and tried to purchase a car online through Tesla or Carvana. It's 2020, I haven't stepped foot in a PSECU bank in over 8 years, and EVERYTHING I do with my account is done electronically. Yet, for some reason, I can't use this loan to buy a Tesla online, I have to physically hand someone a check. Unfortunately, I can't physically hand anyone a check when purchasing a car online. Super inconvenient banking system. If your'e going to be electronic, either make it all electronic, or none of it. This shouldn't be this difficult to buy a car in 2020, especially when I can do it from my couch and finance thru another bank. Does anyone know where a PSECU branch is anymore? Do they exist?
Date published: 2020-04-13
Rated 5 out of
5
by
Jeff70 from
Buying my "End of Lease" auto
Tim in the Loan Dept assisted me in completing my appication. He was a tremendous help in making sure that I had everything needed for completion. Also very polite.
Date published: 2020-02-25