Car Loans For New & Used Vehicles

1. If you are a member of CUTX: Log into online banking and make a payment with a funds transfer.
2. If not a member: Use your financial institution to pay via Billpay
3. Pay over phone: Call 972-263-9497, choose option 4 for Member Services ($15 Service Fee is applied to phone payments)
4. Make a payment through Speedpay
5. Make an automated payment through Telephone Teller:  Call 972-263-9497, choose option 1

Many sites, like Annual Credit Report, Credit Karma, and Nerd Wallet offer free credit scores. Getting your score will tell you what range of interest rate you qualify for. It is also important to protect against a scam some dealers use of telling people their score is too low and they need to pay a higher interest rate. You can use our calculators to figure out what kind of auto rate you may qualify for and roughly what your monthly payment might be.

Many experts suggest you “shop” for interest rates. That means you’ll have to go to various lenders’ web sites or offices and enter your information. They will do an instant credit check and give you an idea what kind of interest rate they can offer. Even a two percent rate difference can mean thousands of dollars in long term costs, so getting a low rate is important. When lenders pull your credit for this kind of search, it does not have much effect, if any, on your credit score.

If you are preapproved for an auto loan before you begin car shopping, you know exactly how large a monthly payment you qualify for. This helps hone in on the cars you can afford. It also puts you in a better negotiating position with dealers who might otherwise craft a deal that would create a financial problem for you. Lenders who are not dealers don’t have cars to sell, and have the legal responsibility to make loans that are not risky for borrowers.

The longer your loan term, the lower your payments will be. However, when you make payments for more than about five years, you run the risk of owing more than your car is worth. That’s called being “upside down.” Then you may not be able to sell your vehicle until you finish paying off the loan. The average auto loan is 65 months.

Lending institutions, like credit unions, will only lend you money for a car if your credit score and financial situation demonstrate you’re likely to be able to pay the loan. Likewise, some lenders only lend for a particular network of dealers and some dealerships only work with a particular network of lenders. Finally, some lenders will not finance certain types of makes and/ or models.

Auto loans can often be approved in only a few minutes, especially if you if you call or apply online. If you want to work directly with a person, you can always stop by one of our locations.

CUTX requires that you carry proper insurance on your loan. To verify insurance, please click here and provide the declaration page provided by your insurance company that shows Credit Union of Texas listed as lien holder. A copy of your insurance card is not acceptable for this documentation.

If you prefer to send us your proof of insurance by mail or fax, please mail a copy of your declarations page to:

CUTX

PO Box 690588

San Antonio, TX 78269

This address is for providing proof of insurance only. Please do not send your loan payments to this address.)

You can also contact us with any other questions about providing proof of insurance at these numbers:

866-382-0069 Insurance Service Center

866-830-7922 Fax