Buying a car can be an intimidating experience. We can make it easier with our new pre-approval process! Before you visit the dealership, check with us first. We will review your file and listen to your goals, then help you determine the price range that will best meet your needs. You'll go knowing your financing is already in place with Freedom Credit Union.
A: Getting pre-approved is easy in just a few steps.
A: Since we don’t know which vehicle you will purchase or what the final amount will be, we give you a check payable to you, with a restriction that it is only good for a vehicle purchase up to your maximum loan amount.
A: Once you know what vehicle you want and have a final "out-the-door" price, you finish filling in the check with the name of the dealership you are buying from and the final dollar amount. The dealer completes some additional information and faxes the paperwork to us. And you drive home in your new vehicle!
A: That's normal. Once we receive the information from the dealership, we will review it to make sure it complies with our guidelines. If everything is in order, we pay the check and send you final documents, including the final amount you borrowed and exact monthly payment amount.
A: Yes, the pre-approval program only works with licensed dealerships. Purchases from private individuals cannot be financed using pre-approved checks. Please see us for help with these loans.
A: No problem. Getting pre-approved doesn't cost anything and doesn't obligate you to purchase a vehicle. If you decide not to use your pre-approved check, just void it and let us know.