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Auto Loan

Get on the road with new wheels and great rates and terms to fit your budget.

Apply Now Get Preapproved Refinance

Or call 1-800-621-2105

Auto Loan Interest Rate  APR  Monthly Payment Loan Term (Months)
New & Used 2020+ 1.99% 2.22% $655.00 48
Used 2018-2019 3.34% 3.57% $671.62 48
Used 2016-2017 3.49% 3.72% $673.62 48
Used 2014-2015 3.99% 4.22% $680.34 48

Rates effective September 1, 2021, subject to change without notice. Each individual’s Annual Percentage Rate (APR) is determined by the applicant’s credit history. Not all applicants will qualify for the displayed lowest rate. A $140 processing free applies to all booked auto loan applications. APR calculation and example monthly payments in Auto Loan rate table for New & Used 2020+ model years based on loan amount of $30,000, FICO® score of 800 or greater, and term of 48 months. APR calculation and example monthly payments for other displayed model years based on loan amount of $30,000, FICO® score of 730 or greater, and term of 48 months. Rate includes 0.25% dedication for automated payment from an Elements checking account. Additional conditions may apply. Subject to credit approval. Payments shown do not include taxes or insurance premiums. Please call for vehicle models 2013 and prior.

Elements Financial refinances subject to $200 refinance fee.

Auto Loan

Loans available for both new and used vehicles.

KEY FEATURES

  • Rates as low as 2.22% APR for 1
  • Finance up to 120% of your car’s value including tax and license
  • Good toward new or used vehicle purchases
  • Auto loan refinancing2 also available
  • Flexible terms to fit your budget

APPLY IN MINUTES

  • Closings typically in as quick as one business day

Get Preapproved

How does an Auto Loan work?

We will loan you the money for a new or used vehicle, and you will pay it back with interest over a specified period of time.

It’s good to plan ahead by getting preapproved for your Auto Loan. That way you can have a better idea of what price range you should be shopping for. Being preapproved also gives you good negotiating power with the seller.

Elements can finance up to 120% of your car’s value, including tax and license. It’s a good idea, though, to put down at least 20% of the purchase price. Of course, the more you pay up front, the lower your monthly payment will be.

We understand car shopping can be a bit overwhelming. Never fear! We have partnerships that can make the process easier for you.

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Is there an advantage to getting my Auto Loan from Elements instead of a dealership?

Yes. When you get your Auto Loan from Elements, you’re working directly with the lender rather than going through a middleman. A dealer will take a fee for arranging the loan, so it will end up being more expensive than going through Elements.

Should I get preapproved?

Thinking ahead is always a good plan when buying a vehicle. Apply for an auto loan before you begin shopping so you can negotiate your deal with a preapproval for financing in hand. This way you also know what price range you’re shopping for. 

Get Preapproved

Can Elements help with car shopping?

Yes! We have several partnerships that can make car buying a breeze.

  • Preferred Auto Dealers - If you'd like the convenience of shopping directly at the lot, visit our Preferred Auto Dealers. We have partnered with Indianapolis-based auto dealers to bring you fantastic deals and great rates, as well as incomparable service. Learn more.
  • Enterprise Car Sales - Did you know that buying at Enterprise Car Sales is different than buying from anyone else? Enterprise has more than 250 makes and models, so you can find exactly what you're looking for. Learn more.
  • Auto Buying Service - The mission of Members Auto Source is to provide a professional, painless, and cost-effective way to purchase or lease a new or pre-owned vehicle. Their goal is to provide you all the information available in order to make the best buying decision. Learn more.

What are the fees?

There are no prepayment penalties or an annual fee associated with an auto loan.

Elements auto loans include a low $140 processing fee. Refinancing of an existing Elements auto loan is also subject to an additional $200 fee depending on the borrowing amount. Your Elements loan specialist will provide information about whether you qualify to have these fees waived.

How do I get the funds once my loan is approved?

If approved, funds will be made available to the dealer or seller directly via an electronic transfer or check.

Does Elements offer an extended warranty or other loan or asset protection coverage?

Yes. As your financial wellness providers, we want to make sure that you’re covered, no matter what may happen. That’s why we provide loan and asset protection programs. It’s just one more way that we look out for your best interests.

To protect your purchase, the following programs are available and can be wrapped into your monthly payments:

  • Mechanical Breakdown Protection (MBP), also known as extended warranty, is automobile protection that extends beyond the manufacturer's factory warranty and covers repairs of unexpected mechanical breakdowns. For the period of time the contract is in effect, you are assured that covered components of your vehicle will be repaired in the event of failure. This includes labor, subject to any applicable deductible. Learn more.
  • Guaranteed Auto Protection (GAP) is protection designed to eliminate your unpaid net loan or lease balance in the event your vehicle is stolen or damaged beyond repair. Learn more.
  • Debt Protection protects your credit rating during uncertain and stressful times. Your loan payment will be cancelled or suspended for a period of time without penalty, added interest, or being reported as delinquent to the credit bureau when a covered event occurs. Covered events include death, disability, involuntary unemployment, family leave and hospitalization. Learn more.

Why should I go to Elements for my Auto Loan?

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with 1-on-1 assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally3. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

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How do I apply?

3 Easy Steps to Apply

  1. Apply online - You can apply online in as little as 15 minutes! Submit your application online anytime or call 1-800-621-2015 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and proof of residence.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions. We’ll also ask for your vehicle’s value, make, model, year, mileage, and VIN if not provided on the application.
  3. That’s it! - We'll contact you with a decision within 1 business day. Once your application is approved, we’ll contact you to sign documents and your loan will be complete!

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Read more frequently asked questions about auto loans…

If I have bad credit, can I qualify for an auto loan?

Actually, there are several definitions of "good credit." So if you've had credit difficulties in the past, the best way to find out if we can assist you is to apply for a loan. There is no cost to do so, and our loan staff will work with you to look for ways to get your loan request approved.

What insurance requirements do you have for auto loans?

When you have an Auto Loan with Elements Financial, you must carry full coverage that includes comprehensive and collision for the value of the loan. Elements offers an array of insurance products and, when you have your loan with us, you can also insure your vehicle with us. Get a free online quote from Elements Financial Insurance Group today. The application is free, available 24/7, and accessible anywhere that you have Internet access. If you would rather apply in person, then come on into a branch convenient to you! Our friendly Financial Wellness Experts are here to help you in any way that they can. Or you can call us at 1-800-842-5936 if you would like to discuss further options before applying. 

How long will it take to receive my vehicle title after I pay off my Auto Loan?

If your loan is paid off with guaranteed funds (cashier's check, cash, or new loan proceeds) the lien card or title will be mailed to the appropriate party as soon as possible. If the loan is paid off with a personal check, we will wait 10 business days before we release the lien card or title.

We started with just the credit card and savings accounts, but now we also have our checking and both of our cars financed through Elements. I don’t think we could go back to working with a normal bank again.

- Brandon S. | Member since 2017

What Will My Auto Payments Be?

Auto Loan Calculator

Results

  1. 1 Rates effective September 1, 2021, subject to change without notice. Each individual’s Annual Percentage Rate (APR) is determined by the applicant’s credit history. Not all applicants will qualify for the displayed lowest rate. A $140 processing free applies to all booked auto loan applications. APR calculation and example monthly payments in Auto Loan rate table for New & Used 2020+ model years based on loan amount of $30,000, FICO® score of 800 or greater, and term of 48 months. APR calculation and example monthly payments for other displayed model years based on loan amount of $30,000, FICO® score of 730 or greater, and term of 48 months. Rate includes 0.25% dedication for automated payment from an Elements checking account. Additional conditions may apply. Subject to credit approval. Payments shown do not include taxes or insurance premiums. Please call for vehicle models 2013 and prior.
  2. 2 Elements Financial refinances subject to $200 refinance fee.
  3. 3 Based on asset size as of 1/31/2020