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Are you in the market for a new or used vehicle? Look no further and take advantage of our low rates. Getting pre-approved prior to starting your shopping process or committing to any deal will ensure that you are staying within your pre-approved amount and to avoid any surprises later.

Rate Matching Available: Offered a lower rate? We will rate match up to a 1% difference off of our lowest offered rate, term has to match (excludes Certificate/Share-Secured or any of the Line of Credit loans).

Getting Pre-approved

  • Submit an online loan application
  • Provide proof of income (email to loans@mynifcu.com)
    • Last two pay stubs
    • Most recent W-2 OR
    • A statement from your financial institution (showing two or more regular direct deposits)
    • NIU employees (only) are welcome to fill out this income verification form
  • Pre-approvals are good for 60 days

Additional Information Required

Once you have been pre-approved and have found a vehicle or are ready to refinance your current loan, we will need the following.

Auto Refinance

  • Ten-day payoff quote or the current balance and the daily per diem
  • Institutions name, loan number and address (be sure to provide us with the institutions payoff processing address)
  • You will be responsible for the Illinois Secretary of State title fee to place Northern Illinois Federal Credit Union as lien holder on the vehicle (you may pay the fee up front or roll it into the loan)
  • Loan proceeds will not be disbursed without NIFCU verifying the vehicles value
  • Vehicles 10 years or newer, we can loan up to 100% of NADA clean retail value
  • Vehicles 11 years or older, we can loan up to 90% of NADA clean retail value
    • A minimum value of $5,000 is required

New Auto Loan

  • Bill of sale/purchase agreement
  • The vehicle`s Manufacturer's Suggested Retail Price (MSRP)
  • Note: "new" auto has never been titled
  • We can loan up to the MSRP
  • We can wire loan proceeds to dealerships (be sure to ask for the wiring instructions, email to loans@mynifcu.com)

Used Auto Loan

  • Bill of sale/purchase agreement
  • We finance Certified Pre-Owned (CPO) vehicles
  • Be sure to have the dealer indicate on the buyers order the vehicle is CPO or provide us with the CPO documentation
  • Loan proceeds will not be disbursed without NIFCU verifying the vehicles value
  • Vehicles 10 years or newer, we can loan up to 100% of NADA clean retail value
  • Vehicles 11 years or older, we can loan up to 90% of NADA clean retail value
    • A minimum value of $5,000 is required
  • We can wire loan proceeds to dealerships (be sure to ask for the wiring instructions, email to loans@mynifcu.com)

Private Party Deals

  • A bill of sale must be filled out and signed
  • You are responsible for providing us a copy of the bill of sale to keep on file
  • Loan proceeds will not be disbursed without NIFCU verifying the vehicles value
  • Vehicles 10 years or newer, we can loan up to 100% of NADA clean retail value
  • Vehicles 11 years or older, we can loan up to 90% of NADA clean retail value
    • A minimum value of $5,000 is required
    • You are also required to provide us photos of the vehicle (inside and out), email to loans@mynifcu.com
  • Loan proceeds check is payable to the private party

We offer GAP, Mechanical Breakdown Protection and Depreciation Protection. Get a quote today!

Vehicle Insurance

We need to make sure that we have the most up to date insurance information with any vehicle loan you have with the credit union. If you have received a reminder notice in the mail, you can easily update your insurance information. You will need the "reference ID", listed on the notice, along with your insurance documentation.

Application

Loan processing takes approximately 24-48 hours to respond to a request. We make every effort to determine how we can help your financial well-being. In the instance we are not able to offer the loan requested, we will sometimes counteroffer a product or service we feel would help you.

Apply Today