Geico Federal Credit Union car loans review
- Min. Loan Amount
- $5,000
- Max. Loan Amount
- $30,000
- APR
- 2.89% (starting at)
Summary
Members may be able to score up to 100% financing.
Employees of Geico who hold Geico Federal Credit Union (FCU) accounts may want to look into its options for car loans. Geico FCU will finance 100% of a new or used car and offers competitive rates for loan refinancing, too.
However, this credit union doesn't have the greatest customer reviews and only has branches in a handful of states, so it may not be for everyone.
Pros
-
Car buying service
-
Rate discounts
-
Up to 7 years term available
Cons
-
Longer terms for newer cars only
-
Very few branch locations
-
Limited information on its site
Details
Product details
| Min. Loan Amount | $5,000 |
| Max. Loan Amount | $30,000 |
| APR | 2.89% (starting at) |
| Interest Rate Type | Fixed |
| Requirements | Member of Geico FCU |
First, do I qualify?
To qualify for one of Geico FCU’s car loans, you must:
- Be a member of Geico FCU. Have an active Geico FCU savings account with at least $25 deposited for your application to be processed.
- Have proof of income. Provide copies of recent paystubs or your W-2s when you submit your application.
What types of car loans does Geico FCU offer?
Geico FCU has auto loans to suit nearly every need. New and used cars may qualify for 100% financing — including taxes and tags. Loan terms last between 36–84 months. Depending on how old your used car is, however, you may not qualify for the longest loan terms.
- New car loan. You may be eligible for rates as low as 2.89% APR on a new car loan. Your APR depends on the length of your term, your credit history and your debt-to-income ratio.
- Used car loan. APRs start at 2.24% for models made from 2016 to 2018. Older models will have higher interest rates.
- Refinance loan. You may be able to lower your monthly payment, extend your loan or lower your rate by refinancing your auto loan with Geico FCU. If your car is a current year model and has less than 15,000 miles, you may qualify for new auto loan rates.
- Equity loan. Geico FCU allows you to use the equity in your home to secure an auto loan. You can put your loan funds toward a new or used car, or you can choose to pay off an existing loan.
Geico FCU offers a car buying service through a partnership with TrueCar that gives you access to a network of over 14,000 certified dealers. This tool can help you make your next purchase a smooth experience. You can compare prices, view different car features and find a suitable ride close to home — saving you time and money on your search.
What are the benefits of using Geico FCU?
- Car buying service. Geico FCU has partnered with TrueCar to help members find great deals in their local area.
- Rate discounts. Geico FCU offers a 0.25% discount on your car loan’s APR for Geico auto policyholders and members who opt for automatic payments.
- Up to 7 years term available. A new car worth at least $30,000 is eligible for a 7 years borrowing period. However, remember that the longer a loan lasts, the more interest it accrues.
Is there anything I should watch out for?
- Longer terms for newer cars only. Your car must be either new or a model year between 2016 and 2018 in order to qualify for a 72-month term.
- Very few branch locations. Although you can take out a car loan anywhere in the US, Geico FCU only has a few branch locations in seven states. And to become a member, you must apply in person.
- Limited information on its site. Geico FCU doesn’t have a frequently asked questions section about its car loan options. Instead, you’ll need to contact customer service directly.
Compare more car loan providers
Explore your options by minimum credit score, APR, loan term or requirements. Select the Go to site button for more information about a particular lender.
Geico Federal Credit Union reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | C |
| BBB customer reviews | 3.3 out of 5 stars, based on 3 customer reviews |
| BBB customer complaints | 11 customer complaints |
| Google Play Score | 4.3 out of 5 stars, based on 322 customer reviews |
| Customer reviews verified as of | 16 October 2020 |
You won’t find much in the way of customer reviews online for Geico FCU. It’s difficult to draw any conclusions from its Better Business Bureau profile since there’s not even a handful of reviews and complaints. And it doesn’t have a Trustpilot page at all to draw from. You may want to talk to fellow members to get an idea of what it’s like working with Geico FCU if you don’t have a membership already.
How do I apply?
To apply for a loan with Geico FCU, you must first become a member. The credit union only offers membership to current and retired employees of Geico and its subsidiaries, contract workers and their families.
To become a member, you’ll need to fill out a simple one-page form. Find this by visiting the Geico FCU site and hitting Join in the upper right corner. Complete the application and include at least two forms of identification when you bring it to your local Geico FCU branch.
Once your membership has been processed, you can apply for a new or used vehicle loan online by following these steps.
- Visit Geico FCU’s site, choose Menu and then select New & used vehicles.
- Hit Apply now.
- Download the loan application or log in to your online account to complete it.
- Submit a completed application along with your proof of income.
For the application, you’ll need to provide information about yourself, including your address, Social Security number, birth date, citizenship status, employment and income. If you’re applying with a coapplicant, you’ll need to submit information about them as well.
Once you submit your application, Geico FCU will review your information and check your credit. At this point, you’ll either be approved or denied.
What documents will I need?
If approved, you’ll need to submit a few more pieces of information:
- Proof of insurance
- Bill of sale
- Vehicle title
- Vehicle description
Geico FCU also requires that you have your vehicle inspected before it issues your loan.
What happens after I get the car loan?
After you receive your loan funds, you can use them to pay for your car. Your loan contract should detail how much your monthly payment is, outline any fees you may have to pay and give you a payoff timeline. Signing up for autopay will help you score a 0.25% discount on your loan’s APR. From here, you can contact Geico FCU if you have any further questions about your loan or account.
Geico FCU branch locations
Geico FCU has branches in the following cities:
- Buffalo, New York
- Dallas, Texas
- Lakeland, Florida
- Macon, Georgia
- San Diego, California
- Fredericksburg, Virginia
- Virginia Beach, Virginia
- Woodbury, New York
- Chevy Chase, Maryland
Bottom line
Members of Geico FCU may benefit from the low rates and long terms offered for its new car loans. However, if you don’t qualify for membership or want longer terms when borrowing for a used car, you may want to look elsewhere. Visit our guide to car loans to learn more about how they work and compare lenders before making a final decision.
Frequently asked questions
What if I want to finance another type of vehicle?
Geico FCU has personal loans to cover large vehicle purchases like boats and RVs.
Should I opt for gap insurance?
Use gap insurance as an add-on to your loan to cover the remaining balance if your car is stolen or totaled. It may be useful if you’re prone to accidents or live in an area with a high vehicle theft rate, and it generally cost $20 or $30 a year.
What rate discounts are available?
Geico FCU offers a rate discount of 0.25% for automatic payments or for people who hold a Geico auto policy. You can only apply one discount per loan.
How do I apply if I’m self-employed?
When you apply, you’ll need to submit copies of your bank statements and tax returns from the past two years.
Geico Federal Credit Union Auto Loan is not currently available on Finder
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