Geico Federal Credit Union car loans review | finder.com

Geico Federal Credit Union car loans review

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Members may be able to score up to 100% financing and terms up to 7 years. to buy your next car.

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.
Product NameGeico Federal Credit Union Auto Loan
Min Loan Amount$5,000
Max. Loan Amount$30,000
APR1.99% (starting at)
Interest Rate TypeFixed
Minimum Loan Term3 years
Maximum Loan Term7 years
RequirementsMember of Geico FCU
  • Member of Geico FCU

First, do I qualify?

To qualify for one of Geico FCU’s car loans, you need to:

  • Be a member of Geico FCU. You must have an active Geico FCU savings account with at least $25 deposited for your application to be processed.
  • Have proof of income. You’ll need to 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 1.99% (starting at) 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.

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Rates last updated October 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or poor credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
myAutoloan.com Car Loans
Get up to four offers in minutes through one simple application. Multiple financing types available including new cars, used cars and refinancing.
550
24 to 84 months
Must have a Social Security number; make $24,000+/year; have no open bankruptcies.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
670
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Capital One Auto Financing
You could qualify for a car loan of up to 40000, but not all dealers accept this bank's financing.
Good to excellent credit
36 to 72 months
Valid street address; existing Capital One accounts in good standing. Car must be a 2006 model or newer with less than 120,000 miles.

Compare up to 4 providers

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. You can find this by visiting the Geico FCU site and clicking Join in the upper righthand 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.

  1. Visit Geico FCU’s site, click Menu and then select New & Used Vehicles.
  2. Click Apply Now.
  3. Download the loan application or log in to your online account to complete it.
  4. 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.

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.

Interested in other loans offered by Geico FCU? Explore an overview of Geico Federal Credit Union loans.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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