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Frequently Asked Car Loan Questions

June 16, 2017 by Space Coast Credit Union



If you haven’t bought a car in a while, it’s normal to have questions about how the process works. So, we thought we’d provide answers to some of the most commonly asked auto loan questions. If you don’t find answers to your questions below, feel free to contact us online or call us at:
 
Brevard: 321-752-2222
Broward: 954-704-5000
Miami-Dade: 305-882-5000
All other areas: 800-447-7228


I see that you provide pre-approvals for car loans. I’ve never followed that process before. After I’m pre-approved, what’s next?

Step one is to shop for the car that fits your needs and budget. Once you find the right vehicle, the dealership should fax the buyer’s order to us. Once that has been received, you can visit any branch of the SCCU to sign paperwork.


Can I shop at any dealership? Are there any limits?

In Florida, you can go to any dealership. If you are shopping at a dealership outside of Florida, we will need to determine if that dealership will accept our site draft. If so, then all proceeds like normal. If not, then we will need to request an exception for you; if granted, then we can issue you a check at closing.


Do I need to provide a down payment on my loan? If so, how much?

It depends. When you apply for your loan, our team will review your application and let you know how much of a down payment, if any, is required to fund your auto loan.


What fees do I need to pay for my auto loan?

According to Chapter 201 of Florida Statutes, a documentary stamp tax must be levied on signed documents containing a promise to pay a specified amount of money. For a written obligation, the tax rate is $.35 per $100 (or portion thereof).


What is GAP? Do I need GAP?

GAP stands for guaranteed auto protection. This is a type of insurance that protects your loan if your car is involved in an accident and is totaled. If, in this case, you owed more on your loan than the current value of your vehicle, GAP is intended to cover the difference. You can also benefit from GAP if your vehicle is stolen and never recovered.


What documents should I bring to the auto closing?

You will need to bring your driver’s license, which needs to be valid and state-issued,

plus your current vehicle registration and insurance card. Sometimes, your express sales associate will request additional documentation. If so, bring that to the closing as well.


I financed my car with another lender but I’d like to get a lower rate. Do you offer auto refinancing?

Yes! People often ask us about the limits that are placed on the year of the vehicle, or its mileage. We don’t have limits on either when you refinance. You can find more information about auto loan refinancing.


Have More Auto Loan Questions?

We’ve got answers! Find more information about our auto loan programs or contact us with questions.

 
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