Reading: Geico Auto Loan Review | LendingTree
Geico Credit Union is a division of Baxter Credit Union ( BCU ), but still offers its membership raw and exploited car loans, equally well as car refinance. While about anyone could get Geico car insurance, its car loans may be best for those who already trust with Geico CU or might want to. This includes Geico associates and their families, plus employees of dozens of early partner companies and residents or workers in five Illinois counties and Kenosha County, Wisconsin .
Geico auto loans at a glance
If you ’ re matter to in shopping for and buying a new car all in the same place, Geico Credit Union offers an extremely competitive starting pace. While its lowest rate is specific to its car-buying service, the disadvantage of using a car-buying overhaul is that you might be able to find lower car prices on your own. inactive, evening without the car-buying service, borrowers are eligible for depleted rates on car loans that can be used to finance or refinance cars up to 10 years old with 100,000 miles .
| Geico Auto Loans | |
| Starting APR* | 2.14% |
| Starting APR* through the Geico auto-buying service | 1.64% |
| Terms | 0 – 84 months |
| Amounts | up to 100% financing |
| Requirements | Geico CU membership |
*Includes an autopay rebate and assumes you meet two out of three of the watch : Receive a monthly lineal deposit of at least $ 500, hold a $ 25,000 down payment or hold another loan product, such as a dwelling mortgage or citation poster, in good stand with the credit union. Read More
Geico finances up to 100 % of the cost of your car ( meaning you might not have to make a down payment ). It besides provides individual party car loans and car lend preapprovals .
Geico rate discounts and cash rebates
In accession to the APR discounts in the chart above, you may besides be able to get a rebate or other rebate through Geico or its parent, Baxter Credit Union ( BCU ) .
- A $350 cash bonus is available to Geico associates and their families for auto loans of $10,000 or more.
- Rate discount for a hybrid or electric vehicle: If you didn’t meet the APR discount criteria above, you may still qualify for a 0.50 percentage point discount if the car you’re financing is a hybrid or electric vehicle. This is advertised to BCU members, so Geico members should inquire about their eligibility.
Geico car buying
As we mentioned earlier, the lowest potential Geico car loan rates go to borrowers who buy a brand-new fomite through the credit union ’ s car-buying service, powered by on-line car market TrueCar. TrueCar promises credit marriage members a bankrupt on car prices, and it does the negotiate for you, which does save you a lot of legwork. inactive, it ’ s possible you could negotiate the same or better distribute on your own at dealers of your choose .
Here’s how it works : search for vehicles online, and dealerships in the TrueCar network in your sphere compete for your business. Know that by using the service, you ’ re giving out your personal contact information to dealers, who will frequently reach out to you.
Is a Geico auto loan worth it?
If you qualify for membership with Geico CU, it could be worth it to apply for a Geico car lend, particularly if you ’ re looking to bank with the accredit union. Customers who use lead deposit or have another lend with the bank profit from rate discounts .
If you don ’ deoxythymidine monophosphate stipulate, don ’ t concern — there are other lenders that offer low rates. You can check out our tilt of some of the best recognition unions for car loans .
Geico Credit Union membership requirements
You could become a Geico CU penis based on your employer, where you live or whether a family member is already a current Geico CU penis. BCU has the same requirements .
- Employer: Geico CU has a list of nearly 90 partner employers, including Beltone, Target, Verizon California — and, of course, Geico. Here’s a full list.
- Community: If you live or work in one of six counties — Lake, McHenry, DuPage, Kane or Cook County (north of 95th Street on the south side of Chicago) in Illinois, or Kenosha County, Wisconsin — you may qualify.
- Family: If you are a family member of an existing Geico CU member related by blood, marriage, fostering or adoption, you may qualify. Eligible family members include: Spouses, parents, children, siblings, domestic partners, grandchildren, grandparents, aunts, uncles, nieces, nephews and cousins.
Pros and cons of a Geico auto loan
Highlights of a Geico car loan
Low APRs: Geico offers some of the lowest begin car loan APRs on the market, including discounts .
Car-buying program: The Geico auto-purchasing program may help you save time and money. You might save on the price of the car, vitamin a well as the monetary value of your loanword .
Lowlights of a Geico car loan
Strict membership requirements: other credit unions may have more flexible ways to join. Consumers Credit Union, for model, besides offers abject rates and entirely requires that you make a erstwhile $ 5 payment to the Consumers Cooperative Association .
Fees: Depending on your state, you may have to pay fees when getting a Geico car loan. however, there are no fees for car refinance loans.
Few branches: Geico only has 10 locations, but that count will finally increase to around 30 with the fusion and the open of two fresh branches. placid, if you prefer to talk to a banker face-to-face, you may have to drive for a while .
How to apply for Geico car financing
To apply for a car loanword from Geico CU or BCU, you could go to a outgrowth, visit the web site or call 888-389-8344. You ’ ll be asked to provide the stick to data :
- Name and address
- Birthday
- Social Security number or Tax Identification number
- Member number (or membership eligibility)
- Income and employment
- Cosigner or co-borrower information, if applicable
Geico will do a hard credit wrench to check your accredit score and citation history .