Financial Milestones

By following these six steps, you can easily navigate the auto loan process:

• Pre-Approval - Pre-approval involves submitting an application and providing the necessary documents, such as proof of income, employment details, and identification. We evaluate this information to determine and estimate the loan amount you are eligible for. If you plan on trading in your current vehicle, be sure to check how much your car or motorcycle is worth with Kelly Blue Book beforehand.
  
  
• Vehicle Selection - With pre-approval in hand, you can confidently choose a vehicle that fits your budget. Consider factors such as the make, model, year, mileage, and condition of the vehicle. It's essential to select a car that aligns with your needs and financial capabilities.
  
  
• Loan Application - After selecting the vehicle, you must complete the loan application process. This includes submitting the necessary documents, such as proof of insurance and vehicle details. UMCU reviews the application and considers factors like credit history, income, and debt-to-income ratio to determine the interest rate and loan terms.
  
  
• Loan Approval - Once the loan application is submitted, we assess the information provided and decide whether to approve the loan. If approved, you will receive a loan agreement that outlines the loan amount, interest rate, repayment term, and any additional fees or conditions. It is crucial to review the agreement thoroughly before signing.
  
  
• Vehicle Documentation - Once loan approval is completed, you must provide the necessary documentation, including the vehicle title, registration, and insurance information.
  
  
• Loan Closing - The loan closing is the final step in the auto loan process. During this step, you sign the loan agreement, provide any additional required documents, and make any necessary down payments.

Our ELT code for Michigan titles: LH102827