Cypress Credit Union is an alternative banking institution based in the Salt Lake City, UT region. By becoming a member of the credit union you receive numerous benefits and are permitted to partake in their services. One of the services offered by Cypress Credit Union is auto loans.
Rates are as low as 2.69% for new vehicles and 4.19% for older cars. Repayment terms are numerous and depend on the type of loan requested. Additional protections are available as part of loan acceptance.
How Cypress Credit Union Loans Work
In order to apply for a loan, applicants must be members of the credit union or a Utah resident who is a member of the Community Recreation Association. Cypress offers auto loans for new and used cars as well as RVs and motorcycles.
First-time financing is also available through Cypress. Those who utilize this option must be 18 years or older, have the last two payment stubs from their current job, and provide two personal references.
Applying for an auto loan can be done via an online form or in-person at a Cypress location. Approvals and funds are normally available the same day of the application if done during business hours.
What are the Current APRs Offered by Cypress Credit Union?
*For vehicles between 2008 and 2017, Cypress offers a 2.69% APR for loans with repayment terms of five years or under. This goes up slightly to 2.99% if between 61 and 72 months. Anything above this term receives an APR of 3.69%.
*For vehicles older than 2008, the APR is as low as 4.19% for up to 60 months.
*Customers who apply for a first-time auto loan are given 7.69% for loans up to 60 months and 7.99% for ones up to 72 months.
* There are no penalties if loans are paid before the term ends.
How Much Can I Borrow from Cypress?
For the first-time auto plan, applicants can obtain a maximum of $15,000 in loans. For the other plans, it is recommended to speak with a Cypress Credit Union representative for additional information.
Does Cypress Credit Union Offer Loan Protection Services?
The credit union offers a number of protection services to prevent a default on auto loans should an unfortunate incident arise.
* Guaranteed Asset Protection (GAP Insurance) helps to get the full amount of the vehicle should it be totaled or stolen
* Major Mechanical Protection (MMP Insurance) covers the cost of huge mechanical repairs which you may not be able to afford
* Debt Protection covers payments on the auto loan when you encounter financial difficulties