WHAT IS CONSIDERED A "NEW AUTO" VERSUS A "USED AUTO"?
At Direct Federal, the most recent two model years are considered "new." Model years earlier than the most recent two are considered "used." We add a new model year each year on June 1st.
2021-2022 | New
2012-2020 | Used
HOW MUCH CAN I BORROW?
You can borrow 120% of the value of your car (subject to our maximum auto loan limit of $100,000). This allows you to finance the entire purchase price plus the sales tax.
NADA Pricing Guide >
HOW LONG DO I HAVE TO USE MY DIRECT FEDERAL AUTO LOAN?
You have 60 days. If, for whatever reason, you do not use the loan during that time period and need another one, simply call us at 781.455.6500.
WHAT HAPPENS IF INTEREST RATES CHANGE BETWEEN THE TIME I APPLY AND THE TIME I PURCHASE A VEHICLE?
If rates rise from the time you apply until the time you use your loan, you will get the lower rate that was in effect when you applied. If rates fall from the time you apply until the time you use your loan, you will get the lower rate in effect at the time of purchase.
WHAT IF I NEED MORE MONEY?
If you realize you need more money to finance your purchase once you start shopping for your car, simply call us at 781.455.6500.
WHAT TYPES OF VEHICLES CAN I FINANCE?
You may finance automobiles, SUVs, pickup trucks, and minivans for consumer use. You may not use your Direct Federal AutoCheck to finance boats, motorcycles, RVs or campers, or any vehicles for commercial use.
WHEN IS MY FIRST PAYMENT DUE?
Your first payment is due on the 30th of the month following the month you use your auto loan. For example, if you use your loan during September, your first payment will be due on October 30.
LIEN HOLDER INFORMATION
Direct Federal Credit Union
50 Cabot St. Needham, MA 02494
MA Lienholder Code: C01769
