Auto Loans
New Auto Loans
POLAM finances up to 125% of the purchase price including tax and license with flexible terms! Once you have negotiated your best deal, a dealer will customarily give you seven days to arrange financing.
Most often, we can complete the loan within 48 hours or less from the time we receive a complete application. Comprehensive insurance naming the credit union as a loss payee is required.
Used Auto Loans
Often a well- equipped, low mileage auto can be a better value than a new car. You should however research the car’s reliability, resale value and consumer satisfaction reviews.
Buying from a dealer is much simpler but often private parties are the better deals. A Carfax report is a good source of information about a car’s history.
Once you have made a selection, download an application from our website and submit it to us along with the purchase agreement, if buying from a dealer, or bill of sale and copy of registration if buying from a private party.
POLAM will lend up to 125% of the Lending Value as determined by Kelley Blue Book Quick Values. Our used auto rates are consistently lower than banks or auto dealers. Loans require comprehensive and collision auto insurance with a maximum deductible of $1000.00. For more information, please contact us at (800) 404-5137.
Looking for extra protection? We offer 2 programs to keep you and your family protected.
Guaranteed Asset Protection (GAP)
Guaranteed Asset Protection (GAP coverage) covers the difference between your primary carrier insurance settlement and the payoff of your loan, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges.
For example, let’s say the car you purchased for $25,000 is valued at only $16,000. The amount you owe is $21,000 when it is stolen and never recovered or is involved in an accident in which it is damaged beyond repair, most insurance policies will only reimburse you for the Actual Cash Value (ACV) of your vehicle ($16,000), leaving you to repay the remaining loan balance ($5,000). With the GAP coverage, the remaining loan balance ($5,000) is taken care of for you, including your insurance policy deductible, up to $1,000 (up to 150% of the value).
Mechanical Breakdown/Vehicle Service Contract
Freedom of Choice: A wide array of options, zero deductible and terms to suit your needs. 60-day Free Look, can cancel with full refund within first 60 days.
Nationwide Protection: Repairs can be performed by any authorized repair facility in the U.S. and Canada
Rental Vehicle Reimbursement: Pays for the expense of a rental vehicle while your vehicle is in service for covered repairs.
Emergency Roadside Assistance: 24/7 emergency roadside assistance for towing, flat tire assistance, emergency gas delivery, battery jump-start and key lockout service. Battery Coverage available (Easy and Main Street plans).
Transferable Protection: Coverage is transferable for a small fee, helping improve the resale value of your vehicle.
Enhanced Electronics Package (EEP): Coverage available (Easy and Main Street only), GPS/Navigation components, Key Fob repair/replacement plus more included in this coverage, see policy for details.
Uber/Lyft covered, at no additional charge.
Whether you are purchasing a new or used vehicle, this protection provides coverage for your investment and gives you a solution for worry-free driving. Mileage restrictions apply.
