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How does my credit score affect my auto loan?

What is an auto loan?

An auto loan is a type of financing that allows you to borrow money to purchase a vehicle. The loan is secured by the vehicle itself, meaning the lender can repossess the vehicle if you fail to repay the...

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What happens if I miss a payment?

Missing a payment can result in late fees and negatively affect your credit score. Repeated missed payments may lead to vehicle repossession. It’s important to contact People Driven Credit Union as soon as possible if you anticipate any issues making...

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Do I need a down payment for an auto loan?

A down payment isn’t always required, but it’s generally a smart move. Putting money down reduces the amount you’ll need to borrow, which can lower your monthly payments and reduce the total interest paid over the life of the loan. At People Driven...

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