First-Time Auto Loans | Car Buyer | South Carolina Federal

We are geared up to help you find and finance your first car.

Setting a budget

Let us figure out how much you can afford on a monthly basis.

Deciding on a ride

How do you plan to use your vehicle? Knowing will help you pick the right car, truck, or SUV.

Obtaining financing

We make it easy for you to secure the loan you need.

Why choose us

We offer low rates, flexible loan terms, and other financial advantages.

You will always remember your first set of wheels.

And at South Carolina Federal Credit Union, we hope you remember our simplified financing process in the same positive light. We are passionate about exceeding your expectations as we guide you through this exciting experience. To help you get started, we offer a how-to guide for first-time car buyers.

Setting a Budget

Unless you plan to purchase your car with cash, you will need a loan. Before applying for one, it is important to establish a budget. A good starting point is having enough savings for a 20% down payment and then being able to dedicate 20% of your monthly take-home pay to your car payment.

Obtaining Financing

After determining your budget, you are ready to begin exploring financing options. Even if you have little to no credit, we offer low rates¹, payment deferment for the first 90 days², and an excellent means to establish your credit history. Our prequalification process will get you on your way.

Choosing and Finding a Car

Everyone’s needs are different, so basing your vehicle choice on functionality is key. Here are some questions to keep in mind that can help determine the type of car that best fits your needs:

How many passengers will you typically have?
What type of driving do you do: highway, off-road, surface streets?
Is fuel economy important because you have a long commute?
What safety features are important to you?
How much cargo space do you need?
Do you prefer new or used?
Do you need auto insurance for your teen driver? Check out the Parent Portal to learn more.

Completing the Transaction

When you have found your right car, the next step is to talk numbers. If you decided to get prequalified for an auto loan from South Carolina Federal, you will be able to tell the dealer exactly what you can spend and that will leave little room for them to try to upsell items that you may not need. If the conversation leads to a negotiation, stay firm on what you can spend and ask for the full purchase price breakdown of the car - as there may be hidden fees, including car preparation or delivery fees.

As the paperwork process begins, be sure to review all of it thoroughly, ask questions about anything you do not understand and keep copies for yourself. After it is all said and done, once those keys are in your hands, you will officially be a car owner. Congratulations!

Calculate your auto loan payment

View auto loan rates

New

LOAN TERM	MORE THAN 10% DOWN²	UP TO 10% DOWN²	0% DOWN²
New* APR³
0 - 63 Months	6.74%	6.99%	7.49%
64 - 75 Months	6.74%	7.74%	7.99%
76 - 84 Months	7.49%	8.24%	8.49%

Used

LOAN TERM	MORE THAN 10% DOWN²	UP TO 10% DOWN²	0% DOWN²
Used APR³
0 - 63 Months	As low as 7.24%	As low as 7.49%	As low as 7.99%
64 - 75 Months	As low as 7.24%	As low as 8.24%	As low as 8.49%
76 - 84 Months	As low as 7.99%	As low as 8.74%	As low as 8.99%

Frequently
asked questions

How do I make a credit card payment?

We offer several options to make your credit card payments:

Log into Online Banking to transfer a payment.
Mail a payment to us.
Make payments at a financial center through a:
- Cash advance
- Personal check
- Certified check or money order
- Cash, or
Contact us to make a payment by phone.

Payments reflect on your credit card account within 2 business days after the payment has been made.

How do I make a payment online?

If you are already registered for Bill Pay, simply click on the "Pay Bills" tab located in the main menu. Not registered for Bill Pay, simply:

Click "Signup for payments" in the Make a Payment or Bill Pay widget, or
Click on "Bill Pay" in the main menu.
Click "Enroll Now".
Verify the Account Holder Personal Information.
Notify us if you change ANY INFORMATION in the Account Holder Personal Information section.
Verify the Account Information.
Select the "Funding Account" to pay online bills.
Begin paying bills immediately.

To keep your Bill Pay account activated, pay a bill within 90 days or the account will become inactive. If this happens, contact us to have the account unlocked. If you are unable to set up your Bill Pay, or have any questions, please visit a local branch or contact us.

As a reminder, if you have Self-Service Checking, you may incur a monthly non-usage fee if you register for Bill Pay but do not use it to pay at least one bill each month. Please refer to current Truth-In-Savings Rate and Fee Schedule for details.

Where do I mail my payment?

Credit Card Payments Only:
South Carolina Federal Credit Union
P.O. Box 2711
Omaha, NE 68103-2711

Loan Payment Mailing Address:
South Carolina Federal Credit Union
P.O. Box 62349
North Charleston, SC 29419-2349

First Mortgage Payments Only:
South Carolina Federal Credit Union
P.O. Box 660592
Dallas, TX 75266-0592Omaha, NE 68103-2711

How do I make a payment using my phone?

Tap the Payments icon at the bottom of your screen. Then select the action you want.

Can I conduct a principal-only payment on my loan in Online Banking?

No. Please contact us and we will help you with a principal-only payment.

Can I view my personal and business accounts together?

Yes, if you have cross-account access set up. If you would like to set up cross-account access, please visit a local financial center or Contact Us.

How can I pay my bills online?

If you are already registered for Bill Pay, simply click on the "Pay Bills" tab located in the main menu. Not registered for Bill Pay, simply:

Click "Sign up for payments" in the Make a Payment or Bill Pay widget, or
Click on "Bill Pay" in the main menu.
Click "Enroll Now".
Verify the Account Holder Personal Information.
Notify us if you change ANY INFORMATION in the Account Holder Personal Information section.
Verify the Account Information.
Select the "Funding Account" to pay online bills.
Begin paying bills immediately.

I am trying to overnight a check but Bill Pay won’t accept the address I’m entering. What’s happening?

Please add the following address:

Overnight Loan Payments
South Carolina Federal Credit Union
6265 Rivers Avenue
North Charleston, SC 29406

Where do I send my loan payoff?

South Carolina Federal Credit Union
P.O. Box 62349
North Charleston, SC 29419-2349

What is my loan payoff amount?

A payoff quote is available for all loans and will include accrued interest and the daily per diem.

Auto, boat, recreational vehicle, credit cards or personal loans:

To obtain today's payoff or a 10 business day payoff quote:
• Visit a local financial center.
• Contact Us.
Any overage of your payoff will be deposited into your savings account or returned to you in an overpayment check.

First Mortgage:
Contact Dovenmuehle at (877) 636-9534
Second Mortgage/HELOC:

Fax payoff request to Fulfillment at (843) 737-7400. Request must include:

Member Name.
Member Social Security Number.
Account Number.
Payoff (good through) date.
Return Fax Number.
Copy of a signed authorization of release form from member requesting this information.
Once payoff is given, Second Mortgage/HELOC will be locked and no advances can be taken.

Or visit a local financial center.

When is my loan payment due?

Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is notated in your loan documents and agreed upon before disbursement of your loan. Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking or statements.

How do I get help on my past due loan?

If you would like to make short term payment arrangements, you may also contact our Loss Prevention Team at (843) 569-5045 or (800) 845-0349.

How long will it take to get my title?

Titles are released once the loan balance is satisfied:

For loans paid off by certified funds (cashier’s check, cash or money order), the title will be mailed within 48 business hours of receiving Release Form.
For loans paid off with a personal check, the title will be mailed within 7-10 business days.
Third Party releases take up to 5 days.

How is interest accrued on my loan?

Our loans are calculated with simple interest.

Simple interest is the calculation of daily accrued interest on your principal loan balance.
Interest accrues from the date of your last payment through the date of the next received payment.
If a payment is received 29 days from the last payment, there will be 29 days of interest charged on the unpaid principal balance of the loan. The remainder of the loan payment is credited to principal and reduces the unpaid principal balance on the loan.

For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:
$25,000 x 7% =$1,750
$1,750/365 days = $4.80 per day

As the principal balance is paid down, the daily interest will decrease as well.

What information is needed for a loan application?

For all loan requests you will be asked to provide personal information:

Name of each applicant.
Physical Address (P.O. Box does not apply).
Length of time at address.
Contact Phone Number.
E-mail Address.
Social Security number.
Date of Birth.
Income Information.
Name of current Employer.
Address and Phone Number of Employer.
Length of Employment.
Salary.
Position Held.
Other applicable income (Retirement, Pension, Disability, Court-Ordered Child Support).
Current mortgage or rent obligations.
Name and phone number of nearest relative not living with you.
Reason for loan application.

To apply now:
Get started with an online loan inquiry, visit a local financial center or Contact Us.

Can my loan be transferred to another individual?

Loans cannot be transferred; however you can sell your vehicle to another individual. For more information on how to sell your vehicle visit www.scdmvonline.com.

What title and tax fees may apply to my loan?

For the current auto fee schedule, please visit the South Carolina DMV website at http://www.scdmvonline.com
For the current boat fee schedule, please visit the South Carolina DNR website at https://www.dnr.sc.gov//boating/Titling_and_Registration/Fees.html
South Carolina sales tax is generally 5% of the sale price with a maximum of $300. To calculate sales tax, use the calculator link below http://www.convertit.com/Go/ConvertIt/Calculators/Finance/Sales_Tax_Calc.ASP

What vehicle information do I need before I apply?

For all vehicle loan requests you will be asked to provide the following information:

Year.
Make, model, and vehicle identification number.
Mileage.
Additional equipment or options.
A copy of the purchase agreement or bill of sale will be required at or prior to loan closing
For all unsecured loan requests over $10,000 a Personal Financial Statement will need to be completed.

To apply now:
Get started with an online loan inquiry, visit a local financial center or Contact Us.

Will I receive a statement for my loan?

Monthly statements will be issued at the beginning of each month if the loan account:

Has a checking or a savings account with monthly debits or credits,
Has a Money Market, or
Quarterly statements will be issued for all other loan accounts.

Current loan information will always be available through Online Banking or Mobile Banking.

Can I purchase a vehicle out-of-state or online?

Vehicles can be purchased out-of-state and online.

To determine eligibility, an application must be submitted with all buyer and vehicle information in addition to:

Name of dealership or individual.
Current vehicle financing institution or a clear title.
State vehicle is currently registered in.
Certain documents may be required but are not limited to the following:
Titling Approval Letter.
Original Title.
Supporting Titling Documents.
Copy of Buyer’s Order with account number.
Form 400.
Power Of Attorney (signed by buyer).
Property tax receipt or current registration card.
DMV titling fees.

All South Carolina DMV forms may be printed from www.scdmvonline.com.
To apply now, visit a local financial center or Contact Us.

Is additional insurance available for my auto loan?

Credit Life Insurance and Credit Disability Insurance is offered on loans.

Credit Life Insurance:

Pays off or reduces the outstanding loan balance up to the coverage limit if you die while insured.
Available on consumer loans and credit cards up to $50,000 and 180 months.
Low cost coverage with 30-day free look.
Available through 69 years of age, terminating at age 70.
Available for primary and/or joint owners on the loan.

Credit Disability Insurance.

Makes the loan payment up to the maximum coverage limits should you become totally disabled due to sickness or injury while insured.
Available on all consumer loans and credit cards up to $50,000 and 120 months.
Low cost coverage with a 30-day free look.
Available through 65 years of age, terminating at age 66.
Available for primary and/or joint owners on the loan.

To add Credit Life and/or Credit Disability to a new or existing loan, visit a local financial center or Contact Us

Is extra protection available for my auto loan?

Extra protection is available for auto loans:
Guaranteed Asset Protection (GAP)

Relieves you of the responsibility for the remainder of the loan balance that the primary insurance carrier does not cover due to a totaled or stolen vehicle.
Available on auto loans financed up to $100,000 and 84 months.
Maximum GAP loss payout up to $50,000.
Available on motorcycle, ATV, and Jet Ski loans financed up to $50,000 and 120 months.
Low cost protection with a 60-day free look.

Mechanical Breakdown Protection (MBP)

Extends coverage to virtually all mechanical and electrical components of your vehicle in addition to the manufacturer’s warranty.
Available on new and pre-owned vehicles.
Cost and coverage vary based on collateral information.
Transferrable coverage.
Choose from Ultimate Guard, Preferred Guard, and Classic Guard.

To add GAP or MBP to a new or existing loan, visit a local financial center or Contact Us.

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