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What information do I need to have ready before I apply for an auto loan?
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What information do I need to have ready before I apply for an auto loan?
  • Your personal information
    Name, physical address, date of birth, social security number, and purpose for the loan.
     
  • Vehicle information (if you have a specific vehicle in mind)
    Year, make and model of the vehicle.
     
  • Loan information
    The amount of money you are planning to borrow.
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Should I apply for an auto loan before or after I know the car I want to buy and where I want to buy it?
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Should I apply for an auto loan before or after I know the car I want to buy and where I want to buy it?
You may apply before you know the car you want to buy and our bankers can help you determine the loan amount for which you qualify, and the approximate payment.
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What if I want to sell my car before it is paid off? Can I do so?
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What if I want to sell my car before it is paid off? Can I do so?
Borrowers may negotiate agreements to sell their vehicles before they are paid off. In these cases, the seller and the buyer generally meet at the bank, and the vehicle loan will be paid, then the title released. The seller will receive any proceeds in excess of the payoff amount of the loan.
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Can I trade in my car to a dealership before I have paid off my loan?
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Can I trade in my car to a dealership before I have paid off my loan?
Yes. If you give your dealer representative permission to obtain payoff information, the dealer will include the amount of the payoff of your trade vehicle in the calculation of the purchase agreement. Reputable dealers will then submit the payoff to the bank. Researching and reviewing the documentation in any purchase transaction is important because ultimately, the borrower is responsible for payment to the bank.
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If I can get financing through a car dealership, why would I finance my car with MutualBank?
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If I can get financing through a car dealership, why would I finance my car with MutualBank?
Consolidating your payments into one financial institution and using online banking tools, as well as our knowledgeable staff and competitive rates, are all reasons to choose Mutual. You may even be able to obtain MutualBank financing through your dealer!
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Do I need to make a down payment to be approved for an auto loan?
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Do I need to make a down payment to be approved for an auto loan?
Generally, the maximum amount we will loan is based on value determined by the MSRP for a new car, or the value in Black Book for a used car. A down payment may be needed to stay within our value guidelines.
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Is there a maximum car loan amount I can apply for with MutualBank?
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Is there a maximum car loan amount I can apply for with MutualBank?
There is no maximum. Each individual’s maximum loan amount is determined by the applicant’s ability to pay and the value of the car.
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What is the minimum auto loan amount required to finance with MutualBank?
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What is the minimum auto loan amount required to finance with MutualBank?
$2500.00
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What are the shortest and longest term auto loans you offer?
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What are the shortest and longest term auto loans you offer?
Loans may be as short as 90 days and as long as sixty months (5 years).
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Can I apply to refinance my existing auto loan with MutualBank?
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Can I apply to refinance my existing auto loan with MutualBank?
Yes. Typically, individuals will consider refinancing their auto loan if any of the circumstances listed below occur. - Interest rates have dropped - Your credit score has improved significantly - You received a very high rate when you first purchased your vehicle - You’re going through a financial setback We are happy to talk about whether refinancing your auto loan would be advantageous for you and your circumstances.

 

 

These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

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