Pre-Approval Process

Did you know that Amherst FCU offers pre-approval for all vehicle loans? That goes for motorcycles, RVs, and boats, as well as new, used, and classic cars. Don’t have one picked out? No problem. We can get you approved for an amount to go car shopping with financing already locked in. Here’s how it works.

How to apply. Getting pre-approved is quick and easy. Start by applying online or in person, and be prepared to provide proof of income. It helps to know if you’re looking for “new” versus “used” to help determine your rate, though you’re not locked into your decision. When asking for an amount, we recommend applying for slightly more than you’d like to spend to avoid having to re-apply if your dream vehicle costs more than your pre-approval. If you don’t know how much you want to spend, contact our loan department to run some numbers.
Avoid haggling with salespeople The only thing worse than trying to find a vehicle is dealing with the aggressive salesperson who wants to get you to finance with them. Avoid some of the hassle by letting them know right away you have already secured a great rate through your credit union.
Found your dream car? Once you decide on the vehicle that’s right for you, have the seller email or fax your loan officer the purchase agreement or bill of sale. Then, get the vehicle added to your insurance policy and have AFCU listed on your insurance binder as a “loss payee.” Lastly, just set up a time with your loan officer to sign, complete the process and leave the credit union with a certified check in hand.

Additional Tips:

We can only lend what a vehicle is worth. That means the loan amount cannot exceed the value of the vehicle you’re purchasing, referenced against a reputable source such as Kelly Blue Book. This ensures you don’t end up overpaying for a vehicle, and will help keep the value of the loan and vehicle balanced in the event insurance needs to pay out a total loss.

Published October 1, 2025