Auto Loans

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Current Rates

Auto Loans

Rates Effective as of March 1, 2024
Loan Type APR Payment Schedule Monthly Payment
Per $1,000 Borrowed
Title-Date More Info Row Span
2020 & Newer 7.24% - 20.44% up to 60 months $19.98 - $26.96
7.44% - 15.89% up to 72 months $17.32 - $21.78
8.09% - 17.49% up to 84 months $15.69 - $20.88
2016 — 2019 7.54% - 20.74% up to 60 months $20.12 - $27.14
7.74% - 16.19% up to 72 months $17.47 - $21.95
8.39% - 17.79% up to 84 months $15.84 - $21.06
2015 and Older 8.64% - 16.39% up to 72 months $17.92 - $22.07

* APR = Annual Percentage Rate. Actual rates depend on member credit qualifications, including term of the loan, age of the vehicle, credit, and employment history.

Auto Loans Frequently Asked Questions

How much car can you afford?

What to expect in the loan process?

First, get preapproved.
Call, come in, or go online to apply. Please have ready:

  • Recent paystub ready (within last 30 days)
  • Proof of insurance

Let our loan officers get to know you and what you're looking for. You'll get an answer that same day, unless it's really late in the day and then we'll get back to you early the following day
Next step: car shopping!

Once you’ve found the perfect vehicle:
If you're getting the loan at a dealership, just tell dealer you want iQ financing. You can even sign right there at the dealership. If you're buying from a private party, contact your loan officer and they will walk you through the next steps.

What is vehicle equity and how does it impact my loan?

Understanding what vehicle equity is and how it can benefit you is as simple as subtraction. The easiest way to break it down is through math, Equity = the value of your car - the amount you owe on your auto loan. For example, you have owned your vehicle for a year and it's worth $7000. You have paid down your auto loan to $3000. Your vehicle's equity = $7000 - $3000 = $4000, that simple!

When talking about financing for a new vehicle, having existing vehicle equity can come in handy. Let's say you are looking to buy a brand new car that is worth $24,000 (not including taxes, insurance, licensing fees, and any add ons). You can take that $4000 vehicle equity to a dealership to help bring down the price of a new vehicle and to finance your new auto loan. Not only can save money when walking in the door, but you could also save money in the long run through financing your auto loan.

Does iQ work with any local dealerships?

Yes if they are CUDL-affiliated. CUDL (Credit Union Direct Lending) is a service created to provide access to loans and rates that are financed by credit unions at dealerships. When you work an auto loan out with the dealership they may offer you a higher rate. If you ask to finance with iQ through CUDL you may get a much lower rate with us. You can use the money you’re saving to add all the features for a smooth ride through the Pacific Northwest.

Disclosures

* APR = Annual Percentage Rate. Actual rates depend on member credit qualifications, including term of the loan, age of the vehicle, credit, and employment history.