New Car Loan Frequently Asked Questions

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New Car Application FAQs

  • How do I apply for a new car loan?

    To apply for a new car loan with Wasatch Peaks Credit Union, you must first become a member if you are not already. 

    Next, you simply fill out this form online and you’ll be on your way in no time to getting a new car loan. There’s no fee, and the process is quick and simple. 

    You can also come into any branch or call 801-627-8700.

  • Do I need a co-applicant?

    You don’t need to have a co-applicant when you apply. However, depending on your circumstances, it may be advantageous to have one.

  • Can I get approved for a car loan before I pick out my car?

    Getting pre-approved is beneficial for you as it makes it that much simpler when car shopping. You will know exactly how much you should spend on your new vehicle. 

  • Does my credit score affect my interest rate?

    A higher credit score can give you access to lower interest rates. This is because you have a positive financial history of paying off loans and bills. A lower credit score will usually lead to higher interest rates.

  • What information will I need to provide when applying?

    When applying, we will need your contact information, along with your co-applicants if you have one. We will also need your current housing, employment, and income information along with the amount you expect to finance and the length of the loan term you want.


New Car Loan Rate FAQs


New Car Loan Term FAQs

  • How long should my term be?

    We understand that you don’t want to pay large monthly payments, but you also don’t want to teeter too far the other way by having a longer term. 

    Interest rates increase over time, so it’s important to find the sweet spot when it comes to how long you will be paying off your new car loan. A 60-month term is typically a good middle ground if you can swing it. 

    Reach out to us at 801-627-8700 or come by and see us, and we’ll help you decide what’s best for you.

  • Can I pay off my loan early?

    You can pay off your loan in a lump payment. The payoff amount includes your loan balance and any interest or fees you owe.


General New Car Loan FAQs

  • Do you have any tips when car shopping?

    Our biggest piece of advice is to take your time. The last thing you want to do is make a quick decision and spend entirely too much on your new car. 

    There’s no harm in shopping around. Especially if this is your first major purchase, you don’t want your credit to take a hit by not taking the time to do proper research and talking with a lending professional about your options.

Apply for a Loan Today!

By knowing more about the financing options available to you and your specific circumstances, you’ll be hitting the road behind your new car in no time. 

Let us help you get where you need to go!

Apply Now