Boeing Employees Credit Union (BECU) was founded in 1935. Today, the company is a member-owned, not-for-profit financial cooperative that has over 925,000 members.
BECU offers rates as low as 2.09 percent for vehicles that are year models 2015 or newer and rates as low as 2.69 percent for vehicles that are year models 2014 or older. Additionally, you will recevie the same low rate regardless of if you apply for an auto loans yourself or through a participating dealership.
Periodically, BECU will evaluate your credit rating while you have an existing auto loan with the company. If you've significantly improved your credit score and your loan is in good standing, you could earn a better interest rate. BECU will automatically update your account to your new lower APR and notify you of the change.
BECU has partnered with AutoPREMIER Auto Buying Program to provide its members a service that connects them with a personal buying concierge that locates vehicles, researches vehicle history, connects members with dealers, and negotiates prices. This service is available for both new and used vehicles.
If you need lower monthly payments, BECU offers auto loan terms up to 84 months. However, the company has not disclosed whether you are required to have a certain credit score to obtain a longer loan term.
It is unclear whether or not BECU accepts consumers with bad credit. The company's website doesn't specify credit score minimums, which makes it difficult for potential customers to have an idea of whether or not its worth their time to apply with BECU.
BECU has not disclosed whether or not it charges any type of application fees or prepayment penalties.
Fortunately, BECU does offer refinancing option and states on its website that this can save you money if you qualify, even if your loan is with another bank. However, there is no other information about refinancing available on the website. Therefore, if this is something you're interested in, you will have to contact BECU to find out what you need to do to refinance your auto loan.