AUTO LOANS
Whether you’re in the market for a new car, or shopping for a used family vehicle, Connect Credit Union can help keep your eyes on the road and steering in the right direction with our flexible, low interest financing options.
ADVANTAGES
- No Payments for 90 days!2
- Low car loan rates
- Flexible Terms on both New and Used Vehicles1
- Convenient Payment Options
- Vehicle & Loan Protection Products
AUTO REFINANCE
Save money by taking advantage of refinancing your vehicle. Refinancing your existing car loan may help you save money by reducing your monthly auto payments. We have payment options to fit your lifestyle and budget. Now could be a good time to refinance your vehicle to a lower interest rate.
Understanding the New Auto Loan Tax Deduction
2025 Tax Update: You May Be Able to Deduct Interest on Certain Auto Loans
DISCLAIMER: This article is for general information only and is not intended as tax advice. It discusses a possible tax deduction for members who financed new, U.S.-assembled vehicles after December 31, 2024. Because every tax situation is different, please consult your tax advisor to see if you are eligible.
New federal tax provisions covering the 2025 through 2028 tax years may allow eligible borrowers to deduct up to $10,000 in auto loan interest when financing a new vehicle assembled in the United States after December 31, 2024.
What Types of Vehicles May Qualify?
- To be considered eligible, the vehicle generally must meet the following criteria:
- Be a passenger vehicle such as a car, SUV, minivan, van, pickup truck, or motorcycle
- Have a gross vehicle weight rating (GVWR) under 14,000 pounds
- Be finally assembled within the United States
- Be purchased and used primarily for personal (non-business) purposes
- Be financed without including negative equity from a prior trade-in
Not sure where your vehicle was assembled? You can check using your VIN at the National Highway Traffic Safety Administration’s website: vpic.nhtsa.dot.gov/decoder. Look for “Plant Information” to confirm final assembly location.
Documentation for Tax Filing
In future tax years, qualifying borrowers may receive a dedicated tax statement from their credit union showing eligible interest paid. For the 2025 tax year, you will need to reference your December 31, 2025 loan statement to determine your year-to-date interest.
Additional Considerations
Income limits and other eligibility requirements may apply. Because individual tax situations vary, it’s important to speak with your tax advisor to confirm whether you qualify for this deduction and how to properly claim it.
AUTO BUYING SERVICES
At Connect Credit Union, we have solutions for both buying and financing your new car. Your credit union has partnered with Enterprise Car Sales and Simple Car Buying to offer our members two distinct options in the car buying process:
- Enterprise Car Sales offers an experience similar to the dealership offering a car lot of certified used vehicles in a variety of makes and models.
- Simple Car Buying is a car buying service that can assist members in locating both new and used vehicles of any make and model.
GUARANTEED ASSET PROTECTION (GAP)
Unexpected events happen. And when a significant event like your vehicle being stolen or an accident occuring, it not only affects you emotionally but can also have a major impact on your finances. Guaranteed Asset Protection (GAP) pays the difference between your insurance company's settlement and the remaining loan amount in the event that your vehicle is stolen or damaged beyond repair. GAP will also cover your insurance deductible leaving you with no out-of-pocket expense and the freedom to shop for a new vehicle without worrying about negative equity.
MECHANICAL BREAKDOWN PROTECTION
Protect yourself against costly auto mechanical repairs no longer covered by the manufacturer's warranty on your vehicle with Mechanical Breakdown Protection from your credit union. With a zero deductible and a suite of extended warranty options available, Connect Credit Union has a plan for any vehicle you own. Mechanical Breakdown Protection coverage is available on new vehicle purchases and vehicles you own that are not financed with Connect CU.
CREDIT DISABILITY & CREDIT LIFE INSURANCE
Connect offers Credit Disability insurance on the primary borrower that makes payments to reduce or payoff the loan if the borrower is out of work for more than 30 days.
In addition, in the unfortunate event that a borrower passes away before the loan is repaid, Connect's Credit Life insurance will pay off the remaining balance up to $50,000. Credit Life insurance is available for both the primary and joint borrowers.
No need to worry about the unexpected, Connect has you covered.
Want to learn more about our vehicle loans? Contact us online or visit one of our local branches in Florida!
1 New and pre-owned vehicles are defined as model years 2024 through 2026 with fewer than 36,000 miles. Pre-owned vehicles older than model year 2024 or with more than 36,000 miles may be subject to higher rates and must go through standard underwriting. Rates will not be offered below the floor rate of 4.99% APR. This offer cannot be combined with any other promotions. All applicants must qualify for membership with Connect Credit Union.
2 Finance charge begins from date of purchase and is repaid over the term.
