New/Used Car and Motorcycle Loans

BFCU Lien Holder Code:  #C01123

Auto Loan Request

With Boston Firefighters Credit Union, you'll get some of the lowest auto loan rates in MA on new and used car loans, as well as motorcycle loans. Rates listed here include a .50% discount when you enroll in automatic payments from your BFCU account. 

Auto Loan Features

Need a car loan in Boston? You'll get the same great interest rates for both new and used cars when you choose an auto loan with BFCU. Borrow up to 100% of the purchase price for a new car and up to 100% of the Kelly Blue Book Value for a used car. 

You can even finance sales tax and other fees to reduce your out-of-pocket costs. 

Submit your online auto loan application today for quick approval. Interest rates are based on your credit score. BFCU does not impose prepayment penalties. So, if you decide to pay your loan off early, you won't have to pay for future interest. 

Here's What to Expect With a BFCU Auto Loan:

At Boston Firefighters Credit Union, we specialize in Boston car loans. If you need an auto loan in Massachusetts, you can get some of the lowest terms and best rates right here. 

Dealer Purchase

When you purchase a car from a dealership, you'll list BFCU as the lien holder on the purchase and sales agreement, as well as the Registration and Title Application (RTA). We require a copy of the sales sticker when you purchase a new vehicle. 

Private Party Purchase

When you purchase a vehicle from a private party, we require a copy of the title (front and back), bill of sale, and the Registration and Title Application (RTA) with BFCU listed as the lien holder. 

Refinance

When you refinance your loan with BFCU, we require a copy of your most recent loan statement, including the name of the financial institution, the payoff address, and the account number of your former loan. 

Please provide us with the 10-day loan pay-off amount, per diem (interest per day), and a copy of your car's registration. 

Lease Buyout

When you choose to buy out your lease from a leasing company and finance the remainder of your car's purchase price with BFCU, we require a lease buyout letter from the leasing company. Please also provide an odometer disclosure statement and security deposition authorization (if applicable). 

Financing Terms to Know

Amortization: An amortizing loan directs a portion of each payment toward the principal of the loan and a portion toward the interest.

Annual Percentage Rate (APR): APR includes interest and fees. The loan's APR is the amount of money it costs to borrow, expressed as a percentage. 

Co-signer: A second borrower who fills out the loan application with the main borrower. A co-signer is legally responsible for paying back a loan if the main borrower fails to make on-time payments as promised. A co-signer's credit can be damaged if the main borrower doesn't make their loan payments on time. 

Down payment: The amount of money paid upfront to reduce the loan amount. Making a larger down payment is one way to reduce monthly payments. 

Force-placed insurance: Auto loan borrowers must insure the vehicle to the lender's standards. If the borrower does not comply with the lender's insurance requirements, the lender may purchase a forced-place insurance policy. The borrower must pay the premiums.  

Guaranteed Auto Protection (GAP) insurance: GAP insurance provides a bridge between a car's market value and the amount owed on the loan. If a car is stolen or totaled, the borrower may owe more on the loan than the car's value. GAP insurance may cover the difference between the amount of money an insurance company pays when a car is totaled and the payoff amount on the auto loan. 

Interest Rate: The amount of money a borrower pays during one year to access loan funds, expressed as a percentage. 

Loan term: The number of months a borrower finances their auto loan. 

Negative equity: A borrower that owes more money on their car loan than the vehicle is worth has negative equity, or is "upside-down" on their loan. They may not be able to sell or trade in their car for enough money to pay off their loan. 

Principal: The portion of the loan used to purchase the car. An auto loan is made of three parts: interest on the loan, fees and principal.¹

¹  Consumer Financial Protection Bureau (CFPB), 2021, Auto loans key terms, Accessed September 13, 2021, [Consumerfinance.gov]