Hybrid and electric vehicle loan
Buy a qualifying new or used hybrid or electric vehicle with a rate-discounted loan if you qualify for Redwood Credit Union membership.
Questa opportunità è attualmente disponibile in inglese.
Redwood Credit Union reduces the interest rate by 0.25 percentage points for a qualifying hybrid or electric vehicle purchase. You repay the borrowed money with interest through fixed monthly payments, with terms up to 84 months.
New vehicles with fewer than 1,000 miles may be financed up to 125% of the manufacturer’s suggested retail price (MSRP), depending on your credit history. Used vehicles up to 10 years old may be financed up to 125% of their Kelley Blue Book (KBB) value. For vehicles 11–15 years old, the limit is 110% of KBB value, depending on credit history and the condition of the vehicle offered as collateral. The vehicle’s value therefore affects how much you can borrow.
Eligibility
You must qualify for RCU membership through at least one of these routes:
- Live, work or own a business in Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Solano or Contra Costa county.
- Be an immediate family member of a current RCU member.
- Work for an employer RCU has designated as eligible for membership (a Select Employer Group).
You can apply before becoming a member; RCU says you become a member when you receive your auto loan. Loan approval is required, and credit history affects the financing terms.
Membership starts with a savings account. Regular savings requires $5 to open; a $3 monthly minimum-balance fee applies below $75, and a balance of at least $100 is needed to earn dividends.
If insurance is required for the loan, you may buy it from an insurer of your choice. Mechanical repair coverage and Guaranteed Asset Protection (GAP), which covers a potential shortfall after a total loss, are optional and do not affect loan approval or credit-agreement terms.
GAP has eligibility requirements, conditions and exclusions, which are explained in the contract you receive before paying. Adding its fee to your loan increases the cost of GAP. You may cancel GAP at any time; cancellation within 90 days gives you a full refund of the fee paid.
How to apply
- Stato
- Aperto continuamente
- Restrizioni del bando
- Membership eligibility and loan approval are required.[^c6][^c4]
Apply through the Hybrid & Electric Vehicle Loans page on Redwood Credit Union’s website. Choose the nonmember application if you are new to RCU; existing members can log in to start a prefilled application. RCU assesses the application before funding the purchase.
For membership, have your Social Security Number or ITIN, date of birth, valid identification and a debit/credit card or bank-account details to fund the savings account. Once the vehicle loan is approved, RCU sends the funds directly to the dealership, or to the branch nearest you for a private-party purchase.