Frequently Asked Questions

There are no prepayment penalties on your loan from LOC, so feel free to pay a little extra each month to save on interest!

Yes. LOC offers loans for both new and used vehicles. You may be surprised to see that the rate of recent year used cars is very similar to that of a new car.

Yes, we offer both financing and refinancing on loans.

If you're interested in applying, you can get the process started online today. If you prefer, come into a branch or give us a call at 800.837.4562.

Loans are typically processed within 24 hours, with some exceptions for weekends and holidays.

LOC offers up to 115% financing. However, factors such as credit score and value of the vehicle can determine how much you're eligible to finance. You can also refinance for more than what you owe if the vehicle is worth more than the loan balance.

In some instances, it is better to finance a lower amount at a slightly higher rate, meaning to it would be best to take the rebate.  But the decision may come down to what rate you receive from your credit union or bank. Use our auto loan calculator to run a variety of scenarios based on taking a rebate and financing with LOC or taking the lower rate from the dealership financing.  

Unique to each individual, those deciding between buying or leasing should consider the following: Cost of vehicle, mileage, cost of repairs/maintenance, depreciation of vehicle, insurance costs, and more before making their final decision.

Refinancing may be a good option if your credit score has improved or if your car is worth more than the existing loan balance and you want to use the equity to pay off other debt.