Auto Loans

No. You do not have to be a CME CU member to apply for a loan. Once your loan is approved, you will need to join the credit union before we can disperse the funds for your loan.

Become a Member

The most common way to apply for a CME CU Car Loan is through our online application or at our branch.   You can also call us at 401/463-3010 and speak to a team member to apply over the phone.

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To apply for an auto loan, you will need the following information:

• Whether the vehicle is new or used
• The estimated loan amount
• The desired term of the loan (options range from 12-84 months; subject to qualification)
• Your personal information (First/Last Name, SSN, Date of Birth)
• Physical and mailing address
• Co-applicant information (if applicable)
• Employment status
• Gross monthly income
• Monthly expenses

Once approve, to finalize your auto loan, you will need to do the following:

• Become a CME CU member, if not already a member
• Submit copy of the purchase & sale agreement (for dealer purchases)
• Submit verification of income, if requested
• Submit any additional requested documents
• Finalize funding details (check dollar amount, payment due date, term, interest rate, payment options and to whom the check is payable)
• Sign the Note & Loan Agreement

The application process takes just a few minutes and depending on how quickly the required documentation is provided we can fund your loan in just a few days. We will call or send a secured email if additional information or further review is needed on your application.

Once all documentation is provide to finalize your loan, you can visit our branch to receive your check OR we can send it by FedEx to your home of record.

Your monthly payment is determined by a number of factors that make up your purchase or refinance loan.  These include manufacturer's rebate, the trade-in value of your old vehicle less any balance owed and yourt down payment,  just to list a few. 

Once the amount of your loan is determined the interest rate and the term of the loan will be used to estimate your monthly payment. To estimate your monthly payment, try our Monthly Payment Calculator.

Loan to value is the ratio that compares the amount of a loan against the value of the vehicle. Typically, lenders have a “maximum LTV” threshold in place which determines how much of a loan they are willing to finance for a vehicle based on its value.

The LTV threshold is based on a number of factors, including creditworthiness, vehicle age, mileage and term of the loan.  Qualified CME CU borrowers could finance up to 125% of the purchase price or book value, whichever is lower.