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Buying your first car to get you around town? Need a bigger vehicle for your growing family? No matter your needs, First Federal can help find the right auto loan for you. With extremely quick approval timelines and competitive market rates, our car loans can place you in the driver seat.
Already have your dream car? We offer loan refinancing options to save you money each month.
1Our pre-approvals usually take 24 business hours and exclude Saturdays and Sundays.
2Annual Percentage Rate (APR) as low as 5.50% available, subject to credit approval. For a $24,355.65 auto loan with a term of 60 months and a 5.50% APR, the monthly payment will be $465.54, and the final payment will be $465.46. The example assumes the borrower has an eligible First Federal Bank of Kansas City checking account for the automatic loan payment (ALP) 0.25% rate discount. “As low as” APR available for auto loans with a term of 36 months or less, loan amount of $10,000 to $29,999, loan-to-value (LTV) percentage of 100%, and an applicant with a credit score of 750 or higher. Loan payment and APR will vary based on the term, loan amount, vehicle age, LTV percentage, credit history and applicable fees. Programs, offers, rates, terms, and conditions are subject to change and expiration without notice and vary based on creditworthiness, qualifications, collateral, and loan terms. Rates effective as of 04/24/2023.
If you’re unfamiliar with car loans, review our frequently asked questions below or contact our lending team!
A car loan is often a secured loan that is used to purchase your desired vehicle. The vehicle serves as collateral for the loan. If you default on your repayments, the lender can seize, or repossess, your automobile. Car loans are often repaid in installments. The lender retains ownership over your vehicle until you completely repay the car loan, similar to a mortgage.
Car loans can be offered as a secured and unsecured loan. As mentioned previously, a secured loan requires the borrower to put up collateral until the loan is paid in full. If you fail to make your payments, then the lender can repossess your vehicle. Secured loans tend to have lower interest rates, higher borrowing limits and longer repayment options (or terms).
Unsecured car loans require no collateral as it’s simply a line of credit. The rate issued to you is based on your credit score. If you fail to make your payments, your debt is sold to a collection agency since there’s no collateral for the lender to seize. These tend to have higher interest rates because they pose more risk to the lender. Unsecured loans may also be called personal loans.
When you are approved for a loan, you receive your money in a lump sum which is determined by your credit score and other factors through the application process. Then you’ll pay it back over time. The length often depends on what terms are available and which one fits your budget. The amount you borrow, the time you take to repay the loan, and your interest rate all determine your monthly payment.
Our lending team is ready to answer questions and help you with your car loan today.
Ultimately, it comes down to your financial goals and priorities. You should be asking yourself these questions:
Looking to buy a motorcycle for the open road? Need a boat for the lake? Camping in the great outdoors with your family? We offer auto loans for motorcycles, boats, and RVs! Contact our team to discuss loan options today.
Our lending team is ready to answer questions and help you with your car loan today.
Use our car loan calculator to determine how much you’ll need to borrow and what your monthly payment will be. Feel free to contact our consumer lending team with your questions.