Auto Loans

Auto Loans

Wouldn’t it be great if the entire vehicle buying experience were more like the test drive? Yes, car shopping should be a fun and rewarding experience. MFed is here to make it happen, with straightforward financing that doesn’t play gotcha.

You can even apply for an auto loan directly through us before you set foot in the dealership. You get a competitive rate on a new or used vehicle — oftentimes better than through the dealership — plus the confidence to negotiate a better price. Prefer to refinance your current vehicle? We can do that too. Not an MFed member yet? Join us and experience the benefits of an institution that truly empowers its members.

Looking for a convenient and hassle-free way to buy your next new or used car, truck, SUV or van. We will locate the vehicle FOR you, experience the difference with New Cars Inc. 

Summary
  • Competitively low rates for new or used vehicles
  • Budget-friendly repayment terms
  • 100% financing available on all purchases
  • Used vehicles of up to three years old may qualify for new car rates
  • Refinance vehicles financed elsewhere to potentially lower your rate
  • Free pre-approvals for extra buying power when negotiating
  • Local decision making and processing right here in San Diego
  • Helpful, customized service from MFed, an institution that cares
  • Auto Loans for Veterans
AskAuto App

AskAuto rides along on your car shopping and buying experience by offering vehicle information and loan application assistance. As an MFed member, you can easily compare vehicles you find on the dealer lot, get information on loans, and submit a loan application — all from your mobile device.

  • Scan the VIN on a car to get average retail cost and EPA mileage estimates.
  • Compare, rank and save notes on vehicles you like.
  • Learn which loans might be best for you.
  • Apply for a loan anytime, anywhere using your smartphone. Just scan your driver’s license and AskAuto app prefills your loan application with your personal information and saved vehicle information.
  • Saves you time and key strokes.

Download the app to get started! Available for iPhone and Android.

Vehicle Protection

Life can sometimes be accompanied by the unexpected. Secure some peace of mind by knowing your investments are covered. The products described below are designed to protect you and your good credit in case the unthinkable happens.

Guaranteed Asset Protection (GAP)

Help protect your vehicle loan. Many times primary auto insurance settlements don’t pay off your loan balance. When you buy a new or used vehicle, there’s no way to know if it will be stolen or totaled in an accident.

With MEMBER’S CHOICE Guaranteed Asset Protection, you’re protecting your vehicle investment against a possible financial loss.

How Does It Work?

The fee can be included with your monthly payments or made separately by cash, check, charge or possibly electronic funds transfer. If there’s a difference between what you owe on your loan and the value of your vehicle, GAP will help pay the difference based on the terms of your member agreement. By taking a few simple steps while signing your loan paperwork, you’re helping take responsibility for your financial future. Your loan officer can show you how.

You can cancel within 90 days for a full refund. If you have questions, simply contact your credit union.

Why Is It Valuable?

New and used vehicles often depreciate rapidly and vehicle loans are typically getting longer in terms. There may be a point where you owe more than it’s worth. That’s where MEMBER’S CHOICE GAP can kick in. If your vehicle is stolen or totaled in an accident, GAP will help cancel the difference between the primary insurance settlement and what you may still owe. MEMBER’S CHOICE Guaranteed Asset Protection helps you prepare for the unexpected.

Mechanical Repair Coverage (MRC)

MRC protects you against the costly out-of-pocket expenses associated with vehicle repairs extending beyond the manufacturer’s standard warranty; and includes major component coverage - engine, transmission, front and rear wheel drive, front suspension, steering, electrical, and air conditioning, as well as rental car reimbursement and 24-hour assistance.

Unlike other warranty programs, our MBI allows for service at the repair facility of your choice, and coverage is transferable to a new owner. We offer various levels of coverage, so you can choose a plan that meets your specific needs. The cost of coverage can be included in your monthly vehicle payment or purchased separately.

Debt Protection

Debt Protection is an agreement between you and the credit union that if you die, become involuntarily unemployed, take unpaid family leave or become disabled, Debt Protection may cancel, postpone, or suspend the principal and interest (or interest only) portion of the your debt up to the benefit maximum.

How Does Debt Protection Help Me?

With Debt Protection, if the unexpected were to occur you would be able to:

  • Keep paying bills: If income is lost or reduced during times of financial hardship, payments are cancelled or reduced, freeing up income to pay other household bills
  • Save financed assets: Help preserve a family's standard of living, keeping your savings from being depleted, and saving your financed assets
  • Maintain your credit rating: Help protect your credit rating by ensuring loan payments are made on financed assets and the ability to get future credit is not compromised

We Make It Easy for You

  • Enrollment for protection can occur any time during the loan, but preferably when the loan is first financed offering maximum protection.
  • No need to ask health questions (although these are available)
  • Acts of War for death and disability are protected
  • No maximum monthly payment limitation
  • No maximum loan duration limitation

Auto Insurance

Find a better deal on your auto insurance with MFed’s instant online rate quote. Get quotes from up to five insurance companies at once. See if you're paying too much — and how much you can save on your auto insurance. 

Check out our partner TruStage™ to get your free auto quote.

Drive away with a smile!