Skyla Credit Union offers competitive auto loan rates and loan amounts up to $150,000. The credit union has recently merged with Parsons Federal Credit Union to expand its offerings. Skyla auto loans receive high marks for availability, affordability, and customer experience. We’ll explain the summary of Skyla Credit Union auto loans in this comprehensive article.
Introduction
Skyla Credit Union is a financial cooperative that provides banking and lending services to its members, including auto loans. Skyla offers new and used car loans, as well as auto refinancing options, with competitive interest rates and flexible lending criteria.
Overview of Skyla Auto Loans
- Loan Amounts: $3,000 to $150,000
- APR: Starts at 4.99% for new autos (48 months or less) and 5.99% for used autos
- Loan Terms: 48, 60, or 72 months
- Credit Considerations: Uses credit score plus income, assets, and employment history
Skyla has maximum loan amounts higher than many other lenders and has competitive minimum APRs across all its auto lending products. The credit union recently merged with Parsons Federal Credit Union to expand its offerings.
Becoming a Skyla Credit Union Member
To qualify for Skyla auto loan rates and financing, you must become a member of the credit union. Membership is open to:
- Existing members of Skyla or Parsons Federal Credit Union
- Anyone in the Carolinas Credit Union foundations
- People affiliated with certain companies
- Anyone can join by applying through American Consumer Council
To join, you apply online and make a small ($5) contribution to open a savings account. This makes you eligible to apply for Skyla lending products.
Skyla Auto Loan Options
Skyla Credit Union offers the following auto lending options:
New Car Loans
- Amounts from $3,000 to $150,000
- Terms of 48, 60, or 72 months
- APR starting at 4.99%
Used Car Loans
- Amounts from $3,000 to $150,000
- Terms of 48, 60, or 72 months
- APR starting at 5.99%
Refinancing
- Amounts from $3,000 to $150,000
- Terms of 48, 60, or 72 months
- APR starting at 5.99%
- Vehicles up to 15 years old eligible
Overall, Skyla’s rates start low and have high maximum amounts across new, used, and refinanced auto loans. The terms are a bit shorter than some other lenders, topping out at 6 years.
The Auto Loan Application Process
Applying for a Skyla auto loan can be completed fully online by logging into your account. You will need to provide:
- Proof of identity
- Proof of income
- Proof of insurance
- Vehicle information
- Trade-in paperwork (if applicable)
There are no application or documentation fees to worry about. Skyla also offers 30-days of pre-approval on auto loans as you shop for the right vehicle.
READ ALSO: LightStream vs PNC Bank Auto Loans: Rates, Terms, Applying
Additional Features of Skyla Auto Loans
Besides having competitive baseline rates, Skyla auto loans include these extra perks:
- Mechanical repair coverage
- Gap protection to cover difference between loan balance and insurance payout
- Credit insurance to help make payments if you become ill/injured
Skyla also offers automatic payments to avoid late fees and gives no early payoff penalties if you pay the loan off faster.
How Skyla Credit Union Compares to Other Lenders
Here’s how Skyla compares to two other popular auto lending credit unions:
PenFed Credit Union
- Similar starting APRs to Skyla
- More loan terms available (from 36 to 84 months)
- Better fit if you need longer loans for affordability
Consumers Credit Union
- Comparable starting APRs
- Unclear on maximum loan amounts
- Offers car buying assistance through TrueCar
Pros and Cons of Skyla Auto Loans
Here are some of the biggest advantages and disadvantages of getting your auto loan through Skyla Credit Union:
Pros
- Competitive interest rates
- Large maximum loan amounts
- Loan pre-approval locks rates for 30 days
- Consider more than just credit score
Cons
- Must become a credit union member
- No option to pre-qualify without hard credit check
- Shorter maximum terms than some lenders
Customer Service Options
Skyla Credit Union offers customer service by:
- Phone support 24/7 at (704) 375-0183
- Email support and questions through website
- Online account access through desktop or mobile
- 19 branch locations across NC, SC, CA, and VA
To Recap: Solid Auto Loans But Limited Terms
Skyla Credit Union offers borrowers great starting APRs across new, used, and refinanced auto loans. It has high maximum loan amounts up to $150,000 and offers some nice perks with their auto lending. However, shorter maximum repayment terms and membership requirements reduce its appeal versus some other lenders. Overall, Skyla auto loans earn 4.1 out of 5 stars from Bankrate on the strength of availability, affordability and customer experience.
Frequently Asked Questions About Skyla Auto Loans
Does Skyla offer autopay for auto loans?
Yes, Skyla does allow members to set up automatic payments on their auto loans. This ensures on-time payments to avoid late fees or hits to your credit.
Can I get pre-qualified for a Skyla auto loan?
Unfortunately, Skyla does not allow people to pre-qualify and see loan offers without a hard credit inquiry. They offer a 30-day pre-approval once you apply instead.
What credit score is needed for Skyla auto loan?
Skyla does not publish a minimum credit score requirement. Instead of looking only at scores, the lender reviews your entire credit report, income, and assets to make lending decisions.
Does Skyla offer dealership financing?
No, Skyla does not offer special dealer financing or partnerships. However, you can still use Skyla pre-approval when shopping at local dealers to secure competitive financing before purchase.
How long does it take to get approved for Skyla auto loan?
If you apply online, Skyla aims to provide a lending decision in minutes. So you generally know very quickly whether you qualify and what loan terms may be available.
In another related article, Overview of Consumers Credit Union Auto Loans
