Advantage Auto Loan
Take a more affordable route to acquiring your next car
The Advantage Auto Loan offers the best features of traditional financing and a lease.
Monthly payments are typically 20% to 40% less than they would be with a conventional loan.
After the initial financing term ends, you can turn your vehicle in, sell it or trade it in, or keep the vehicle by refinancing into a new Sikorsky Credit Union auto loan.
Take anywhere from 24 to 72 months to pay off your Advantage Auto Loan.
The major roadblock for many prospective car, truck, and SUV buyers? Affording the down payment and years of monthly payments. Our Advantage Auto Loan cuts those obstacles down to size, whether you're buying new or used. Here are the key details:
- During the financing period, the vehicle title is in your name - you are the official owner.
- At the end of your loan term, you can turn in your vehicle, sell it, or trade it in. Or you can keep it and pay off the remaining balance with a refinanced Sikorsky Credit Union loan.
- As you would with a lease, choose a mileage option that works for you.
- Monthly payments are typically 20% - 40% lower than a conventional auto loan.
- Not all vehicle models are eligible for the Advantage Auto Loan (you can determine eligibility by entering the vehicle VIN number here).
Compare the Advantage Auto Loan with a conventional loan and a lease here.
Sikorsky Credit Union has been named the #1 Credit Union in CT for the past three years and offers membership to those living, working, volunteering or worshiping in Fairfield, New Haven & Hartford counties.
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Frequently asked car loan questions
Yes, you can. Refinancing an auto loan you have with another lender to Sikorsky Credit Union may save you money. Learn more on our Auto Refinance page.
The difference between what you pay for the vehicle and the residual value is used to determine the principal portion of your payment, which results in a lower monthly payment than conventional financing.
Residual value is established based on the term of the loan using industry approved guidelines similar to leasing. The Advantage Auto Loan uses standard industry residual values. The residual value is not inflated to arrive at an arbitrary lower payment. This means if you elect to keep the vehicle upon loan termination you will not have to pay an inflated price to pay off the loan.
You can select a 7,500, 10,000,12,000, 15,000, or 18,000 miles per year option. The excess mileage cost is only $.10 a mile, unlike leasing which can cost up to $.25 per mile. End of term fees only apply if you exercise the "walk- away" option.
No, we do not. Many leases require the first and last payments to be made at the time of loan disbursement-our Advantage Auto Loan does not.
Yes, you can. Because you own the vehicle you may pay the loan off, sell the vehicle, or use it as a trade-in at any time during the term of the loan—without any penalty. With a traditional lease, these options typically come with a stiff "early termination" fee.
With traditional leasing, if you decide to keep your vehicle, you have to buy it out. Which means you'll pay tax, title and license on the vehicle you've been driving. With the Advantage Auto Loan, you simply refinance your balance into a conventional loan, no additional charges. It's already titled in your name.
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