Advantage Auto Loan

Take a more affordable route to acquiring your next car

Like a lease, but better

The Advantage Auto Loan offers the best features of traditional financing and a lease.

Budget-friendly

Monthly payments are typically 20% to 40% less than they would be with a conventional loan.

Purchase option

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.

Flexible terms

Take anywhere from 24 to 72 months to pay off your Advantage Auto Loan.

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Compare the Advantage Auto Loan with a conventional loan and a lease here.

Payment Options Disclaimer: Rates show are for illustrative purposes only and may vary due to individual creditworthiness and/or loan term. Applications are subject to credit approval. Payments shown may vary from final loan payment provided by credit union loan representative. Conventional auto loan rate includes .25% discount for automatic payments from a Sikorsky Credit Union Account.  Not all vehicle models are eligible for the Advantage Auto Loan (you can determine eligibility by entering the vehicle VIN number here). Please note motorcycles are not eligible for Advantage Auto Loans. 

Annual Percentage Rate (APR). All rates quoted are the lowest available rates. Actual interest rate will be based on overall creditworthiness. A onetime $825 program fee is applied. Monthly loan payment example: a 60-month term for a $25,825 ($25,000 loan + $825 program fee) at 5.24%  for the first 59 months, would be $252.72. If only the minimum payment of $252.72 is made for those 59 months, a balloon payment (also referred to as Residual Value) of $16,500.00 will be due as your final payment. Please note that your balloon payment is dependent on the residual value of the financed vehicle. The residual value is impacted by items such as estimated mileage usage, vehicle year, make and model. Rates accurate as of today and subject to change without notice.

Sikorsky Credit Union has been named the #1 Credit Union in CT for the past five years and offers membership to those living, working, volunteering or worshiping in Fairfield, New Haven & Hartford counties.

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.