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Credit Builder

Are you looking for a ride, but have a blemished credit score or no credit history? No worries, we're rooting for you! 

Whether you're trying to build your credit for the first time or rebuilding your credit after bankruptcy, Valley Oak has a second chance auto loan just for you! 

Get back on the road of financial independence with an auto loan that rewards your on-time payments with reduced rates and gives your credit a chance to improve. Your lack of credit or low credit score doesn’t mean the end of the road at Valley Oak, our Credit Builder auto loan can get you back in the driver’s seat!

  • Your auto loan rate will be reduced by 0.25% every six months as long as you make your monthly payments on time*
  • It is the member’s responsibility to contact the branch every 6 months to request a 0.25% decrease on their loan. If Valley Oak is not contacted every 6 month mark, your loan rate will not decrease nor will it be pro-rated or back dated

APPLY FOR AN AUTO LOAN View Rates Calculate My Loan Payment

By simply making on-time payments, you'll have the opportunity to start improving your credit score AND save money by reducing your auto loan rate over time.

For all Valley Oak vehicle loans, you can:

  • Apply online or call for a pre-approved loan
  • Select the repayment terms that work best for you - 24 to 84 months on new and used autos
  • Benefit from no early payoff penalties

This type of loan is available to members who have impaired credit and desire to rebuild their credit. By making on-time payments, members have the opportunity to reduce their interest rate and save money. Contact Us today and a Valley Oak representative can assist with making the most affordable choices.

Our Auto Buying Guide will help you make the right choices when it comes to buying a vehicle!

Explore the Department of Energy (DOE) and Environmental Protection Agency's (EPA) Fuel Economy website where you can learn about various fuel economy topics, calculate annual fuel costs, find emissions information for new model vehicles, compare vehicles side-by-side, and so much more!

Visit the DOE and EPA's Fuel Economy Website

*Rates and loan terms subject to credit approval. Loan interest accrues from loan origination date. Other conditions may apply. Membership eligibility required. Rates are subject to change. Contact the credit union for full details.

Payment Example: A $15,000 credit builder auto financed at 10.95%APR; 48 monthly payments of approximately $388.00 each. 

Requirements: Loan must be approved through normal underwriting guidelines. A member qualifies for this program if their credit score is 639 or below.

Eligible Loan Types: All vehicles

Ineligible Loan Types: Any mortgage loan including home equity lines of credit, overdraft & unsecured lines of credit, share/certificate secured, credit card and Recreational Vehicle.

Loan Amount: Loan amounts will vary based on credit, income, employment, etc. Valley Oak will work with the member to find an amount appropriate for the member’s situation.

Repayment Terms: Terms will vary by loan type however payments will be level throughout term of the loan. The minimum term is 12 months, maximum term is 84 months.

Minimum Loan Amount: The minimum loan amount is $7,500 for up to 48 months. Minimum loan amount is $10,000 for 49-66 months. Minimum loan amount is $15,000 for 67-78 months. Minimum loan amount is $20,000 for 79-84 months. 

Interest Rates: Rates are determined by the member’s credit score, the loan term, age, mileage and Loan-to-Value (LTV) of the vehicle. Rate will be reduced by 0.50% for AutoPay on an established VOCU checking. Any other autopay is 0.25% . If the member makes on-time payments for 6 consecutive months, their interest rate will be reduced by 0.25%. This process will continue for the life of the loan.

Rate Deduction: It is the member’s responsibility to contact the branch every 6 months to request a 0.25% decrease on their loan. If Valley Oak is not contacted every 6 month mark, your loan rate will not decrease, nor will it be pro-rated or back dated.

Fees: There is no processing fee. Late charges will be assessed 6% of the payment due or $20.00 whichever is greater.

Early Payoff Penalty: None.

Skip-a-Pay Program: Credit Builder Auto Loans are not eligible for Valley Oak’s Skip-a-Pay Program.

CPI Program: If Valley Oak has to add-on force placed insurance the loan will not be eligible for the .25% rate discount during the current 6 month period. If the member gets their own vehicle insurance and the force placed insurance policy is cancelled, then the loan will be eligible for the .25% rate discount during the next 6 month period.

*All existing Valley Oak Credit Union loans do not qualify for this program.

The accuracy of our calculators and their applicability to your circumstances are not guaranteed. You should consult with a qualified professional regarding your particular circumstances.