Golden 1 Credit Union Auto Loan Review

Golden 1 Credit Union auto loans at a glance

If you qualify for membership, Golden 1 Credit Union offers a variety of auto loan options for buyers.

To qualify for membership, you must live or work in California, be an immediate family member or registered domestic partner of a current Golden 1 member or work for one of the select employee groups.

You don’t have to be a member to apply for an auto loan, but you will have to become a member if your loan is approved and you want to borrow from Golden 1. You can open a savings account for $1 to secure your membership.

You can get a preapproved car loan with Golden 1 to decide if it’s the right option for you. The loan application and approval are good for 30 days.

Here’s an in-depth Golden 1 auto loan review for more details:

• Easy terms: As long as you’re approved for it, Golden 1 provides zero-down-payment loans with 100% financing of the manufacturer’s suggested retail price (MSRP).
• 90-day payment deferral: You can opt to push back payments for the first 90 days, but interest will still accumulate from the original loan date.
• Credit requirements not disclosed: The credit union doesn’t disclose the minimum credit score or a general credit score range to qualify for its best rates.
• Not limited to autos: You can finance new and used motorcycles, RVs, boats, personal watercraft and ATVs.
• Best for Golden 1 Credit Union members: You don’t have to be a member to apply for a Golden 1 auto loan. However, if your application is approved, you must open an account for one full business day before your loan is funded.

Golden 1 Credit Union auto loan requirements

Golden 1’s website does not list minimum credit score or income requirements, so you’ll have to apply for preapproval to see the credit union’s financing offer.

If you have a vehicle in mind, you can fill in the details in the application:

• Make and model
• Estimated purchase price
• Down payment
• Requested loan amount
• Requested payment terms

The maximum loan amount listed on the credit union’s website is $75,000. The lowest quoted APR for used cars is not available for cars 10-15 model years old.

Golden 1 Credit Union pros and cons

Golden 1’s auto loans have several attractive features for car buyers, such as an online preapproval application and loans for various recreational and specialty vehicles.

If you’re not a Golden 1 Credit Union member already, you may find the process of getting the loan more difficult than other financing options. You can apply for a loan without becoming a member, but to get the loan approved and funded, you will have to become a member and open a savings account with the credit union.

With a preapproval application, you can see whether you qualify for a loan before becoming a member. The credit union does not publicly disclose information about credit score requirements needed to qualify.

Golden 1 Credit Union company overview

Founded in 1933, Sacramento-based Golden 1 Credit Union has grown to be one of the largest credit unions in the U.S. Today, the not-for-profit financial cooperative serves more than 1 million members through more than 70 branches across California.

Golden 1 Credit Union auto loan types offered

The credit union offers multiple options for new and used autos and specialty vehicles, as well as car loan refinancing, cash-out refinancing and lease buyouts.

• New autos
• Used autos
• Preapproval
• Refinance from another lender
• New and used motorcycles
• New and used RVs
• New and used ATVs
• New and used watercraft
• Clear title cash out
• Lease buyout
• Private-party purchase

For members with approved loans, you can finance up to 100% of the purchase price for new and used autos and specialty vehicles, up to a maximum of $75,000.

If you’re in the market for a used car, Golden 1 has a relationship with Enterprise Car Sales with 22 dealerships across California. You can choose from more than 250 makes and models and receive a free CARFAX vehicle history report on the car you choose. You may also qualify for a 1.00% APR discount on your Golden 1 Auto Loan rate for more savings.

How to get an auto loan with Golden 1 Credit Union

Whether you’re applying online or at one of the more than 70 branch locations, here’s the personal information you should be ready to provide:

• Social Security number
• Date of birth
• State-issued ID
• Current address
• Employment status
• Monthly income
• Monthly expenses

A joint application requires the same information for the other applicant.

Golden 1 typically delivers a preapproval decision within one day, and the interest rate is locked in for 30 days. You can also use a Golden 1 auto loan to purchase a vehicle from a private party.

If you have a car in mind, you can also include the vehicle information as mentioned above.

Use an auto loan calculator to estimate your monthly payments.

Is a Golden 1 Credit Union auto loan right for you?

If you live or work in California, a Golden 1 auto loan may be a good option for you. You can prequalify so you can compare financing offers from dealers and other lenders. Shopping around for a lower auto loan rate could save hundreds or thousands of dollars over the loan term.

If you’re considering buying a used rental car, the partnership with Enterprise may be an attractive option.

The Skip-a-Payment program allows borrowers to skip up to two loan payments by submitting a completed form at a Golden 1 branch.

How Golden 1 Credit Union auto loans compare

You should shop around to find low rates on auto loans from a variety of lenders. You may choose a different credit union than Golden 1, but becoming a member to get a loan will be an issue regardless of which credit union you choose.

Here’s a comparison of new car loan rates at three credit unions.

At Alliant Credit Union, you can get a 0.50% rate discount when you use the credit union’s car-buying service.

Read our full reviews of Alliant Credit Union auto loans and Consumers Credit Union auto loans to see how they compare.