Used vehicles are financed for 100% of the purchase price, plus tax and license not to exceed NADA value; and repayment terms available up to six years depending on the year of the vehicle. Vehicles up to 3 years old qualify for new car loan rates whether it’s brand new or new to you.

Members can also save on a vehicle financed elsewhere by refinancing at the CenLA Federal Credit Union. We offer the same low car loan rates for a refinance as for purchasing a used vehicle. As with a purchase, your refinance will be based on the NADA value of your car with flexible terms of up to six years depending on the year of the vehicle. Refinancing your current car loan is easy, and can save you money if you qualify for a lower rate. Even if your auto loan is with another bank, we may be able to beat your current rate, and help you save hundreds of dollars a year.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law. Section 70203 of H.R. 1, the Budget Reconciliation Bill, introduces a temporary tax deduction for qualified interest paid by borrowers on certain new vehicle loans. Section 6050AA introduces new reporting requirements for businesses receiving $600 or more in interest on certain qualified vehicle loans. These provisions apply to consumer loans for NEW passenger vehicles made after December 31, 2024.

Qualifications:

• The vehicle titled was NEW at the time of sale.
• The vehicle is for personal use.
• The vehicle underwent final assembly in the United States.
• The vehicle has a gross weight rating (GVWR) of less than 14,000 pounds.
• The loan is secured by a first lien.
• The VIN provided is accurate & complete.

CenLA Federal Credit Union and its employees cannot provide tax advice. Please consult your CPA or tax preparer to determine whether you qualify for this deduction.

To confirm whether your vehicle qualifies based on final assembly location, you may visit the US Department of Transportation VIN Decoder at: https://vpic.nhtsa.dot.gov/decoder

Members with a vehicle loan that meet the above-mentioned criteria based on your records provided at closing and considered to be Qualified Passenger Vehicle Loan will be receiving an Interest Statement as part of the temporary IRS reporting rules for 2025. (IRS Notice 2025-57 Transitional Guidance) This statement will be provided by January 31, 2025.