Dream Car in Sight? Let's Make It Yours! 
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Chessie Federal Credit Union offers competitive fixed and variable auto loan rates on new and used vehicles, including for residents of Morgantown and nearby regions.
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Loan terms extend up to eighty four months, and borrowers can get pre‑approved to strengthen their negotiating power at dealerships.
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Borrowers can refinance an existing vehicle loan to potentially lower their interest rate and monthly payment.
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Quick, local decision‑making and attentive service are part of the auto loan process at Chessie.
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Optional Guaranteed Auto Protection (GAP) coverage pays the difference between an insurance settlement and the outstanding loan balance if the vehicle is stolen or totaled, and it offers deductible assistance.
Key Features
- Competitive Rates
- Free Pre-Qualify
- Local Processing
Details
- Competitive, fixed and variable rates on new or used vehicles1
- Terms up to 84 months on new and used autos
- Pre-approval available for extra bargaining power at the dealership
- Refinance your current vehicle to potentially lower rate
- Quick, local decision-making and processing
- Attentive, friendly service from start to finish
GAP Insurance
Protect your investment with Guaranteed Auto Protection. GAP, or Guaranteed Auto Protection, is a non-insurance product which protects your financial liability when financing a new or used vehicle.
What Does GAP Cover?
GAP covers new and used automobiles and goes into effect when your vehicle is stolen and isn’t recovered or is totaled in an accident and can’t be repaired.
GAP covers the difference between your primary carrier’s insurance settlement and the amount of your loan, less delinquent payments, late charges, refundable service warranty contracts, and other insurance related charges. Included in this difference is your insurance deductible.
GAP also offers Deductible Assistance, which is designed to provide financial relief when your vehicle is damaged, but not deemed a total loss. If auto repairs cost more than your deductible, the deductible amount is applied to your loan, reducing what you owe.
Ask about GAP with your next auto loan application.
Dealer program
Finance Your Vehicle at the Dealership
The following dealerships are participants in the Chessie Federal Credit Union’s Dealership Program. Please visit these dealers when searching for your next vehicle.
What are the benefits of pre‑approval for an auto loan?
Preapproval means a lender has approved you for a specific loan amount and interest rate. This helps you budget by knowing what you can spend. Being preapproved by more than one lender allows you to compare offers and potentially secure a lower rate, and having a preapproval letter gives you negotiating power at dealerships.
Can I refinance my auto loan to lower my rate or monthly payment?
Refinancing your car loan can lower your monthly payment, reduce the interest you pay or shorten the loan term. If your credit has improved since you bought the car or you originally accepted a higher rate at the dealership, refinancing could qualify you for a lower rate. However, extending the loan term can lead to more interest paid over time and lenders may charge fees.
What does GAP insurance cover on an auto loan?
Guaranteed Auto Protection insurance pays the difference between your primary insurance settlement and the amount owed on your auto loan if your vehicle is stolen and not recovered or is totaled and cannot be repaired. It also offers deductible assistance by applying your insurance deductible toward your loan when repairs cost more than the deductible.
How long are auto loan terms at Chessie FCU and what are the rates like?
Chessie Federal Credit Union offers competitive fixed and variable rates on new and used vehicles with loan terms up to eighty four months. You can also refinance your current vehicle to potentially lower your rate. Pre‑approval is available to give you extra bargaining power when you shop for a car.
1Rate is based on year of vehicle, term and credit score.