Vehicle Loan

Buying a Vehicle

Buying a vehicle is a major financial investment and we understand that it’s also an important personal decision. The first thing to figure out is how much you can afford to spend. The second decision you need to make is what kind of vehicle will best suit your needs. Are you single or a family of five? Will you use it to commute every day or drive only on the weekends? Look at all the options and decide what is right for you.


New or Used?

Perhaps you realize that the only way to afford the vehicle of your dreams is to buy used from a dealer or individual. Be cautious in either case. There are many consumer awareness books available. Do your homework. Shop around and take your time. Most of us aren’t mechanically inclined, so once you’ve test-driven the vehicle take it to a licensed mechanic for a final inspection.


Saving for Your Vehicle

If you have plenty of time to save, consider directing a portion of your pay cheque towards one of the OPPA Credit Union’s high-interest savings accounts through payroll deduction. It’s a simple and painless way to save for some or all of the money you need to buy your car.


Financing Your Purchase

As a practical option, many people take a loan to buy a vehicle. You gain total ownership of your vehicle and you’re not limited by the mileage restrictions or confusing terms and documentation associated with leasing. With a vehicle loan, you can make extra payments or pay off the loan at any time without penalty. If you take out an OPPA Credit Union loan, you can also make your loan payments directly through payroll deduction.


Vehicle Loan

From time to time the credit union offers vehicle loan rate specials, contact your Financial Advisor to find out what currently may be available.

OPPA Credit Union New and Used Vehicle Loans offer flexible payment options

  • No application fee
  • Up to 100% financing
  • Loan payments can be done through payroll deductions so you will never have to worry about making a payment
  • Increase payments, pay off all or part of the loan at any time without penalty
  • Options available for terms longer than 5 years
  • We have flexible options when it comes to purchasing new or used vehicles. We offer competitive rates coupled with longer amortization schedules to make the loan repayment manageable and affordable. You can choose up to a 7-year amortization on a new car loan (no older than 3 years) or up to 5 year amortization on a used vehicle. 
  • Loan can be repaid in full at any time without penalty

Vehicles That Qualify

  • Cars
  • Vans
  • Trucks
  • SUVs
  • RVs
  • Snowmobiles
  • Motorcycles
  • Boats
  • Seadoos
  • ATVs
  • Other motorized vehicles

Contact your Financial Advisor for advice you can trust about vehicle loans.


  1. Your vehicle loan could impact the dollar amount of a new home purchase, contact your Financial Advisor if you are planning to purchase a home within the next 5 years. 
  2. If you are purchasing a brand new vehicle, contact your Financial Advisor for OPP, OPPA dealership discounts.
  3. From time to time the credit union offers vehicle loan rate specials, contact your Financial Advisor to find out what we have available.
  4. Purchasing a vehicle means regular payments. We will assist you with finding a payment that works best with your budget.
  5. Let us pre-approve you for your next vehicle loan so you can shop around and negotiate as a cash buyer.