First Northern's Auto Equity Loan
An Auto Equity Loan offers a significant benefit when compared to a conventional vehicle loan by adding the potential of a tax deduction on the interest you pay, whereas interest on a traditional vehicle loan is generally not.
If you own a home in Illinois and it is your primary residence and you currently have a vehicle loan greater than $10,000 or will be purchasing a vehicle having a loan balance of at least $10,000, then you may qualify for an Auto Equity Loan.
To take advantage of this program, simply call or visit First Northern for a pre-approval. Next, find the right dealer, private party or use Auto Buying Program, our free discount car buying service. Finally, make your best deal and let us handle the closing paperwork. The only difference is that First Northern will collect some information about your home, and will then place a "courtesy" lien on the property you own in Illinois. This is what makes the tax deduction a possibility.*
Again, First Northern does the legwork, and there’s no extra fee to you.
With First Northern’s Auto Equity Loan, you can:
Finance any new or used vehicle
Refinance your higher-rate vehicle loan held by another financial institution
Convert an existing vehicle loan at First Northern to an Auto Equity Loan
Take advantage of this product without fees involved
Prepay your loan with no penalties
If you've already found the perfect car or already own a car, consider an Auto Equity Loan from First Northern Credit Union. Remember, you will not find this alternative financing at the dealership
*Please consult a qualified tax consultant for tax advice, including determining tax deductions.