A Loan for everything you need...

auto loan beacon credit union lynchburg central virginia loans line of credit

Beacon loans are a great way to plan for your future. Whether you are sending kids to college, buying a new vehicle or purchasing your first home, we have a loan that is perfectly molded to fit your financial needs.

Auto Loans...
*Used vehicles are vehicles older than the current model year. We do not have restrictions on the age of the vehicle or the mileage. All antique vehicles should have pictures on file, verification that the VIN on the car matches the VIN on the title and BCU will only lend up to 80% of LTV on autos 20 years or older, unless approved by Beacon Credit Union.

Mortgage & Home Equity Loans...
**Rates and Terms subject to change. Minimum loan amount is $10,000. Beacon CU loan rates are based on evaluation of applicant(s) credit and loan terms. Property must be in the state of Virginia.

***Consult a Tax Advisor regarding the deductability of interest.

Here are the questions we hear most often from members. If you still have questions or would like more information on any of the topics listed here, we'll be happy to help. Please give us a call at 434.237.1566.  

How much will my monthly vehicle payments be?

Your monthly payment will depend on the size and terms of your loan. You can calculate the size of your loan using our calculator. The monthly payment should be no more than what you can realistically afford. Keep in mind the additional costs associated with owning a vehicle such as insurance, registration, and maintenance which are not factored into your monthly payment.

Should I finance or pay cash?

Many people cannot afford to pay cash up front when purchasing a vehicle, but even for those who can, financing may still be a wiser option. Although you do not pay any direct financing costs when you pay with cash, the money you take out of your savings or investment portfolio has an "opportunity cost." An opportunity cost is the benefit you sacrifice by not using that money for something else such as the return you would have earned on an investment. For example, if you take $15,000 out of an investment that earns you an average 8% ever year to pay for a vehicle, the opportunity cost after five years is just over $7,000. Depending on the terms of your loan, that loss could be greater than the interest you would pay on your auto loan. Before making a decision, be sure to weigh out all your options.

Which is better: a rebate or special financing?

Sometimes, automakers offer special financing to boost sales during economic recessions. For example, in 2004 many automakers offered zero-percent financing, which is an interest-free loan for the life of the loan term. However, zero-percent financing is often only available to qualified buyers with excellent credit histories. If you do not qualify for zero-percent financing, you should ask a lender about acquiring a loan with a low interest rate. While low interest rate loans and rebates are both designed to boost auto sales, depending on your circumstances, one may turn out to be a better deal. While a rebate is acquired immediately and allows you to take out a lower initial loan, a low interest rate may save you money over the long term. Use an auto loan calculator (an easy to use calculator can be found here) to help evaluate the best option for your purchase. Better yet, try to get the best of both worlds ask the dealer for a cash rebate and get low rate financing through Beacon Credit Union.

How much can I borrow?

You can borrow 100% of the value of your car. This allows you to finance the entire purchase price.  

What is considered a "New Auto" versus a "Used Auto"?

At Beacon Credit Union, we loan you money based on the current value of the vehicle to be financed and your credit rating at the time of the loan.  It's just that simple.  Other financial institutions use complicated methods to seperate "used" from "new" vehicles, usually to make more money on the loan.  At Beacon, we make it a lot easier to understand how your loan works.

When is my first payment due?

Your first payment is due on the 30th of the month following the close of the loan. For example, if you close your loan during September, your first payment will be due on October 30.

Individual Attention... Quick Approval

  • Individual Attention throughout the Process
  • Fast & Easy Application Process
  • Guaranteed Closing Costs

Beacon Credit Union would love to put you and your family into your dream home. Beacon provides mortgage loans for the purchase of a member's primary residence, the refinancing of the outstanding balance of an existing mortgage on their primary residence, or for home improvements and consolidation.

Beacon Credit Union provides a variety of fixed and variable rate mortgage loans. Interest rates are based on a market rate which can adjust daily, so please contact the credit union office and speak with a Mortgage Loan Officer for today's best rate. You may qualify for up to 100% financing, depending on appraised property value and credit qualifications.

Click Here to Apply Today

Your Situation:


We suggest:

Want a lower monthly payment?   30-year fixed rates
No cash for closing costs?   Take advantage of seller contributions
No down payment?   100% Financing Mortgages
Want to avoid PMI?   Combination Mortgages
Need a larger loan?   Jumbo Mortgages
Want a stable fixed monthly payment?   Fixed Rate Mortgage

For a detailed Guide to Beacon Credit Union Mortgages     Click Here!

What you Want... 
When you Want It!

  • Furniture
  • Vehicle Repairs
  • Tax Payments
  • New Bicycle, Watercraft Etc.
  • Books for School

.... and the list goes on....

Need a new bicycle or pair of running shoes to complete that marathon in a couple of months and just don't have the extra cash? We have a solution. With a Beacon Personal Loan, you can afford to purchase the items that you need now and pay for them later with affordable rates and quick, convenient financing.

Applying online for a Personal Loan is quick, easy, and convenient. Why wait!

Personal Loan Application

Thank you for choosing Beacon Credit Union for your lending needs. We value the security of your personal information and any information you share with us is protected using secure data encryption.

To begin your loan request, please complete the application form below*.  Note that an (*) indicates a required field.  If all required fields are not completed, the form will not be processed.

*Additional information may be requested by the loan department to complete your loan process.

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