Parsons Federal Credit Union: 2023 Auto Loan Review

Parsons FCU pros and cons

Do you qualify?

The competitive rates and wide range of financing options are only available to members of the credit union. You must be one of the following in order to qualify for a loan product offered by Parsons FCU:

• Employee of Parsons Corporation
• Employee of Parsons Complex Tenants working in Pasadena, CA
• Employee of Worley Corporation
• Family member, household member, retiree, pensioner or annuitant of one of the above

Or, you can simply become a member of Parsons FCU. Outisde of borrowers employed by specific companies related to the credit union, anyone can apply for membership through the American Consumer Council (ACC). To do this, you simply apply on the site and enroll in the ACC to gain access to the credit union offerings. You will need to supply basic contact information along with a deposit of $5 into your savings account.

What we like and what we don’t like

While the ability to preapprove for an expensive vehicle is enticing, the standard credit measure might not be the best fit for everyone.

What we like

• High loan amount. Borrowers can finance cars over $100,000 through Parsons’ Dream Car loans.
• EV financing. The credit union offers loans specifically for borrowers interested in electric vehicle, battery-electric vehicle and plug-in hybrid vehicles.
• Loan preapproval. Applying for loan preapproval provides a firm expectation on monthly costs ahead of signing off on the loan.

What we don't like

• Standard creditworthiness measure. Unlike some other lenders who consider education or employment, Parsons FCU uses credit history as its sole measure of risk.
• Membership requirement. In order to secure a loan you must be a member of the credit union.

How to contact Parsons FCU

Parsons FCU customer service plans to expand to 24/7 support following the full merge with Skyla. But until then, the credit union offers assistance via email, online chat or over the phone.

Borrowers looking for assistance while applying can call 800-765-4527 from 8 a.m. to 7:30 p.m. EST. Outside of that, the lender has an easy-to-navigate site that answers common questions.

Auto loan types offered

The merged Parsons FCU and Skyla offer drivers the option to finance new, used and electric vehicles along with lease buyouts and refinance. The lender does not disclose specifics regarding refinancing or lease buyouts but promises an easy application. Borrowers can finance up to 135 percent of the vehicle’s total cost — enough to cover taxes, gap insurance and more.

New and used car loans

Parsons offers the Perfect Car Loan for new and pre-owned vehicles under $100,000 along with the Dream Car Loan which caters to those looking to finance a vehicle over $100,000. Dream Car Loan rates start at 5.50%.

EV car loans

While you can purchase an EV with any auto loan, this product caters specifically to those financing a green car and can assist in the somewhat complicated process. It is important to note that your minimum loan amount can vary depending on loan terms.

How to apply for a loan with Parsons FCU

Borrowers can apply for financing easily online through a mobile device or computer without the need to speak to a loan officer or go to an office. The first step in the process is to secure membership with the credit union, which is open to anyone. Following that you can head online to apply for loan preapproval. Preapproved rates are then valid for 30 days and credit reports and loan applications are good for 60 days.

Parsons FCU FAQs

How Bankrate rates Parsons FCU

Methodology

Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, whether rates and fees are available and APR range all influence lender scores. These scores are broken up into four categories.

• Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category.
• Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. 
• Customer experience: How long you have to shop, customer service availability, whether there’s an app and autopay availability are accounted for in this section.
• Transparency: This category accounts for the availability of fees and rates along with whether prequalification is available