Does Skyla offer autopay?

Yes, the credit union offers the ability to sign off on automatic payments. This is recommended as it ensures you never miss a future payment.

Is it better to finance through a bank or a credit union?

Credit unions tend to carry lower interest rates than larger financial institutions but that does not make them the perfect option for every borrower. If you already have an account with a bank, you may not wish to open a separate account just to get an auto loan.

When did Skyla fully merge with Parsons FCU?

Parsons FCU fully merged with Skyla in August of 2023.

Skyla Credit Union: 2023 Auto Loan Review

At a glance

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with Bankrate

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4.4

Bankrate Score

Availability

4.8

Affordability

4.6

Customer Experience

5.0

Transparency

3.0

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Full methodology

Bankrate’s take

Skyla Credit Union serves all 50 states with new, used and refinance auto loans. You'll need to be a member to benefit from its highly competitive rates and minimal fees, but anyone can apply. Just be aware that prequalification isn't an option; you should expect a hard credit check when you apply.

Lender Details

Loan amount

$3,000-$150,000

APR from

3.99%-15.75%

Funds available in

Not specified

Best for large loan amounts and low rates

Skyla Credit Union offers a variety of auto loans from $3,000 to $150,000. The starting rates it advertises are competitive — borrowers with solid credit profiles who choose to take out a 48-month loan or shorter may qualify for the lowest rates. Plus, the federal credit union boasts minimum annual percentage rates (APRs) below the national average interest rates across all of its auto loan products.

Types of auto loans offered

Skyla offers drivers the option to finance new and used vehicles or refinance.

New and used car loans

Amounts: $3,000 to $150,000
Terms: 1 to 72 months (new); 1 to 84 months (used)
APR: New, 4.99%-14.75%; used, 5.99%-16.50%

Skyla offers auto loans with competitive starting interest rates for new and pre-owned vehicles. Its minimum rate (including the 0.25 percent autopay discount) is in line with what other credit unions offer qualified borrowers. With both new and used car loans, the minimum and maximum APRs are higher if you choose a longer loan term.

Refinance

Amounts: $3,000 to $150,000
Terms: 1 to 48 months
APR: 4.99% to 16.50%

The refinancing process is a great way to try and save money on your monthly payment and ideally walk away with a better deal. Refinancing rates offered by Skyla fall in line with their used auto loan offerings. Your vehicle must be 15 years old or younger to qualify for refinancing — noteworthy because most lenders cap the age at 10 years.

Where Skyla auto loans stand out

Loan preapproval: Loan preapproval lets you lock in your rates for 30 days and see and monthly costs before signing off. And it can put you in a better position to negotiate at the dealership.
High loan amount: Borrowers may be approved for up to $150,000, allowing you to finance a pricey vehicle. Plus, qualified borrowers can get 100 percent financing — no need for a down payment.
Minimal fees: Skyla enforces very few fees for loan upkeep including origination of the loan.

Where Skyla loans falls short

Membership requirement: In order to secure a loan you must be a member of the credit union.
No prequalification: While some auto lenders allow you to prequalify for a loan to preview rates and terms you might receive if approved without affecting your credit, Skyla doesn’t. When you apply for a loan, the lender will perform a hard credit check, which could temporarily ding your credit.

How to contact Skyla Credit Union

The Charlotte-based credit union boasts 24/7 support over the phone at (704) 375-0183. Borrowers can also gain assistance on the easy-to-navigate site or by submitting questions online or via email. The credit union is accredited by the Better Business Bureau and boasts an A minus score. There are very few online complaints.

How this lender compares

Skyla versus PenFed

PenFed, also a federal credit union, offers auto loans comparable to Skyla’s. These lenders have similar starting APRs, though the latter is slightly lower. One major difference is that PenFed offers borrowers more loan terms, between 36 and 84 months. So if you intend to finance a pricier vehicle and extend your loan to make the payment affordable, PenFed would be a better fit.

Skyla versus Consumers Credit Union

Consumers Credit Union also offers similar auto loan products. Borrowers can benefit from similar starting APRs. Consumers Credit Union’s unclear loan amounts are a downside compared to its counterpart. Another stand-out feature from Consumers Credit Union is the TrueCar car-buying service, which Skyla doesn’t offer.

How to apply for a loan with Skyla

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 one of the 19 branch offices. The auto loan application process should only take minutes and, following preapproval, your auto loan is valid for up to 30 days.

New Sklya members will need to input their Social Security Number in order to move forward with the application. Current members can simply log into their online banking account.

- Proof of identity and residence
- Proof of income
- Proof of insurance
- Vehicle information
- Trade-in documentation (if applicable)

Features and perks

Outside of competitive rates, the credit union offers additional coverage including mechanical repair coverage, gap protection and credit insurance protection.

Fees and penalties

When you apply for an auto loan with Skyla, you don’t have to worry about paying an application or documentation fee. In addition, there’s no penalty for paying your loan off early.

Skyla FAQs

Yes, the credit union offers the ability to sign off on automatic payments. This is recommended as it ensures you never miss a future payment.
Credit unions tend to carry lower interest rates than larger financial institutions but that does not make them the perfect option for every borrower. If you already have an account with a bank, you may not wish to open a separate account just to get an auto loan.
Parsons FCU fully merged with Skyla in August of 2023.

How Bankrate rates Skyla

Overall Score	4.4
Availability	4.8	Skyla boasts a high maximum loan amount and a variety of loan products.
Affordability	4.6	Competitive APRs and flexible underwriting criteria bode well for the lender's affordability.
Customer Experience	5.0	Perfect scoring for the lender's 24/7 support and easy-to-use website.
Transparency	3.0	Skyla discloses all fees but only offers preapproval, not prequalification.

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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Skyla Credit Union auto loans: 2025 review

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