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Credit Builder Loans

Need to build or rebuild your credit?

We've got you covered with our Credit Builder Loan.

Designed for members with little credit or those looking to improve their credit, our Credit Builder Loan is the perfect solution to get you back on the road to financial wellness.Image of a father and son sitting on the tailgate of a pickup truck with fishing gear

Here's how it works*:

  1. Finance your vehicle with a Carpenters Vehicle Loan
  2. Enroll in Automatic Payments from any Carpenters or other financial institution checking account
  3. Make on-time payments for one year and your rate will be adjusted based on your new & improved credit score!

Building your credit has never been so easy!

Start building today!

Apply Now   View Rates & Terms 

*Eligible loan types include new & used vehicles only. Loan amounts will vary based on credit, income, employment, etc. Carpenters Credit Union will work with the member to find an amount appropriate for the member’s situation. A minimum down payment of $500.00 and GAP insurance coverage will be required. Rates are determined by the member’s credit score and the loan term. To qualify, credit score must be 649 or below. If the member makes on-time payment for one (1) year, their credit will be pulled and their interest rate will adjust to the current rate based on their current credit score. Terms will vary by loan collateral, however payments will be level throughout term of the loan. Late payments will result in ineligibility for rate reductions. Insurance showing the Credit Union as loss payee will be required and must be provided before loan closing. Automatic payment enrollment applicable from any Carpenters or other financial institution checking account. No early payoff penalty. Late payments will incur a Late Fee of $30 after 10 days. If Carpenters has to add-on force placed insurance to the loan, the loan will become ineligible for this program. Contact the Credit Union for full details.