We understand the uncertainty during this unprecedented time and want to let you know about some of the proactive measures our consumer loans department has in place to continue to support and serve our customers.
Our consumer loans team is always looking for ways to streamline the vehicle purchasing process, because we know how challenging shopping for a good car deal here in the Interior can be. Your hours may not always match our business hours, so our bridge loan option may be the perfect solution for you.
Designed to prevent you from getting into a situation where you love a vehicle, but don’t have the funds on hand to purchase it, a bridge auto loan helps you enjoy hassle-free vehicle shopping. Even have cash to take down to a dealer in Anchorage or Wasilla, or make the sale happen over the weekend when you have more time.
Apply now from your computer, mobile phone, tablet, or in person with one of our friendly loan officers. More questions? Contact Consumer Loans at 907-459-5970.
A bridge loan is a short-term loan with a higher unsecured rate to "bridge" between two transactions, typically a loan pre-approval and a purchase transaction.
- 30-day loan with an 18% unsecured, fixed APR*.
- Not all applicants qualify and bridge loans are only available for auto loans.
- Make a trip down to Anchorage or outside Alaska with cash on hand to find the best deal.
- Once you get the car you like, come into the credit union with the title and refinance your loan into a traditional auto loan for a better interest rate.
"I just wanted to say once more how very appreciative I am for your help and attitude during these transactions [buying a truck in the lower 48]. ...While I hope that we never have another transaction like this, I would certainly hope if there were to be such a day, it would involve people as nice and easy to deal with as Spirit of Alaska and you personally. Again, a big thank you."- A.B.
Take out a bridge loan, make your purchase and return the auto title to Spirit of Alaska to secure the loan into a traditional auto loan. This gives you more negotiating power by giving you more control of your purchase no matter when and where it’s conducted.
Refer to our Pricing Guide (PDF) for transaction and activity fees, as well as credit union membership fees. Other loan fees may vary, and will be disclosed at the time of the loan verbally and in the loan disclosures.
* APR = Annual Percentage Rate. Current as of 6 July 2020. Up to 100% financing available, some restrictions may apply. On approved credit. Interest rates on new Bridge Loans are subject to change at any time.
Frequently Asked Questions
What if I don't know the year, make and model of the vehicle I might buy?
This is the perfect product for you! Once you are approved, the bridge loan can be disbursed allowing you to shop for the auto that fits your needs with cash on hand.
How do I know if the vehicle is worth what I'm buying it for?
Your loan officer can book out any vehicle you are interested in and let you know the value before you purchase it. If it is after hours, you can also go to www.nadaguides.com. Spirit will not lend on a vehicle where the price of the vehicle exceeds the purchase price, except in certain cases. Your loan officer can discuss those cases with your prior to your shopping so you are prepared.
What if I don't need the entire loan amount that was given to me because I found a vehicle for less than anticipated?
No problem here! You would simply apply the unused proceeds towards the principal of your loan balance and we will refinance the rest into your new auto loan when you provide us a free and clear title.
- What if I don't know the year, make and model of the vehicle I might buy?