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Overview
Assisting Our Membership With COVID-19 Uncertainty
Bridge Loan
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 short-term loan with a higher unsecured rate to "bridge" between two auto purchase transactions
- 30-day loan with an 18% unsecured, fixed APR*.
- Bridge loans are only available for auto loans.
- Not all applicants qualify.
- Make a trip down to Anchorage or outside Alaska with cash on hand to find the best deal.
- Once the vehicle is purchased, 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.3 Steps to A Bridge Loan
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.
- Take out a bridge loan.
- Make your purchase.
- 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.
Disclosures
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 20 October 2021. 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.
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Rates
Type of Loan Term APR* Bridge Loan
30 days. Short-term loan to be re-financed into a long term Auto Loan. Fixed Rate of 18% Refer to our Pricing Guide (PDF) for transaction and activity fees, as well as credit union membership fees. A loan processing fee of $35 will be charged per signer. Other loan fees and terms 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 20 October 2021. Up to 100% financing available, some restrictions may apply. Interest rates and terms dependent on credit qualifications. Interest rates on Bridge Loans are subject to change at any time. Optional Spirit of Alaska Protection and GAP Coverage available.
Contact the Loan Department at (907) 459-5970 for more detail.
**Federal law requires us to verify all identities when opening new accounts. If you are applying with a joint applicant, their consent is implied when the application is submitted with the on-line loan application.
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Calculator
This calculator is not supported for Internet Explorer. Please use an alternate browser, such as Edge, Firefox or Chrome. Alternatively, try this simple Auto Loan Affordability Calculator.
Other Auto Loan Calculators from Banzai
Auto Refinance Calculator (Lower Amount Owed)
Compares a current auto loan with a possible refinanced loan with an emphasis toward paying the refinanced loan quickly and lower the overall amount owed.
Auto Refinance Calculator (Lower Monthly Payment)
Compares a current auto loan with a possible refinanced loan with an emphasis toward lowering the user’s current monthly payment.
Demonstrates how much money and time can be saved by paying down an auto loan faster than the loan term.
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FAQ
Frequently Asked Questions
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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.
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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.
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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.
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What if I don't know the year, make and model of the vehicle I might buy?