Frequently Asked Questions
The title proves that you own the vehicle. The registration is permission from the state to operate it on the road. It will come to you with license plates and/or a sticker to display on the vehicle. In most states, your registration should always be with your vehicle, just like your license plates.
The final step of owning your new vehicle is to register and title it at your state’s Department of Motor Vehicles (RMV). It may also be known as the Bureau of Motor Vehicles (BMV), the Registry of Motor Vehicles (RMV), or the Department of Transportation (DOT), depending on your state. For simplicity here, we will refer to it as the RMV.
Direct Federal only holds onto the title while your auto loan is open if you do not live in an owner retained state. If you live in an owner retained state, the RMV will send you the title to keep safe until your loan is paid in full.
If rates rise from the time you apply until the time you use your loan, you will get the lower rate that was in effect when you applied. If rates fall from the time you apply until the time you use your loan, you will get the lower rate in effect at the time of purchase.
You have 60 days. If, for whatever reason, you do not use the loan during that time period and need another one, simply call us at 781.455.6500.
Yes, you can add GAP insurance to any auto loan for a low flat rate of $395. Learn more about GAP >
You may finance automobiles, SUVs, pickup trucks, and minivans for consumer use. For commercial vehicles, visit the Business Loans page.
If you realize you need more money to finance your purchase once you start shopping for your car, simply call us at 781.455.6500.
You can borrow 120% of the value of your car (subject to our maximum auto loan limit of $100,000). This allows you to finance the entire purchase price, plus GAP insurance and the sales tax.
The Home Equity grace period is 10 days.
