As a member of St Anne Credit Union in New Bedford, you should make sure to consider applying for credit union loans whenever you are looking to make a major purchase. A credit union auto loan or home loan can have many benefits over other loan opportunities from traditional lenders. One study showed that credit union loans are considered to be some of the most competitive loans available in the country. So if you need to borrow money for any reason, make sure to visit your local credit union before you apply to other lenders.
Members already receive New Bedford credit savings and other dividends, just for being members. A credit union is a not-for-profit organization, which means that any profits made during the year get divided up among the members in the way of reduced fees, higher interest rates, or other bonuses. This bonus is just part of the reason why most credit union auto loans and home loans have lower rates and fees than loans from other types of lenders. As a member, it may even be easier for you to get approved, as you are already working with your local credit union for other financial services.
Getting Started: Credit Union Loans
The best way to get started on the road to obtain a loan from your local credit is to join a credit union in New Bedford if you haven’t done so already. St Anne Credit Union offers a variety of loan opportunities and New Bedford credit savings options to our members. Just give us a call or stop by our location on Union Street to speak with one of our friendly agents. You can join if you live or work in either Plymouth or Bristol counties in Southeastern Massachusetts and it takes just $25 to open a Main Share savings account. Some other credit unions may require you to work for a certain employer or within a certain industry, but the criteria for membership is quite simple at St Anne Credit Union.
The next step is to apply for the loan that you want. Speak with an agent about the appropriate timing for requesting a credit union auto loan or home loan after becoming a member. Some financial institutions will restrict credit union loans based upon the length of the membership, while others may have other criteria. The more questions you can ask about taking advantage of the New Bedford credit savings opportunities, the better your understanding will be about the benefits of membership when it comes time to apply for a loan at your credit union in New Bedford. Your local loan officer can also explain all of the different types of credit union loans available.
Standard Requirements for Credit Union Loans
The process for getting a credit union auto loan or home loan is similar to what you may have experienced at a traditional lender. You start by filling out an application, which can be done online or in-person at the New Bedford location. You will need to provide and prove your identity, using something like a social security number or another type of identification. The second step is to prove employment. Some lenders like applicants to have a year or two minimum at a single employer. Again, make sure to ask the loan officer at your credit union in New Bedford about these requirements ahead of time so you can streamline the process and have everything ready in advance.
Other requirements for credit union loans can include:
- Proof of Income – As with other loans, you will usually need to prove your income before you can get a loan at your local credit union. They need to verify that you have the income to repay the loan.
- Low Debt-to-Income Ratio – Once your income is identified, the loan officer will usually check to make sure that your overall debt-to-income ratio is within a reasonable level. You don’t want to get in over your head for payments you can’t afford for a new credit union auto loan or home loan.
- Down Payment – While a down payment isn’t always required for a credit union auto loan, it is recommended. Whatever you put down will reduce the amount of money you will need to pay to your credit union in New Bedford each month for the loan.
- Credit Check – All types of loans, including credit union loans. Ask the loan officer for detailed information on creditworthiness with regard to your credit score and history if you have any questions about the credit check portion of your credit union auto loan or home loan process.
Visit St Anne Credit Union in New Bedford
If you are interested in learning more about credit union loans or if you would like to join St Anne Credit Union to take advantage of dividends associated with New Bedford credit savings, give us a call at 508-993-0011. Our team of friendly and knowledgeable customer service agents can help you with any questions you have about credit union auto loans and home loans in Southeastern Massachusetts.