Getting a new car is a major financial decision and you may want to get a car loan to ensure the ease of your purchase. One of the best ways to get this car loan is to route it via a credit union car loan. Requirements for credit union car loan, faster to get the loan and get your new car.
- Be a Credit Union Member: Even though this may appear obvious, however, this is the first thing that is required to be able to access a credit union car loan and the specific requirements for being a member depends on the credit union group as they may require you be working in a particular organization, belong to a particular group, or be in a particular locality. Being a member of a comes with a lot of benefits asides from the lower interest rate and fees that are obtainable there.
- Have a good credit score: In getting a credit union car loan it is important to have a good credit score and this differs with the different credit unions. However, on a general note, a good credit score is said to be above 640 or 660. Compared to other financial institution credit union is quite considerable and more flexible when it comes to addressing the issue of a good credit score, there are other things that can be looked at that may stand you a chance of getting credit union car loan.
- Proof of steady income: The ability to prove that you have a steady income shows a lot about how you will be able to pay your monthly payment after the credit union car loan has been granted. Also, in addition to a steady flow of income you may be required to have a certain amount of income per year.
- Proof of Identity and Residence: This information will be required in processing your credit union car loan. You will need a valid current government-issued ID card that is up-to-date, showing your personal details and your residence details, just in case of refusal to make payment as at when due you will be findable.
