Auto loan program for members with minimal to no established credit.
The CU noticed a strong trend in loan applications that the current policy didn’t quite address, “We’ve showed an increase in auto loan applications from members with no or limited credit.” said Karen Gouldmann, chief executive officer, “We weren’t able to approve the auto loans based on our existing policy. So we analyzed what effects including limited credit auto lending would have on our asset quality, risk management and capital; then made a change for the better.”
The change in policy now allows members with less than two years established credit to qualify for an auto loan provided they meet additional lending criteria. “To balance the risk and protect our members money, we’ve limited the dollar amount based on established credit history,” Gouldmann explained.
Loans to members with no credit are $10,000 maximum, less than one year established credit is $12,000 maximum & between one and two years established credit is $18,000. The maximum term for limited credit auto loans is 60 months.
“This is a great addition to our product portfolio.” said Mary Ann Caskey, chief marketing officer. “The CU now has two products to assist members without credit to get credit established in a financially responsible way. This auto program & the New Credit Visa Credit Card. I wish someone had these programs when I was younger!”
For additional information about this program contact a loan officer at loans@uscgccu.org or call your favorite branch.
Credit $500 Visa Credit Card for members with no established credit.
It’s kind of hard to get credit when you need credit to qualify for it. The Credit Union’s is proud to solve the problem. A New Credit Visa Credit Card is for folks who need a great way to start building their credit file – all you need is proof of income – no prior credit needed. What is the small print? There is none. Existing or new members (18-years and older) with just $10 in a share savings account (that’s how you open an account,) get a 12.9% APR New Credit Visa Credit Card with just proof of income. There are no annual, set-up, maintenance, transaction or other type of fees.