1. Do I have to be a member of PCU to apply for any loans?
No. Residents of Danville, Pittsylvania & Halifax County may apply for loans before they join. Once your application is received and reviewed, you will be contacted by a member of the loan department to learn whether you have been approved. Once approved you can complete the necessary steps to become a member and obtain your loan.
2. Do I have to choose a vehicle in order to apply for a vehicle loan?
No. You can be pre-approved for an amount and then you can look for vehicles within that price range that will fit your budget comfortably.
3. My credit score isn’t that great, should I still apply?
Yes. Although we do pull your credit to see how you have paid other financial institutions, it is not the only determining factor in getting a loan with us. We also look at time on job, references, and income as well before we make a final decision.
4. I just purchased a vehicle loan, how long do I need to wait before trying to refinance with PCU?
You can refinance your vehicle from your current creditor to PCU instantly, even if you just purchased the vehicle. Refinancing your loan can save you quite a bit on interest and your payment could be cut in half. Keep in mind that you still have to qualify with us based on our guidelines, but we don't mind taking a look to let you know if we can help.
5. I don’t have any credit or a credit score, can I apply?
Yes. Although credit is important, there are other ways to establish credit. We can go over your credit report with you. If you aren’t approved for a loan, we can give you some advice on building your credit so that next time you apply you will have a better shot at being approved.
6. Do I have to have a down payment for a vehicle loan with PCU?
Down payments depend largely on your credit report and ability to repay. If you have funds saved up that could be used for a down payment, let the loan officer know upfront. They may be able to work out a better deal for you with a lower payment. A member with great credit may not be required to put anything down, but a member that is just starting out may be required to put a largedown payment. Each person is different, so apply today to learn if you will need one.
7. I submitted an application last month; do I need to submit another?
You will be contacted by a loan officer with the status of your application once it has been reviewed. All pending and approved applications are kept on file for 90 days. If the application has been denied, you will need to wait 90 days before submitting a new application.