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Frequently Asked Questions > General Loan Questions

General Loan Questions

Vehicle Loans

First Mortgage Loans

General Loan Questions

Q: How long does it take to get approved for a Unitus loan?
A: Under most circumstances, a consumer loan application can be approved online within sixty seconds and a first mortgage application in about 15-20 minutes. In some cases, a loan request may take a bit longer to review, but we usually return a decision within the same business day.

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Q: How do I apply for a Unitus loan?
A: For consumer loans (auto, personal, credit card, etc.), simply complete an online loan application by clicking here or call a Member Services Representative at (503) 227-5571. For first mortgage loans, simply click here or call us at (503) 471-3325 or (800) 452-0900.

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Q: Can I apply for a loan if I don't have an account?
A: Of course! However, Unitus cannot distribute funds until your Unitus account has been opened. To speed up the process, we recommend that you apply for membership before submitting a loan application by clicking here.

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Q: If I have applied for membership, how long before I can apply for a loan?
A: Immediately. You could say it's as easy as snapping your fingers, but it might not be quite that fast.

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Q: How is my interest rate determined?
A: In most cases, your credit score determines your interest rate. If more than one applicant is making application, we will use the higher of the two scores to give you the lower rate.

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Q: Can you tell me what my interest will be before I submit an application?
A: Unfortunately, we cannot access your credit score until you submit an application. However, the majority of our applicants receive the lowest quoted rate.

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Q: If I don't receive the lowest interest rate, what can I do to improve my credit score?
A: We recommend you attend one of our Understanding Your Credit Seminars. You can find information on the next seminar here. During this seminar, one of credit experts will give you free advice on how to improve your credit score.

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Q: If my credit score improves after I close my loan, what should I do?
A: If your credit score improves after you close your loan, at your request, we can modify the interest rate on your loan for a small fee. Contact us for more information.

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Vehicle Loans

Q: What if I buy a car over the weekend, and I want to finance the purchase through Unitus?
A: That's easy--purchase your vehicle through our CUDL program, where more than 175 local dealerships can approve your loan for Unitus financing right on the spot! Simply tell your salesman that you're a Unitus member and they can handle the rest.

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Q: What is Kelley Blue Book (KBB)?
A: Kelley Blue Book is a reputable resource that calculates the worth of a new or used vehicle and it's easy to use. To check the value of a car, simply click here to use the Credit Union's research tool.

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Q: Why does Unitus have to be added as the loss payee on the insurance policy for my auto loan with the Credit Union?
A: Unitus is the lien holder on your vehicle. In the event your vehicle is totaled or stolen, the insurance company will need to send the claim check directly to Unitus to be applied against your loan balance.

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Q: What's the maximum deductible I can have on my insurance policy if I have a vehicle loan with Unitus?
A: If you have a vehicle loan with Unitus, you are required to maintain full coverage insurance at all times, with a maximum deductible of $1,000.

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Q: How long will it take to get the title for the vehicle I just paid off?
A: Your title can be released the next business day if your payoff is made via payroll deduction, a cashier's checks or transfer from available funds. Otherwise, the title to your vehicle will be released in about 10 business days.

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Q: What is CPI?
A: If you have a vehicle loan with Unitus, you are required to maintain full coverage insurance at all times, with a maximum deductible of $1,000. CPI, or Collateral Protection Insurance, is added by Unitus only if you are not able to provide this proof of insurance.

CPI is more costly than regular vehicle insurance, doesn't cover your liability, and only protects the Credit Union's interest in the vehicle. If you are billed for CPI, we strongly encourage you to obtain vehicle insurance and then contact the Credit Union.

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Q: Does Unitus provide loans for snowmobiles, ATV's and personal watercraft?
A: Yes, Unitus offers our members loans on new and used snowmobiles, ATVs and personal watercrafts. The rates and terms are the same as Unitus Motorcycle Loans.

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First Mortgage Loans

Q: Do you have a first time homebuyer's program?
A: The credit union has several programs for homebuyers with a limited amount of funds for both a closing payment and down payment. These programs are open to all homebuyers, not just first time owners.

For more information about our first time homebuyer's program, click here.

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Q: What is private mortgage insurance?
A: Private mortgage insurance is a financial guarantee that protects the lender in the event a borrower defaults on a mortgage. To purchase a home without mortgage insurance, borrowers generally need enough money to make a down payment that's at least 20% of the price of the home. To put 20% down on a $200,000 home, a borrower would need to come up with $40,000! This is quite a hefty down payment.

With private mortgage insurance, you'll reduce or eliminate the need for accumulating a down payment, which will allow you to purchase that $200,000 home sooner!

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Q: Can sellers contribute toward closing costs?
A: Sellers can contribute to closing costs on most of our loan programs.

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Q: How does being self-employed affect my loan application?
A: Self-employed members need loans too! Typically, we ask that self-employed borrowers have at least a two-year history in their current business. However, this can depend on many different factors, such as your credit worthiness. For more information, we recommend contacting one of first mortgage specialists directly at (503) 471-3325 or (800) 452-0900.

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Q: Can monetary gifts be used toward our down payment?
A: In general, monetary gifts can be used toward down payment. For more information, contact a first mortgage specialist directly at (503) 471-3325 or (800) 452-0900

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