How soon will I know if I am approved? We process applications in the order we receive them, and in most cases the approval process is 24 hours or less.
How much do I qualify for? The amount that a member qualifies for will be determined by the Loan Officer once all of the information has been received and processed. This information includes proof of income and credit score.
When will I have the money in my account? We do not place funds into the account. As soon as you are approved and the Loan Officer has the purchase order and the insurance binder, the approval (drafting) will be faxed to the dealership or given to the member to take to the dealership.
Will I get a discount on the rate if I submit my application online? A discount is not offered on the interest rate if you submit your application online. The discount that is applied to a rate, other than promotional discounts on rates, is .25% off for a first time borrower on a collateral loan.
Is Gross Monthly Income calculated before or after taxes? The Gross Monthly Income is calculated on the amount of income earned before any taxes are taken out. If we use direct deposit information for your income, this will only reflect your after-tax earnings and this may affect your debt to income ratio.
Why do I have to fax my Proof of Income? We ask members to fax their proof of income so that we may use the gross amount shown on the pay stubs or W2's in order to calculate the lowest debt ratio, in order to qualify for the loan.
How can I check the status of the loan application? You may check the status of your loan application by calling us at (713)864-0959 or (800)809-0600 or submitting your inquiry via secure messaging. A Loan Officer will respond to your inquiry and notify you of your loan's status, thus it is important that we have your correct contact information on file.
