Consumer and Auto Loans Made Simple With SCFCU
Thinking about a new car, refinancing your current one, or just want a better understanding of how loans work? St. Cloud Financial Credit Union is here to help.
Loans can feel overwhelming and confusing at first, but with the right information and financial institution, the process is much easier. Your local credit union is here to make the loan process simple and transparent — with no surprises, just savings.
How to Get a Loan
Getting a loan doesn’t have to be complicated. At SCFCU, we make the process simple. Here’s how it works:
Apply online or stop by one of our branches.
Provide us with some basic information to help us process your loan application.
This includes your personal information, such as your Social Security Number, along with your income and employment details. We may ask for proof of income (like recent pay stubs or tax returns) to verify your financial stability.
You’ll also need to share some financial and debt information, including bank account details and any existing loans or credit obligations.
If you’re applying for an auto loan, you’ll also need information about your vehicle, such as the Vehicle Identification Number (VIN), make, model, year, and mileage.
Having these details ready helps make the process quick and easy, so you can move one step closer to getting that new vehicle.
Get matched with the right loan option that fits your needs and budget.
Whether you apply online or in-person, we will walk you through every step to ensure you feel confident.
What Lenders Look At
When you apply for a loan, lenders typically look at a variety of things including:
Debt-to-Income Ratio (DTI): Your DTI compares how much of your monthly income goes toward paying off existing debts. This helps lenders understand your ability to manage additional payments. Generally, the lower your DTI, the more flexibility you’ll have when applying for a loan.
Credit Score: Your credit score plays a major role in whether a lender chooses to approve or deny you for a loan. A higher credit score shows lenders that you’re dependable, which can increase your chances of getting approved and help you secure a lower interest rate. Overall, having a good credit score will benefit you when applying for a loan. You can check your credit score anytime for free using SavvyMoney in the SCFCU app.
Income: A steady, reliable income shows lenders that you can manage your payments responsibly over time. This is an important indicator of financial stability and will strengthen your loan application.
Refinancing Your Loan
Already have a loan? Refinancing could be a smart move for you. If you refinance your current loan, it can help you lower your monthly payment, reduce your interest rate, or even shorten your loan term, therefore saving you money in the long run.
Whether you’re looking to lower your rate or find a repayment plan that better fits your lifestyle, SCFCU makes the refinancing process simple and stress-free.
Your Journey Starts With Us
Whether you’re buying a new car, refinancing a current loan, or just exploring your options, SCFCU has you covered and is here to guide you every step of the way.
Our goal is to make this process simple and stress-free, so we can help you reach your financial goals, once step at a time.
But Wait, There’s More!
Are you looking for the right opportunity to get started on your consumer or auto loan journey? We have numerous limited-time offers that will help with the process that you don’t want to miss out on! But hurry, these special offers won’t last long!