- Can I have a Consumer Loan with Southland Credit Union if I live out of the state?
Yes, as long as you still qualify for membership with Southland Credit Union. You may fill out an application online or call (800) 426-1917 to speak to a Loan Officer.
- How do I make automated payments to a loan if I do not have a checking or savings account with Southland?
Southland offers Automated Transfer Services in which we can automatically withdrawal funds from a 3rd party financial institution and apply them to your loan payment.
Please fill out the "ACH Automatic Transfers Service Request Form" or to make changes please fill out the "ACH Automatic Transfers Service Change Form".
Both of these forms may be found on our "Forms" page, please use the link found at the bottom of this page.
- Do you use the blue book wholesale or retail value?
- Does the rate change depending on the term?
- How old of a vehicle will SCU finance?
- I want to buy an out of state vehicle, what do I need to do?
Out of State title, registration, use tax, DMV registration fees, and a Smog Certification from a California company certified to issue smog certificates.
- I want to take over my friend’s car note, what do I need to do?
Car loans are not assumable. You must apply for a new loan for the amount.
- Is there a pre-payment penalty for auto loans?
- What are my loan payment options?
Payments made by coupon, transfer from a SCU share account, or transfer from a SCU checking account.
- What do I need for a third-party vehicle purchase?
Title, registration, smog certificate, use tax and DMV fee.
- What do I need to provide for a refinance from another banking institution?
The name, address and phone number of the other institution, and a copy of your current registration.
- What is the maximum term SCU will finance for autos?
84 months (7 years).
- What percentage of my vehicle will you finance?
Depending on your credit score, we will finance between 110% and 130%, including purchase price, tax, license, GAP and MBP insurance.
- Are the rates the same for new and used autos?
- Can I add someone onto my vehicle loan at a later date?
Only by reapplying to refinance the vehicle.
- Can I add to my existing loan by using the equity in my vehicle for a cash out?
It depends on the value of the car. The new loan cannot exceed 100% of the retail value.
- Can my son / daughter refinance my vehicle into his / her name?
They would need to apply and qualify for the loan. If they qualify, a new loan will be made to them.
RV and Boat Loans
- How old of a boat will SCU finance?
There is no age limit on boats. Financing depends on the value of the boat.
- I want to buy a boat from a private party, what do I need?
Certificate of Title, registration, sales tax, and DMV transfer fee.
- What is a recreational vehicle?
Recreational vehicles include motor homes, travel trailers, campers, personal watercraft, boats and airplanes.
- What is the maximum term on a recreational loan, boat loan, motorcycle loan?
RV and boat: 240 months (20 years) depending on the loan amount. Motorcycle: 84 months (7 years).
- Can I have the payment automatically deducted?
Yes. An automatic transfer of the loan payment can be set up from an SCU checking account.
- How long may I take to pay back the loan?
The maximum term for repayment of a signature loan is 60 months. Each loan request will be given careful consideration, based on the purpose of the loan, to determine the amortization.
- Is the line of credit a fixed rate?
Yes, our lines of credit have a fixed rate unsecured.
- Is there a lower rate for having the payment automatically transferred?
No. There are no applicable discounts for auto transfer from an SCU checking account on unsecured lines and loans.
- What is the least amount I can take on a signature loan?
The minimum loan amount is $1,000.
- What is the maximum amount I can borrow on a signature loan?
The maximum amount of total unsecured borrowing with SCU is $25,000 per member.
- Can I access my line of credit through the ATM?
Home Equity Line of Credit
- I just had my house refinanced. Can I use the same appraisal?
No. State and federal regulations require lenders to contain their own independent appraisal.
- Why did all of my payment go to interest?
All payments are calculated on a daily interest basis. The most common problem is inconsistent payments.
- Who pays for the appraisal?
The member pays for the appraisal – the type of appraisal will depend on the amount you borrow and the loan to value.
- What is the highest rate I will ever have to pay on my HELOC?
There is 5 % cap over the qualifying rate: Not the introductory rate. (Example: qualifying rate of 7.458% will not exceed 12.458%.)
- What are the terms of a HELOC?
The HELOC offers a revolving line of credit with no set term.
- Is there a minimum draw amount that can be taken against my HELOC?
There is no minimum amount.
- Is there a maximum amount of time I can have my HELOC open?
The credit line remains open as long as you own the home and the loan is in good standing, the value of the property has not declined, and your credit has not deteriorated.
- Is there a limit to how many HELOC’s I can have?
There is one HELOC per property, however you can borrow on additional owned properties. Rental properties are charged a 1% fee.
- Is the HELOC assumable?
No. If you sell the property, you are required to pay off the outstanding balance.
- Is a HELOC tax-deductible?
A HELOC is considered a tax deductible product however, we do not give any tax advice. Please refer your tax inquiry to your tax consultant.
- If I refinance my home, would I be able to keep my HELOC open?
Members may request to subordinate their HELOC, however, there is no guaranty that the request will be approved.
- Do I need an appraisal?
- Does my spouse have to sign?
Yes, if he / she is on the property title. No, if the property is held as sole and separate.
- Does the property have to be located in California?
Yes, loans are restricted to California properties.
- How long does the approval process take?
24-hours for approval, subject to appraisal and title findings.
- How long must I own the property?
There is no time requirement for ownership.
- How often does the interest rate on the loan adjust?
The accounts adjust quarterly January, April, July and October.
- If I already have a second can I still get a HELOC?
Southland must record in 2nd position, so previous liens must be paid with HELOC proceeds.
- If I make a larger payment, will this advance my due date for several months?
No, payments are due monthly. Additional payments are applied to the principal.
- Can I get a HELOC on my rental property?
No, not at this time.
- Can I increase my line on my existing HELOC?
Yes, however a new application must be completed.
- Can I select another repayment date other than the 20th?
Due dates are restricted to the 20th to allow for accurate index adjustments and notification of payment change.
- Can I set up an automatic draft from my checking account at another institution to make my payments?
Yes, however, you will need to monitor the monthly-required payments to ensure that the automatic draft amount covers the minimum required payment.