Loan Application FAQs
Can anyone apply?
Yes, all are welcome to complete a loan application. In the event you are not currently an Advancial member, a Member Service Representative will contact you to discuss how you may be eligible for Advancial membership.
Does having a co-applicant improve my chances of getting a loan?
It depends. We will consider the credit reports, income, assets, debt and other creditworthiness information for both borrowers. If you decide to add a co-applicant, make sure you understand their financial picture.
How do I know the value of my new or pre-owned vehicle?
Visit our Research page
to obtain MSRP and invoice pricing for new vehicles along with NADA, Black Book, or Kelly Blue Book values for pre-owned vehicles.
How much can I borrow for an auto loan?
The amount that we will advance depends on the strength of the applicant. Refundable additions (such as GAP Insurance and Vehicle Service Contracts) can be added to the approved loan amount.
I thought I applied but did not get a response. What should I do?
If you received an error message, your application may not have been processed. Please call 800.322.2709 or your local branch to verify your application was received.
I'm not comfortable providing my Social Security number online. What should I do?
We adhere to the industry's best practices and standards for Web security on our site. If you prefer, you may find the branch nearest to you
or apply over the phone at 800.322.2709.
I've submitted my application. What happens next?
In most cases, a Member Service Representative will contact you in 24 hours or the first business day after you submit your application. You may also call us at 800.322.2709 to expedite your application process.
Should I take the dealer rebate or teaser rate financing when purchasing a new vehicle?
Applying the dealer cash rebate to the purchase price can reduce your loan amount, but it isn’t always the best choice. Don't be at a disadvantage - call 800.322.2709 and ask us to run the numbers for you.
What do I need to provide before I can close my vehicle loan?
The Credit Union will need a copy of the buyer’s order, purchase agreement or worksheet. This sheet provides all the information on the vehicle you are purchasing in addition to the purchase price, your trade (if applicable), plus tax, title and license. You must also have full coverage insurance for the vehicle you are purchasing, with an effective date that matches your loan closing date. There is a maximum deductible of $1000 for both comprehensive and collision coverage and the Credit Union must be named as Lien holder on the policy. Your insurance agent will need to provide a copy of a Loss Payable Statement to our office within 30 days.
What do you need to know about me to approve me for a loan?
We will consider your finances, your employment history and other personal creditworthiness information during the loan process.
Details may include:
Your expenses, including monthly payments on credit cards, auto and student loans, and any other financial obligations
Your employment history
Your credit score and report
For secured loans and home loans - home equity, mortgage refinance - we will look into the details of your property.
We may require, for example:
A title search
Proof of title insurance
A property inspection or survey
A home appraisal
What if I've entered incorrect information on my loan request?
You can correct it when a Member Service Representative calls you. Please note that any intentional misrepresentation (such as your identity, age or home ownership) constitutes fraud. We take fraud very seriously and will cooperate fully with law enforcement, so please make it a top priority to bring any errors to our attention in order to update them.
What information or documents do I need to complete my loan application?
Information or documents may include:
Your Social Security or tax-identification number
Your date of birth
Your address history for the past two years
Your email address
Your annual income and employment information
A paystub(s) for the current month for you and your co-applicant (if applicable)
For any other property you own (such as rental property), income/rents generated
What terms are available?
Terms vary. The most common new and used vehicle terms are three to five and a half years. New and used vehicles with values greater than $20,000 qualify for a six-year term and those with a value greater than $35,000 qualify for a seven-year term.
Why do you ask about my race and gender?
Federal law requires us to ask for this information for certain types of loans. The law is called the Home Mortgage Disclosure Act (HMDA). On your application, you may choose not to provide the information.
Why do you need my email address?
If we have your email address, we can send you a confirmation when we receive your loan request. Your personal information is confidential and Advancial does not sell member information to third parties.