Banking FAQs: Auto & Personal Loans

FAQs

To set up an automatic transfer for your loan, please call us at 800.237.7328.

Visa®: A payment is required each month even if a return has posted. A return does not replace a payment. The only exception is when the return amount is equal to or greater than the previous month's balance. The payment amount is based on the Visa balance. The minimum amount due is 2% of the previous month’s balance or $20, whichever is greater.

Signature Loans: Payments on a Signature Loan are $100 per month for original loan amounts up to $5,000. Payments are $200 per month for original loan amounts from $5,000.01 to $10,000.00. Payments are $300 per month for original loan amounts from $10,000.01 to $15,000. Payments are $400 per month for original loan amounts from $15,000.01 to $20,000.

To calculate payments for an Automobile or Real Estate Loan, please use our online financial calculators, or call our Loan-By-Phone service at 800.LOAN.555.

If you would like to see a mortgage amortization schedule, simply log in , click "Apply now" and enter your account number and PIN. Select "Mortgages" to connected to our Mortgage Web site. Click on "MORE," then "Calculators," then "Amortization Calculator."

If you would like to see payments, rates or closing costs, click on "Choose" and "Check rates," answer a few questions and the appropriate rates will be presented. Once you click the rates and points you are interested in, click on "Details," and you will see a detailed breakdown of closing costs and monthly payment amount.

No, there is no penalty for early re-payment.
Yes. PSECU finances antique, classic, specialty and reconstructed vehicles using our used vehicle financing guidelines. Prior to disbursement of the loan proceeds, PSECU must receive pictures of the vehicle showing all four sides, the interior, and the engine. Additionally, you must supply PSECU with the year, make, model, mileage and options of the vehicle.

From Another Financial Institution

Quick Pay - To make a quick, one-time payment from another financial institution.

Online - Our External Account Transfer Service allows you to make payments online to PSECU loans from other bank and credit union accounts.

This is a two-step process. First you need to register your external account, and then you need to schedule the payment. If you schedule the payment for the current day prior to 8 p.m., you will receive same-day credit.

To register your external account, log into your PSECU account and follow these instructions:

  • Go to "Move Money."
  • Select "External Account" in the "From" dropdown list, then select "Add a New External Account" in the sub-dropdown list.
  • Follow the online instructions to complete the registration process.

To schedule a loan payment from an external account, log into your PSECU account and follow these instructions:

  • Go to "Move Money."
  • Select "External Account" in the "From" dropdown list, then the appropriate external account in the sub-dropdown list.
  • Select "PSECU loan" in the "To" dropdown list.
  • Follow the online instructions to schedule your payment.

Direct Payment - You can set up an automatic recurring loan payment from another financial institution using the Direct Payment form.

Call Us - You'll need to provide us the routing number and account number of the other financial institution.

Payroll Deduction - You can have a portion of your pay applied to your PSECU loan account. See your employer to set this up.

From Your PSECU Account

Call Us - If you know the account number and PIN for the account to make the payment from and the account number for the loan account, we can transfer the funds over the phone. You can also use the Self-Service Telephone.

Online - Online banking users can transfer funds and pay from another financial institution by using the options under "Move Money." Don't have online banking? Sign up now.

Mail - Send a check along with the payment coupon so the payment can be applied correctly.

Auto loan approvals are good for 60 days. At the end of your 60-day approval period your application will expire and you will need to submit a new loan application.

At any time during the approval period, you may request an AutoDraft, if you are purchasing a vehicle from a licensed auto dealer. You’ll need to request an AutoCheck if you are:

  • purchasing a vehicle from a private party
  • refinancing a loan at another financial institution
  • buying out the remainder of a lease
  • refinancing a PSECU vehicle loan
  • borrowing against a vehicle you own free and clear
  • purchasing a recreational vehicle
  • purchasing an antique or classic vehicle

AutoDrafts and AutoChecks may be requested by contacting a loan specialist at 800.LOAN.555.

AutoDrafts are good for 120 days from the date of issue and you will receive the interest rate in effect on that date.

New & Used Motor Vehicles
At the current interest rate, PSECU will finance up to 100% of the Manufacturer's Suggested Retail Price (MSRP) of a new, current model year vehicle (untitled); up to 100% of the retail value of a new, prior-year vehicle (untitled); or up to 100% of the retail value of a used motor vehicle (titled). For used and prior-year new vehicles, PSECU consults the Kelley Blue Book® (registered trademark of the Kelley Blue Book, Co.,

 Inc.) or other authorized guides to determine value.

At the current interest rate plus two percentage points, PSECU will finance up to 130% of the MSRP of a new, current model year vehicle (untitled); up to 130% of the retail value of a new, prior-year vehicle (untitled); or up to 130% of the retail value of a used motor vehicle (titled). For used and prior-year new vehicles, PSECU consults the Kelley Blue Book® (registered trademark of the Kelley Blue Book, Co., Inc.) or other authorized guides to determine value.

PSECU considers a vehicle new if it is a current year model, untitled and without excessive mileage. Additionally, preceding-year models are considered new if they are untitled, without excessive mileage and were purchased prior to April 1 of the current calendar year.

PSECU will not finance a used vehicle with a value of less than $3,000.

Maximum financing for a member-owned vehicle or refinancing an existing PSECU loan is 100% of the retail value.

Recreational Vehicles
All recreational vehicles must have a minimum value of $3,333. PSECU finances 90% of the MSRP for new recreational vehicles. PSECU finances up to 90% of  the retail value as determined by the Kelley Blue Book or other authorized guides. PSECU will not finance a used recreational vehicle with a value of less than $3,333.

Recreational Vehicles include motor homes, travel trailers, camping trailers and camper vans.

Refinance of Existing PSECU Loan
Must finance $1,000 over existing loan payoff and PSECU must have the original title.

Rollover from Another Financial Institution
PSECU will need contact information of the present lending institution. PSECU also requires the account number and 10-day payoff of existing loan.

For more information about our Construction Loans, please call us at 800.237.7328, extension 3864.

Since there are no pre-payment penalties on any PSECU Business Loan, we give you the convenience of the lowest payment possible through a longer repayment period. You may, however, pay as much as you like above and beyond the required payment, if you want to pay off the loan faster.

As long as the required documentation is accurate and complete, we can usually provide a decision in two to three business days. Once a loan is approved and all loan forms are completed, signed and returned to PSECU Business Services, the funds will be disbursed within 24 hours.

You may make advances through online banking or call us at 800.237.7328, extension 3875.

Yes.

PSECU does not currently charge any fees for the Secured or Unsecured Business Line of Credit.

Your payment from an external account will post to your PSECU loan on the day it was scheduled between 8 p.m. and midnight. PSECU loan payments scheduled prior to 8 p.m. for the current day from an external account will be credited to your PSECU loan that same day, even on weekends and holidays. After 8 p.m., you may schedule your payment to be posted on the following day at the earliest, even on weekends and holidays.
Replacing a current payment method on a loan requires the setup of a recurring payment. The setup of recurring payments from external accounts are not permitted on Visa®s or past-due loans. In regards to past-due loans, with the exception of Visas, once they are brought current, you may replace its current payment method with a recurring external account transfer.
The setup of a recurring payment from external accounts are not permitted on Visa®s or past-due loans. In regards to past-due loans, with the exception of Visas, once they are brought current, you may setup a recurring payment from an external account transfer.

We changed the name of Quick Pay to One-time Online Loan Payment Service. One-time payments still offer the same features as Quick Pay.

Our One-time Online Loan Payment Service allows you to make quick, one-time payments from another financial institution. This type of payment can be done using your computer, tablet, or smartphone.

To use one-time payments, you’ll need to provide the routing number and account number for your other financial institution. This information can typically be found at the bottom of your checks. Your financial institution can also provide this information to you.

Did you know there’s an even easier way to make payments? Sign up for digital banking and save one-time payment information so you don’t have to re-enter it each time. You also have the option to schedule automatic payments.

Sign up for online banking at homebank.psecu.com/activation/activation. Or, log into your account and select the "Move Money" tab to get started.

At this time, credit card and debit card payments are not accepted in the one-time payment service system. We encourage you to sign up for digital banking to use other payment options.

Sign up for online banking at homebank.psecu.com/activation/activation. Or, log into your account and select the "Move Money" tab to get started.

To schedule a loan payment from an external account, sign up for online banking at homebank.psecu.com/activation/activation. Or, log into your account and select the "Move Money" tab to get started.