Banking FAQs: Auto & Personal Loans

Scheduled loan transfers are not currently available in online banking. To set up an automatic transfer for your loan, please call us at 800.237.7328.

The LTV is calculated by dividing the loan amount by the appraised value or purchase price (whichever is less). The LTV is limited based on loan type and various attributes.  For mortgage information, you can visit https://www.psecu.com/mortgages/.

The APR (Annual Percentage Rate) is a tool lenders are required to provide as a means to compare rates. The APR includes certain fees that are collected or included in the loan amount. Your payment will be based on the actual interest rate and not the APR.

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, located here, or call our Loan-By-Phone service at 800.LOAN.555.

If you would like to see a mortgage amortization schedule, simply log into psecu.com , 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.

Vehicles for Personal Use
PSECU finances the following types of vehicles: Autos, light passenger trucks, conversion vans and street-legal motorcycles. PSECU does not finance boats/boat trailers, ATVs, snowmobiles, non-street legal vehicles, or vehicles titled as Theft/Salvage/Flood.  PSECU will finance the following types of vehicles as a Recreational Vehicle Loan: Motor homes, travel trailers, camping trailers, camper vans. PSECU considers the vehicle to be a recreational vehicle if it is self-contained. PSECU will only finance vehicles located and titled in the United States and its territories.

Vehicles for Business Use
Financing is available through Business Accounts. Please call 800.237.7328, extension 3875. You can also visit our Business Accounts page on our Web site.

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.

New/Used Vehicles

Values of $3,000 or over – up to 36 mos.
Values of $6,000 or over – up to 48 mos.
Values of $8,000 or over – up to 60 mos.
Values of $12,000 or over – up to 72 mos.
Values of $20,000 or over – up to 84 mos.
Loan of $40,000 or over – up to 120 mos.

Recreational Vehicles

Loan of $3,333 - $4,999 - up to 36 mos.
Loan of $5,000 - $7,999 - up to 48 mos.
Loan of $8,000 - $14,999 - up to 60 mos.
Loan of $15,000 - $39,999 - up to 84 mos.
Loan of $40,000 - or over - up to 120 mos.

The maximum line of credit that you may apply for is $30,000. Call 800.LOAN.555 for additional information.

In the event we are not able to approve your Visa^® line of credit for the amount you requested, we will approve you for the highest line of credit for which you qualify.

The minimum line of credit is $500.

Using PSECU’s NetLoan Center, you are able to get a decision on your auto loan application in a matter of minutes. After you have placed your application, you will be able to check the status. If you meet PSECU's credit guidelines, your auto loan application may be approved within minutes.

Some auto loan applications may need to be reviewed by one of PSECU's loan officers. These applications will be reviewed during the credit union's normal operating hours and a decision should be made within one business day.

To check the status of your Auto Loan, click here.

To increase your credit limit, you must complete a new loan application using PSECU's online application or by calling Loan By Phone at 800.LOAN.555.

Yes. Members are required to borrow $500 in addition to the payoff of the existing Signature Loan. The Signature Loan payoff plus the required $500 may not exceed $20,000. Only one Signature Loan per member account is permitted.

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.

There is no grace period on a Visa^® Balance Transfer. Finance charges will begin to accrue on the date the check is posted to your account.

You need to contact the Credit Bureau. The three major Credit Bureaus are:

1. Experian National Consumer Assistance Center, P.O. Box 2104, Allen, TX 75013
   1-888-397-3742 or 1-800-493-1058 www.experian.com
2. Trans Union Consumer Disclosure Center, PO Box 390, Springfield, PA 19064
   1-800-888-4213 www.transunion.com
3. Equifax, P.O. Box 105873, Atlanta, GA 30348
   1-800-685-1111 www.equifax.com

To add or remove a co-applicant from an existing loan, you must re-apply to determine if you can be approved with the new criteria. Click here to apply online or call us at 800.237.7328.

While PSECU does not offer student loans, there are a number of PSECU loans that can be used to finance education. You can review all our offerings on our website. Click here for more information.

Check current business fees and rates on our Web site. 

Corporations and LLCs are separate legal entities from their owners, thus the risk is higher. With sole proprietors and general partnerships, the owners are typically 100% liable for all of the business debt because the business does not exist separately from the owners. PSECU prices the LLC and corporate loans to compensate for additional risk.

There are many reasons why a card can be declined. Common causes for declines include:

• Your card may have expired, so please verify that the expiration date is still valid
• Was your card activated? Be sure to activate your card before using it for the first time
• Insufficient funds in your account to cover the purchase
• You have exceeded the withdrawal limits set on your card
• Sometimes a failed authorization can occur when there is a mismatch between the address, full name or the CVV2 code having been keyed in incorrectly
• At the ATM, make sure the ATM has either the STAR, PLUS or VISA logo on it
• For PIN based transactions(ATM/Debit), you may have entered an incorrect PIN number on a recent transaction
• Your card may be damaged, cracked or broken

Please contact PSECU for more information at 800.237.7328, extension 3872.

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

Sign up for an automatic payment service when getting a new or used auto loan and we'll reduce your Annual Percentage Rate by 0.25%.

To qualify for the 0.25% APR* reduction, you must select - at the time you apply - to have your loan payments made via:

• Automatic Transfer Service
• Payroll Deduction
• online banking
• Self Service Telephone
• Wire Transfer
• Direct Payment

Yes!  We have very attractive equipment loan terms and rates that fit your equipment financing needs.  Plus, we have a very competitively priced Business Visa^® card with generous limits to help you with your short-term cash flow needs. Learn more.

For our current rates, click here. Choose your loan type to see current rates.

You can apply online with PSECU- your one-stop shop for Auto, Visa^®, Home Equity, Signature and Mortgage Loans. Think of it as your virtual loan officer.

• Apply for a loan and get a response within seconds*
• Check the status of recent loan applications**
• Access general loan information, including answers to frequently asked questions***

Apply for a Loan

To apply over the phone, call 800.LOAN.555.

*You may receive an instant answer online, but in some cases applications require additional offline processing. This can happen for many reasons, such as the inability to verify information on your application, system maintenance, or an unusually high volume of applications. If your loan needs reviewed by PSECU's Loan Officers, these applications will be reviewed during the Credit Union's normal operating hours and a decision should be made within one business day. You will be informed of the decision via U.S. Mail.

**You can check the status of applications that are no older than 30 days from today 's date.

***Loan information is subject to change at any time, without prior notice.

To find the rate and rate ranges, click on the loan product below.
Business Equipment Loan
Business Vehicle Loan
For Business Term Loan and Business Line of Credit rates, please call 800.237.7328 nationwide, extension 3875.

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.

Don't have online banking?  Sign up now or visit psecu.com/pay to make a quick, one-time payment from another financial institution.

Online Banking Users:

Once you have registered you external account, log into your PSECU account and follow the step-by-step instruction below to schedule your loan payment:

STEP 1: Go to “Transfers”

• Click “Move Money.”
• Click on “Transfers.”

STEP 2: Provide the details of your desired external account transfer:

• Select “External Account” within the “From” dropdown list.
• Select the external account in the sub-dropdown list to withdrawal from.
• Select the loan where the money should be paid to.
• For all loans except Visa^® and delinquent loans, choose whether the transfer is simply making a payment(s) (the default selection) or replacing your current payment method with a recurring scheduled transfer from the external account.
• Enter the amount to transfer. If the transfer is intended to replace your current payment method, the amount must be equal to or greater than the minimum payment amount.
• Schedule the day that the payment should be initiated and, if it is not replacing your current payment method, how often (the default is “Once”). If the transfer is intended to replace your current payment method, the frequency will default to the current payment’s frequency.

STEP 3: Confirm and agree

Confirm the details of your payment and agree to the transfer terms by authorizing the transaction. After you’ve agreed, your part is done.
If you schedule your payment before 8 p.m., you will receive same-day credit. However, you won’t see that withdrawal from your external account for at least 2 business days.

The following loans are eligible for payment online by an external account:

• Auto loans
• Real estate loans
• Share loans
• Signature loans
• Certificate loans
• Visa^®

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.

At this time, credit card and debit card payments are not accepted in the Quick Pay system. To use Quick Pay, you will 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.

Quick Pay allows you to make a quick, one-time payment from another financial institution using your computer, tablet or smartphone. Just visit psecu.com/pay on your device. To use the Quick Pay system, you will 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.

Another way to make your payment is available by signing up for our digital banking service. Digital banking allows you to save the information for your external financial institution so you do not need to re-enter it each time, and you also have the option of scheduling automatic payments. Sign up for online banking or login now and click the "Move Money" tab to get started.

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.