Loans

When will I know if my loan has been approved?

Online and phone applications are processed in 24 hours or less.

Can I have a loan with Extra Credit Union even though I live out-of-state?

Yes, all consumer loans are available to our members who live and work in the U.S. However, mortgages are limited to property located in Michigan.

What credit bureau does Extra Credit Union use to determine loan approvals?

Experian

What is an Autodraft Loan?

Our Autodraft loan is a blank check approved up to a certain amount that you take to a dealership to use just like cash. You will receive this once you are pre-approved for your auto loan.

If I am approved for the loan, am I obligated to take the loan?

No, you are not obligated to accept the loan. You will have 60 days to accept the loan. If you do not accept within 60 days, a new application must be submitted to reapply.

How does Extra Credit Union determine what interest rate I qualify for when I finance a new or used vehicle?

Your interest rate will be determined by your credit score.

How do I make loan payments?

In person, online*, at an ATM, by phone*, or they can be mailed to:

Extra Credit Union
6611 Chicago Road
Warren, MI 48092

*Will incur a small fee.

How long is a credit report good for on an application before another credit report has to be pulled?

60 days.

What happens if loan rates go up or down during my approval period?

Your rate may go up or down during the approval period. You will get the rate that is in effect the day you take the loan.

Can I refinance my Extra Credit Union auto loan?

Yes the option to refinance your auto loan is available. The fee to refinance your Extra Credit Union auto loan is $50.00.

Revised 07/09