Apply for a loan at Energy Services Federal Credit Union


 

To complete a loan application, you may apply online by clicking the link on this page.  Also, you could complete an application in any of our offices or we could mail you a paper application.  


Tips for Purchasing a Vehicle

Before the Purchase:

·         Complete a loan application to get pre-approved.   
·         Discuss loan terms with the Credit Union. 
·         Bring in a form of income verification if you do not work for Xcel Energy. 
          Ex:  paystub or previous year’s taxes. 

Purchasing from a dealership:

·         Contact the Credit Union to get an NADA value on the vehicle you are interested
          in and your current vehicle if you are planning to trade that in.   
·         Give the dealership our lien holder information.
·         Have the dealership fax or email a sales receipt showing what you are
          purchasing. 
·         Contact the Credit Union when you are ready to purchase the vehicle.  That way
          we can have all the paperwork ready before you come into the office. 
·         Contact your insurance agent to have us added as lien holder. 
·         Enjoy your new vehicle! 

Purchasing from a Private Party:

·         Contact the Credit Union to get an NADA value on the vehicle you are interested
          in.
·         Ask the private party if there are any loans on the vehicle.  If there is, have the
          private party contact their financial institution for a 10 day payoff and payoff
          instructions.  This needs to be faxed or emailed to the Credit Union. 
·         Get the VIN # for the vehicle. 
·         Contact the Credit Union when you are ready to purchase the vehicle.  That way
          we can have all the paperwork ready before you come into the office. 
·         Have us added as lien holder when you are switching the title into your name. 
          (You may have to wait 2-3 weeks if there is a loan currently on the vehicle).   
·         Contact your insurance agent to have us added as lien holder.
·         Enjoy your new vehicle! 
 
Lien Holder Information:
Energy Services Federal Credit Union
600 25th Ave S 
Suite 101 
St. Cloud, MN  56301

Benefits of Financing with your Credit Union instead of at the Dealership

  • The Credit Union only pulls your Credit Report once with one Credit Bureau.  The dealership will send your information to multiple  financial institutions.  Each financial institution will pull a credit report.  This can result multiple credit pulls within one day!
  • The Credit Union employees do not receive any commission or incentives if you finance with the Credit Union.  They give you the best loan the Credit Union can offer you.   The dealership employees sometimes receive “kickbacks” from certain finance companies for every loan they finance with that institution.  This means the finance employee may not be giving you the loan that is the best for you but rather best for them.
  • Zero percent loans are not always zero percent!  For example, some dealerships will give you a cash incentive for getting your financing elsewhere instead of the zero percent loan.  If you are planning to payoff your loan early, you may save more money receiving the cash incentive instead of financing zero percent.   Also, if you miss a payment on a zero percent loan, the finance company may increase your interest rate up to 18%!  Yikes!   
  • When you have a question regarding your loan, you can talk to an actual Credit Union employee in person, via email or on the phone!  If you finance with the dealership, the dealership is the “middleman.”  Your loan is most likely with a large financial institution many miles away!  It is sometimes hard to get an actual person on the phone!
  • Credit Union’s don’t push extended warranties on our Members.   Dealerships make money when you purchase additional warranties on your vehicle.   They will push this in your finance package even if you don’t really feel it’s necessary.  You may not even realize you have purchased this at an additional cost until after you have financed the vehicle!  
  • A Credit Union will let you know how much of a vehicle you can afford.  Sometimes dealerships may push you into a more expensive vehicle with a longer financing term.  For example, you can afford a $400 a month payment.  The average auto loan is five years  which means you could afford a car around $20,000.00.  A dealership may extend your loan up to eight years to get you into a  $30,000.00 car with the same payment!  Just think how much interest you will pay in eight years? 
  • You are a member at the Credit Union, not a customer.  As a member, you have ownership in your financial institution.  Profits for the Credit Union are invested back into the Credit Union to provide better services and products for you!

© Copyright 2015 Energy Services Federal Credit Union

Energy Services FCU

600 25th Ave S Suite 101

St. Cloud, MN 56301

email@energystcloud.org

(320) 255-8687 Fax (320) 774-3002

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