Consumer Loan FAQs

How do I Qualify?

The first step to qualifying for a Tri Boro Federal Credit Union Vehicle Loan is to be a Member! Our loan officers look at Credit Rating/score, debt-to-income ratio, amount requesting & more all to determine if you as a member can qualify for a loan and at what interest rate. All loan applications have a low $20.00 fee.

Pre-Qualification

To avoid sales tactics at the dealership, get Pre-Qualified! Gather up your financial information and come meet with one of our loan officers. By meeting with us before shopping around, you will know what you can afford. This will better prepare you to negotiate with the dealer.

Costs & Terms

Members with outstanding credit scores typically receive lower interest rates. For those who have lower credit scores, a co-signer may be required. A co-signer is held equally responsible for the loan.

Interest Rates are determined by a member’s financial history, credit worthiness, borrowing limits, and the term length of the loan. Tri Boro FCU offers terms from 12-84 months. On average, the longer your term, the more you will pay in interest; however, your monthly payment will also be lower.

Auto Insurance Requirements

Auto insurance is a necessity. As long as you have a loan using your auto as collateral you will need to keep FULL coverage insurance with Tri Boro FCU named as loss payee. Maximum deductible is $500.

Salvage & Rebuilt Titles

At this time, Tri Boro FCU does not finance salvaged or rebuilt vehicles.

Building Credit

If you do not have any credit or need to build upon what you do have Tri Boro FCU can help. We have two products that could put you on a path to create your credit score or improve your credit score. Our Share Secured loan and our Share Secured VISA are designed to help those who do not have any credit.

Start with a Share Secured loan from as low as $250 to get you started. Pay it on time every month. Also, apply for a Share Secured VISA that can be as low as $250. Pay it on time every month but remember not to go over 30% of the credit limit. More than 30% over your limit may impact your credit score in a negative way.

Skip A Pay

Twice a year we offer qualified members the opportunity to skip their monthly payment. The loan continues to accrue interest and there is a fee that will be added to your principal loan balance. Only certain loans qualify and a letter will be sent when the program is in effect. Loan payments can be skipped a maximum of six times per loan. Credit Insurance and GAP benefits may be impacted by skipping your payments.