Loans
Where can I obtain NADA or Blue Book values?
How long does it take to receive the title after I pay off my loan?
In most cases, titles will be mailed within 15 business days from the date of payoff.
How do I get my title for my auto?
Once the final payoff is made, the title will be mailed to you within 15 business days.
Can I apply if I haven't found the car I want yet?
Do I have to buy from an auto dealer?
No, you are not required to purchase from a dealer. You may purchase your vehicle through a broker, dealer or private party.
What is an overdraft line of credit?
An Overdraft Line of Credit is a revolving unsecured loan that is used for the sole purpose of clearing items in a checking account that would otherwise be returned Non-Sufficient Funds. Click here for detailed information on our Overdraft Line of Credit.
How long does a loan approval take?
We make every attempt to make decisions on loan applications in a timely manner. Although the approval process can take anywhere from an hour to several days, we strive to provide you with a decision as soon as we possibly can.
What is the maximum loan term available on my auto loan?
We have limits for contract lengths based on amounts financed. See chart below.
|
36 Months |
<$5,000 |
|
48 Months |
$5,000 to <$10,000 |
|
60 Months |
$10,000 to <$15,000 |
|
66 Months |
$15,000 to <$20,000 |
|
72 Months |
$20,000 or greater |
We reserve the right to limit amounts and terms due to credit and vehicle conditions.
Do I need to get an appraisal on my used car to refinance?
Used car values are determined by a Kelley Blue Book value with adjustments for mileage and equipment. A physical inspection will done by the Member Service Center. Appraisals may be requested for Collector Automobiles.
Do you offer construction loans?
We do offer construction loans. To apply for or discuss a construction loan, contact the Business Serivces Department at 503.239.3070.
How much can I borrow on an auto loan?
85% of MSRP or Kelley Blue Book Retail will give the best rates.
Click here for current rate information.
If you are borrowing more than 85% the interest rate will increase.
The larger amount will need to be approved because some vehicles depreciate at a faster rate than others so a higher amount may not be approved on those vehicles.
Do you offer pre-paid reloadable cards?
Oregonians offers secured credit cards, which function similar to a pre-paid reloadable card. A secured credit card is a card that requires a cash security deposit when you open the account. The deposit you make is equal to your credit limit, so if you deposit $200, you'll have a $200 limit. When you use the card, you'll have a minimum payment due each month (similar to an unsecured credit card). When the account is closed, your initial deposit less any amount owed on the card will be returned to you.
Do you offer credit life and disability insurance on any type of consumer loan?
Yes, credit life and disability insurance is available on all consumer loans and our VISAs. Visit our insurance page for further details.
How do I qualify for a loan?
You may fill out an application by clicking here.
You may also pick up an application at a branch, or request an application by mail or e-mail.
We look at every application individually. We base our decisions on a member's creditworthiness and their ability to repay the loan. Loan decisions will be made based on borrowers' credit standing and ability to pay. However, each member's situation is unique. That is why we offer many different loan programs for our members. We urge you to apply for the loan you are interested in and allow your Member Service Officer to guide you to the best option for you.
Do you offer classic car loans?
Yes, we do offer a Classic or Collector Car Loan Product. For the vehicle to qualify as this type of loan, it must be driven less than 1000 miles per year, be garaged and be insured with a stated value policy.
Contact an MSO for more information at 503.239.5336 or 800.982.2974 or memberserivces@ofcu.com.
What kind of loan do I need if I have no collateral?
Do you offer leases for vehicles?
No, we do not offer leases for vehicles.
Do you offer warranties on new and used vehicles?
Yes. Oregonians CU offers Mechanical Repair Coverage through Cuna Mutual Insurance Group on new and used vehicles financed through us. View our insurance products page.
How is interest calculated on a consumer loan?
Divide the Annual Percentage Rate by 365 days (# of days in a year) to get the daily rate. Multiply the principal balance by the daily rate and then multiply that by the number of days from your last payment until this payment.
Do you have a used vehicle broker?
Auto Mentors may be an option for you. Oregonians CU has partnered with Auto Mentors, personal auto shoppers, to provide a valuable service to our members. Rather than haggling with the dealership when in search of a new car, Auto Mentors will track down the vehicle you want at a price you can afford.
What is the minimum advance amount on a HELOC?
The minimum advance required on the first home equity LOC disbursement is $2500.
Do you participate in CUDL?
Yes. Credit Union Direct Lending (CUDL) is a program that allows a buyer to purchase a vehicle at a participating dealership and have it financed through their credit union.
Click here to learn more or to find a participating dealer near you.
Is there a pre-payment penalty on auto loans?
No, we do not have pre-payment penalties on any of our loans.
What are the insurance requirements for an auto loan?
Collateral must be insured against loss and damage (collision and comprehensive for vehicles, stated value for collectors' vehicles) and OFCU must be named as loss payee. Deductible amounts required are $1000 or less, however a larger amount may be approved based on a member's ability to cover a larger deductible.
How can I apply for an auto loan?
You may apply in person or request an application be sent to you by fax email or mail. Contact us at 503.239.5336 or 800.982.2974 or memberservices@ofcu.com.
Or just visit any participating CUDL dealer, identify yourself as an Oregonians Credit Union member, and request your financing through the CUDL system. The CUDL system is available 7 a.m. to midnight, 7 days a week, 365 days a year. Click here for more information on CUDL.
How much is the late payment fee?
Late fees are as follows: Consumer Loans such as Autos, RVs, LOCs or Share/CD secured: 20% of the unpaid interest after 10 days delinquent with a minimum charge of $2.00. Home Equity Lines of Credit: 20% of the unpaid interest after 15 days delinquent with a minimum charge of $0.50 and a maximum charge of $50. Home Equity Loan: 20% of the unpaid interest after 7 days delinquent with a minimum charge of $0.50 and a maximum charge of $50. Visa Credit Card: 5% of delinquent payment after 10 days delinquent with minimum charge of $5.
I am looking to buy a new vehicle but I don't know where to start. What do I do?
The first step is to apply for a loan and get pre-approved for your loan. A pre-approval assures that when you find the vehicle you desire, the loan will be ready for the sales transaction and you will stay within your budget. You may apply online or at any branch. Contact the Member Service Center at 503.239.5336 or 800.982.8374 and ask to speak with a Member Service Officer.
Another option is to visit any participating CUDL dealer, identify yourself as an Oregonians CU member and request that your financing be done through Oregonians CU. The CUDL system is available 7 a.m. to midnight, 7 days a week, 365 days a year.
Auto Mentors may be another option for you. Auto Mentors is an auto brokerage firm that can often find both used and new automobiles at a better price than you might find through dealerships. Rather than haggling with the dealership when in search of a new car, Auto Mentors will track down the vehicle you want at a price you can afford. They work directly with our Lending Team to ensure your loan is closed in time for you to drive away in your new vehicle. They can even assist with trade-ins! Click here to learn more about Auto Mentors.
Do you offer consolidation loans?
Yes, we offer consolidation loans. Contact your Member Service Officer at 503.239.5336 or 1.800.982.2974 or email memberservices@ofcu.com for more information.
What is the website for the company that markets any OCU vehicle repossessions?
AMS markets repossessions for many financial institutions including Oregonians Credit Union. If Oregonians Credit Union has any repossessed vehicles, they would be marketed through Automotive Management Services. Click here to view Automotive Management Services website.
How long is a pre-approval letter good for?
The letter is good for 30 days.
Do you offer property loans?
Improved lot loans may be obtained through our Business Services Department.
Can anyone get a loan from a Oregonians?
- Benton, Clackamas, Columbia, Crook, Deschutes, Jefferson, Lane, Linn, Marion, Multnomah, Polk, Washington, and Yamhill.
- Immediate family members of those who qualify above are also eligible.
How do I get my car title so I can register the car in another state?
We will need a request for title from the state in which you wish to have the vehicle retitled in.
The request can be faxed, emailed or mailed
- Fax: 503.239.1113
- Mail: 336 NE 20th Ave., Portland, OR 97232
- Email: memberservices@ofcu.com
Can I finance add-ons such as a service contract?
Normally, yes. The value of the collateral, loan amount and other factors will be taken in to consideration. Adding these costs could exceed the initial loan value. The maximum with all extra costs added is 110% of MSRP. OCU offers Mechanical Repair Coverage through Cuna Mutual Insurance Group. Ask an MSO for more details.
What is GAP insurance?
GAP insurance is a type of auto insurance that car owners can buy to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle's financing or lease agreement. This situation arises when the balance owed on a car loan is greater than the book value of the vehicle. Visit our insurance page for more details.
What do I need to be approved for a loan?
Do you offer loans for out-of-state vehicles?
Oregonians members can purchase vehicles in any state, and the vehicle doesn't have to be titled in Oregon. If you're not already a member, you must qualify for membership in order to apply for a vehicle loan. For more information on membership eligiblity, click here.
What are your loan rates?
How much does it cost to refinance a vehicle?
If this is your first consumer loan with OFCU, there is an application fee for our Open-ended Agreement. The title transfer fee which varies depending on the state in which the vehicle is titled and must be paid as well as any VIN inspection fees or DEQ fees. Some states may have a sales tax that will need to be paid.
What are your auto loan rates?
Our auto loan rates vary due to market changes.
Click here to view our current rates.
Learn more about our Auto Loans here.
Can I do a check over the phone to make my loan payment and is there a charge?
We are unable to take checks by phone at this time but you may go to a Shared Branching facility to make the payment. There is not a fee to make a loan payment through Shared Branching. Click here to locate a Shared Branching credit union in your area. You may speak with your financial institution about wiring funds to your OFCU account for the payment.
Can I refinance my vehicle to a lower rate?
Please contact our Member Service Center at 503.239.5336 or 800.982.2974.
Can I have my loan payment deducted from my paycheck?
Yes, as long as your employer allows direct deposit. Your employer will need to be provided with our routing number and a 13 digit account format.
Can a member who has an auto loan get the interest rate lowered if they find a lower interest rate at another financial institution?
Existing OCU loans are not re-written in order to lower loan rates as variable rate alternatives are generally offered. We do not lower a rate on a new application because someone else has a lower rate.
Can I apply for a loan at other branches?
Yes, you may apply for a loan at any OFCU branch.
How do I have loan payments taken out of my savings?
If you have a loan with us, we can set up an automatic payment from your savings(or other shares) to your loan with us. If your loan is with another institution, you will need to conact them to have an automatic payment deducted from your savings with us. Please let us know if the loan is with us and we will be happy to the necessary form out to you to set up the automatic payment. If the loan is elsewhere, we can provide you with the necessary information required for another institution to deduct an automatic payment from your savings with us.
Can I refinance my car?
Yes, if the car if financed with another financial institution. Existing Oregonians Credit Union loans are not re-written in order to lower loan rates or extend loan term. Variable rate alternatives may be offered.
Do you offer loans for recreational vehicles?
Yes, we do! We offer loans for all of your favorite off-road toys and vehicles. Boats, RVs, ATVs, jet skis, motorcycles, dirt bikes, snowmobiles, trailers and campers. To apply, apply for a vehicle loan and select the type of vehicle (or toy) you'd like to apply for on the application.
If I pay off my loan on my vehicle, could I get my title today?
In most cases, titles will be mailed to you within 15 business days from the date of payoff.
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