Loans

1. What interest rate will I get on my loan?
The interest rate is based on what you are borrowing for, term and your credit.

2. Do I need my spouse on my application?
Only if their income is needed to meet the community debt.

3. What do I need for proof of income?
You can use your pay-stubs, bank statements showing direct deposit, disability or retirement statements. If you are self-employed, we need the two most current years of federal tax returns.

4. Are there penalties for early payoff?
No. The credit union loans are simple interest loans. This means interest is figured daily on the lowest principle balance and interest owing is paid when a payment is made.

5. Can I make principle only payments?
Yes, if they add to your regular payment. Any additional money will go to your principle balance.

6. What kind of car protection do you offer?
MariSol offers GAP insurance, which covers the difference between the value of the vehicle that your insurance will payoff and what you owe on your loan. We also sell Auto Warranty insurance, which offers extended parts and repair coverage.

7. Are Salvaged Titles accepted to secure a loan?
No. The credit union does not accept Salvaged Titles to secure a loan. When a loan is secured by a vehicle the credit union requires that the vehicle carries full coverage insurance. A Salvaged Vehicle can not meet that requirement. For further information on Salvaged Vehicles go to www.AZdot.gov to Salvaged Vehicle and frequently asked questions.

8. Will I be charged a late fee if I do not make my payment on time?
Yes, if your payment is over 15 days past due.

9. Will I be reported to the Credit Bureau?
Yes, both current and delinquent loans are automatically reported to Experian on a monthly basis. Loans will be reported as delinquent if they are more than 30 days past due.

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