Second Chance Auto Loan Program
Even if you’ve had credit problems in the past, Camino Federal Credit Union is here to help with the purchase of a new automobile, truck, or van – up to $30,000. The Second Chance Auto Loan Program gives approved members 72 months to repay the loan with no penalty for paying it off early. With free installation of iPay GPS Payment Reminder, members are given a second chance to rebuild their credit and drive away safely.
How does it work? By opening a Share and Share Draft account with direct deposit, members are able to schedule automatic transfers of the loan payment. No direct deposit? No problem. Loan officers are available to discuss the options for those who don’t have direct deposit options. It’s time to build a credit history that reflects your good intentions. Take the first step with a Second Chance Auto Loan.
What you need for this loan:
- Must be at least 18 years old
- Proof of auto insurance is required
- Minimum 12 months of employment with present employer or 3 years employment in same industry
- Requires the installation of a GPS Device:
- GPS disclosures must be signed by all borrowers.
- The GPS unit must be installed in the vehicle prior to funding
- Member is required to open a Share and Share Draft account with direct deposit for automatic transfer of the loan payment
- If their employer doesn't provide the option for direct deposit, an ACH payment will be set up