When you need to borrow money.

Whether you’re buying a car, starting a business, or need to make a large purchase, taking out a loan may be your best financial option. Your credit score, credit history, and income are the primary deciding factors for a lender to approve and choose the loan terms. It’s essential to understand different loans and be able to select one at an excellent rate to save you money.  

The loan term is the maximum time the borrower has to repay the loan in full. Typically, the longer the loan term, the higher the interest rate. You will be paying back more money than the loan amount. The duration and interest rate are the most critical factors when accepting the best loan for your financial situation.  

FSU Credit Union offers a variety of loan types for its members based on their financial needs.  

Auto Loans

You can apply for an auto loan to buy a new vehicle or refinance your current auto loan.  

You may only have a portion of the money available for such a large purchase when purchasing a vehicle. That doesn’t mean you aren’t able to buy a car. You can apply for an auto loan to cover the vehicle purchase and repay the loan over time.  

Refinancing your current auto loan means that you would be replacing your existing auto loan. During a refinance, the lender pays off your current loan and provides a new one with a more favorable interest rate, term, and monthly payment than the previous one.

Debt Consolidation Loans

Debt consolidation means combining all your debts into one account with a single monthly payment. Paying off numerous debts with a debt consolidation loan could be faster and easier than making minimum payments on multiple debt balances with high-interest rates.   

FSU Credit Union has multiple deciding factors for approval of a Debt Consolidation Loan. Apply Now for a Debt Consolidation Loan. 

Loan Rates

There are two types of interest rates, variable and fixed.

A fixed interest rate will not change. If the interest rate were 5% when you signed up for the loan, it would be 5% for the life of the loan.

Variable rates fluctuate over time based on the standard market rate (Federal Reserve’s Prime Rate). Based on this, the interest rate can go lower and higher than the original rate the loan was signed with.

When paying back a loan, paying higher than the monthly minimum will shorten the loan’s term and result in less interest paid.

Loan Terms and Definitions

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