FAQs - Vehicle Loans

Application Process

Can I apply for a loan online?

Yes. You can apply 24 hours a day, seven days a week by clicking here.

How long does it take to get an answer on my loan request?

Applications received over the Internet or by telephone are generally processed within 24 hours of being received by the Credit Union. Applications received over the weekend or holidays are processed the next business day. You may check on the status of your application by calling the Credit Union.

What are the rates for loans?

Click here for current loan rates.

What are the steps I need to take to get a loan?

Fill out an online application.

What would my monthly loan payment be?

Click here to get an estimate using our Loan Payment Calculator. Don’t forget to estimate your taxes and registration fees into the total cost of the vehicle. Please work with a loan representative at one of our branches or contact our Loan Administration Department for specific loan payment information as it relates to your loan application.

Is it better to apply for a loan at one of your branches or to go directly to a dealer?

It all depends on you. Getting Credit Union financing directly from a dealer can be more convenient as you only have one stop to make, the dealer is open longer hours and on weekends, etc. However, some dealers may charge you a slightly higher interest rate for this convenience. If you have the time and availability to get financing directly from your Credit Union you may, but not always, get a more favorable interest rate. More importantly, with a Credit Union "pre-approval" you can shop at several dealers, getting the best bottom line price for your new vehicle.

If I apply with a co-signer, do they get credit for that loan too?

The Credit Union reports to all three major credit bureaus; Experian, Equifax and TransUnion its credit experience with the primary and secondary borrowers on any given loan. If a co-signer is in the "secondary" position on a loan (as is typically the case) then they will have that fact reported to all three credit reporting agencies.

How do I get pre-approved for a loan?

You may get "pre-approved" (subject to credit approval) for any type of loan the Credit Union offers. Pre-approvals or "pre-qualifications" are good for up to sixty (60) days from the date of the application. To get pre-approved you may apply online, visit any branch or call the Credit Union.

Does the Credit Union make loans for business purposes?

The Credit Union has a wide variety of loans available for individuals to purchase homes, vehicles, etc. The Credit Union does not offer loans to businesses or loans to individuals where the proceeds will be used for business purposes.

Can I submit my FICO Score to the Credit Union to find out what interest rate I will get?

In order to accurately quote an interest rate to any applicant, the Credit Union must obtain its own credit report; we are not able to use copies of credit reports provided by a member or third-party.

Managing Your Loan

Can I make a payment to my loan at LBS Financial by phone?

Yes, we can process your payment by making a transfer from another account at the Credit Union or you can send a payment from another financial institution through our Western Union Check by Phone service (there are fees for this service, click here for our fee schedule).

How can I make a payment to my loan at LBS Financial from a checking account at another institution?

By processing your payment using your checking account at another financial institution through our Western Union Check by Phone service (there are fees for this service, click here for our fee schedule) or you may use your other financial institution's bill payer service.

How can I make a payment to my loan at LBS Financial?

You may make a payment to your loan by transferring from within your LBS Financial account, transferring from an account at another financial institution, Visa cash advance from other Visa credit card at a branch, Western Union Check By Phone, Western Union payments, mailing your payment or using your other institution's bill payer service.

How do I remove someone from my loan?

In order to remove anyone from an open loan with the Credit Union, that loan must be rewritten (refinanced) removing the individual from the new obligation. Any consideration for a rewrite will be subject to the Credit Union's normal underwriting guidelines and prevailing rates and terms.

Credit Reporting

Why is my loan not reported to Experian?

The Credit Union reports the credit experience of its members to all three major credit bureaus: Experian, Equifax and TransUnion. If your account relationship is not properly reflected with anyone of these credit reporting agencies please contact the Credit Union.

How do I contact the credit bureaus?

Please use the following links to contact a credit bureau: Experian, Equifax and TransUnion.

Insurance

Why did I have insurance added to my loan? How do I remove it?

The Credit Union requires that all collateral used to secure a loan be properly insured at all times during the life of the loan. Any lapse in coverage, or insufficient coverage, will cause the Credit Union to purchase insurance on your behalf to protect the collateral. We will add the cost of that coverage to the outstanding loan balance, generally resulting in higher monthly payments. If you feel that insurance has been added in error please contact our insurance monitoring department at 800.422.4223 extension 1010. Please keep in mind that any insurance added to your loan is designed to protect ONLY the collateral and does not include personal liability coverage.

Title, Registration and Payoff Information

How do I find a payoff amount on my loan?

Please call us to get your pay off amount.

I paid off my loan. Where/when will I get my title?

As a major auto lender, the Credit Union participates in the State of California, Department of Motor Vehicles (DMV) paperless title system. This means the Credit Union never holds a physical paper title to secure your loan but rather the lien is recorded electronically with the DMV. When your loan has been paid in full, the Credit Union releases its lien electronically which causes the DMV to issue a paper title which is mailed to the last address of record as known by the DMV. If you changed your address and have not updated the DMV you may experience a delay in receiving your title once your loan is satisfied. Mailing time for the DMV is typically 7 to 10 business days after the date the lien is released by the Credit Union. NOTE: The Credit Union may not release its lien interest in a vehicle for up to 10 days to allow for a check to clear, etc.

I can't find my title. Can the Credit Union send me a Lien Satisfied?

You may request a Lien Satisfied for a loan that has been paid in full by contacting the DMV Services Department of the Credit Union.

I've moved out of state. What do I do about registering my vehicle?

Title, registration and lien issues vary greatly from state to state. You should contact the Department of Motor Vehicles in your new state of residence to determine what forms may be needed to properly register the vehicle and record the Credit Union's lien. Once you have identified what needs to be done, please contact the DMV Services Department of the Credit Union, we will be more than happy to assist you with this process.

I've sold my car. What do I need to do to let the Credit Union know?

Before the Credit Union can release its lien interest in a vehicle, the loan which is secured by the vehicle must be paid in full, including any additional fees and charges (if any). To obtain an immediate release of the Credit Union's lien, the loan must be paid with cash or a Cashier's Check. Upon release of the Credit Union's lien we can issue a Lien Satisfied form which can be used to transfer title to the vehicle. The actual title will be issued by the DMV (see question above).

I didn't get my title?

Titles are issued by the State of California DMV, typically within 7 to 10 business days after the date the lien is released by the Credit Union. NOTE: The Credit Union may not release its lien interest in a vehicle for up to 10 days to allow for a check to clear, etc. If an appropriate amount of time has passed and you have not yet received your title, please contact the DMV Services Department of the Credit Union.

How do I change my name on my registration?

To initiate a name change, please visit any branch of the Credit Union or contact the DMV Services Department of the Credit Union.

I financed my car with you and I haven't received my registration?

If you purchased your vehicle from a dealership, please contact that dealership directly to determine the status of your registration. The dealership is responsible for completing and filing the paperwork necessary for properly registering your vehicle.

If you purchased your vehicle from a private party, please contact the DMV Services Department of the Credit Union.