Finance Your Home Improvement Project with a UCU Home Renovation Loan

Looking to remodel your kitchen or update your bathroom? Do you need to replace a refrigerator or repair a leaky roof? Before you reach for your credit card to pay for your home improvement project, consider a UCU Home Renovation Loan instead.

When choosing a financing option for your project, cash is always best. But if you do not have enough savings to cover the cost, then a UCU Home Renovation Loan may be a smarter financing option than using your credit card.

Use a UCU Home Renovation Loan to finance any home improvement purchases you would make using your credit card.

Apply for a UCU Renovation Loan to help:

• Renovate your kitchen
• Update your bathroom
• Refresh your house with a new coat of paint
• Repair your roof
• Replace your dishwasher, refrigerator or stove
• Replace your windows
• Repave your driveway
• Any other home improvement project

UCU Home Renovation Loan Advantages

There are many advantages to financing your home improvement projects with a UCU Home Renovation Loan, including:

Lower Interest Rates

UCU Home Renovation Loans typically have lower interest rates than credit cards. If you plan to carry a credit card balance to pay for your purchase, then you will pay less in interest if you opt for a UCU Home Renovation Loan instead.

That could mean a lower overall cost to your home improvement project.

Pre-Approved Loans up to $30,000

UCU has made applying for a Home Renovation Loan quick and easy with no upfront application fees.

Just visit your local UCU Branch and provide some basic financial information, including proof of employment.  A UCU Loan Specialist will then conduct a credit check to determine your credit score. A better credit score means lower interest payments on your UCU Home Renovation Loan.

With pre-approved loans up to $30,000, you can borrow a lot more money for your home improvement project than you could with a credit card.

Fixed Monthly Payments

UCU Home Renovation Loans come with affordable monthly payment options that will suit your budget.

You will have up to five years to repay your loan, with your choice of weekly, bi-weekly, semi-monthly or monthly payment schedules.

You can even set up an automated payment plan from your UCU Chequing Account for a more convenient repayment solution.

Improved Credit Score

Running up your credit card with expensive purchases could hurt your credit rating. If you repeatedly use up your available credit on a single credit card, that could lower your credit score. You could be viewed by creditors as not using your credit responsibly.

Taking out a UCU Home Renovation Loan for your home improvement project could free up your available credit on your credit card and preserve, or even improve your credit score.

Personal Loan Insurance Premium Protection

You can purchase personal loan protection insurance for your UCU Home Renovation Loan. Life, disability and critical illness insurance can help protect you from an unforeseen event, by paying the outstanding balance of your loan in the event of illness or death, or by making your regular loan payments in the event of a disability. 

Conditions apply and the cost of the premiums will be added to your loan repayment schedule.

More information about UCU Home Renovation Loans can be found on the UCU website 

Visit your local UCU Branch to apply.

UCU Auto Loan – the Smart Way to Buy a Car

For many of you, owning a car is a necessity - an essential mode of transportation needed to carry out everyday tasks. It is also the second greatest expense after housing. So when it comes time for you to buy a new or pre-owned car, getting the best possible deal on the price will likely be one of your top considerations.

Buying a car is not a simple process. You will probably spend countless hours poring over car listings and many weekends at dealerships test driving cars before you decide on the one that is right for you. Your ultimate goal is to buy a car that will serve your needs at a price that will fit your budget.

After you make your choice, the next step is to decide how to pay for it. If you do not have the savings to pay for the car in full, then your remaining option is to arrange for financing.

UCU Car Loan – a Better Financing Option

Financing the purchase of your car with a UCU Car Loan will give you the advantage of knowing the pre-approved amount of your loan and your loan repayment terms.

Just bring your UCU Loan pre-approval with you to the car dealership and you will be able to select a car that is in your price range. 

Knowing the top end of your budget may also put you in a position to negotiate a better price for your vehicle.

Dealer financing may be convenient - but it could end up costing you more

Financing the purchase of your car through a car dealership may be a one-stop shopping experience. But it may not always be the best choice. With dealer added fees and markups, you could end up spending more for your car in the end.

Dealer arranged financing is designed to make it easier for you to drive off the lot in your new car. But dealer financing is not a loan from the dealership - in most cases, it is a loan from a bank with the dealer adding extra fees.

If you chose dealer financing, the dealer will fill out your loan application and send it to multiple lenders to see which lender will approve your loan. This sounds convenient but it does have some drawbacks.

Disadvantages of Dealer Financing

• You won’t be able to see the lenders’ quotes and you won’t be able to see if you are getting the best possible interest rate on your car loan
• Car dealers make money by adding extra fees to your loan payment and by marking up the interest rate on your loan
• 0% dealer financing is available to people with excellent credit scores – those with lower credit scores may not qualify
• Your loan may be issued by a bank that is not located in your city or province – with no personal connection to you

UCU Car Loan Advantages

Lower Interest Rates - No Added Fees - No Markups

Applying for a UCU Car Loan means you are borrowing money directly from UCU, with no middleman, added fees or markups. 

UCU Loan Specialists do not work on commission, as car dealers do, and they will pass on the savings to you in the form of competitive interest rates. That means a lower overall cost for your car.

Pre-Approved Loan

UCU has made applying for a Car Loan quick and easy with no upfront application fees.

Just visit your local UCU Branch and provide some basic financial information, including proof of employment.  

A UCU Loan Specialist will then conduct a credit check to determine your credit score. A better credit score means lower interest payments on your UCU Car Loan.

With a pre-approved loan, you can buy a car that will serve your needs at a price that will fit your budget.

Custom Repayment Plan

UCU Car Loans come with affordable monthly payment options that will suit your budget.

You will have up to five years to repay your loan, with your choice of weekly, bi-weekly, semi-monthly or monthly payment schedules.

You can even set up an automated payment plan from your UCU Chequing Account for a more convenient repayment solution.

Personal Loan Insurance Premium Protection

You can purchase personal loan protection insurance for your UCU Car Loan. Life, disability and critical illness insurance can help protect you from an unforeseen event, by paying the outstanding balance of your loan in the event of illness or death, or by making your regular loan payments in the event of a disability. 

Conditions apply and the cost of the premiums will be added to your loan repayment schedule.

More information about UCU Car Loans can be found on the UCU website.

Visit your local UCU Branch to apply.

UCU Debt Consolidation Loan – Reduce your Debt, Improve your Credit Score

If you are carrying multiple credit card balances every month and are having trouble keeping up with your household bills or other loan payments, then a UCU Debt Consolidation Loan may help simplify your debt repayment process and keep you on track to becoming debt-free sooner.  Paying down your UCU Debt Consolidation Loan on time, every month could also give your credit rating a much-needed boost.

UCU Debt Consolidation Loan Quick Facts

UCU Debt Consolidation Loan will pay off your outstanding debts including debt from credit cards, household utilities or other loans and combine them into one big loan. Instead of paying each creditor individually, a UCU Debt Consolidation Loan will set up one repayment schedule with a lower interest rate and lower monthly payments.

UCU Debt Consolidation Loan Advantages

A UCU Debt Consolidation Loan will simplify your bill payments, lower your interest rates and save you money each month.

One Monthly Payment

No need to keep track of multiple payment due dates, or worry about late or missed payments on your credit cards, household bills or other loans. With a UCU Debt Consolidation Loan, you will only have to make one monthly payment to cover all your debts. This will help to relieve the pressure and stress of paying many different bills each month and also reduce the risk of being late on any monthly payment.

Lower Interest Rates

If you are carrying multiple credit card balances every month, you are paying very high-interest rates that are compounded every time you do not pay off your balance in full. That means you could end up paying more interest than you could in paying down your principal debt.

With a UCU Debt Consolidation Loan, you will have only one loan to repay with a much lower interest rate than your current credit card rates.

There are no upfront application fees when you apply for a UCU Debt Consolidation Loan. Just visit your local UCU Branch and provide some basic financial information, including proof of employment. You will also need to provide your credit card statements, household utility bills or any other loan agreements you wish to consolidate.  

A UCU Loan Specialist will then conduct a credit check to determine your credit score and the interest rate that you will be charged. A better credit score and steady income stream mean lower interest payments on your UCU Debt Consolidation Loan.

Pay Down Debt Faster

You can manage your debt easier with a UCU Debt Consolidation Loan.  With a lower interest rate and affordable monthly payment options, you will be able to pay down your debt sooner.

You will have up to five years to repay your loan, with your choice of weekly, bi-weekly, semi-monthly or monthly payment schedules.

You can even set up an automated payment plan from your UCU Chequing Account for a more convenient repayment solution.

Create a Household Budget

With a UCU Debt Consolidation Loan, you will know your repayment timeline – your monthly payment amount and exactly how long it will take you to repay your loan.  This will give you a clearer understanding of your overall finances and make it easier for you to create a household budget that will work for you.

Improve Your Credit Score

UCU Debt Consolidation Loan will help you stay ahead of credit damage by combining your high-interest loans into one lower monthly payment. By making your monthly payments on time, you will avoid late fees that can damage your credit score.  With regular monthly payments, you will improve your credit utilization – the credit you use up compared to the credit that is available to you. When you pay down your debt you also free up your available credit - and that can improve your overall credit score.

Personal Loan Insurance Premium Protection

You can purchase personal loan protection insurance for your UCU Debt Consolidation Loan. Life, disability and critical illness insurance can help protect you from an unforeseen event, by paying the outstanding balance of your loan in the event of illness or death, or by making your regular loan payments in the event of a disability. Conditions apply and the cost of the premiums will be added to your loan repayment schedule.

More information about UCU Home Renovation Loans can be found on the UCU website

Visit your local  UCU Branch to apply.