EECU was initiated in 1934 when it was called the Fort Worth Teachers Credit Union. Today it’s a $2.5 billion institution, with various financial resources for locals such as business and personal loans.
The Educational Employees Credit Union has some respectable interest rates, starting at 2.84% for new autos and 3.29% for used cars.
All the rates quoted on the website are based on a credit rating of 740, which is actually a high score. EECU doesn’t indicate how much the rating will rise if your credit score is poor, just that it will.
At the Educational Employees Credit Union you’re welcome to take one of the best auto loans for the full 100% asking price of a new car.
The auto loans listed on the site cover most cars, trucks, and SUVs.
You’re eligible for EECU membership only if you pass one of the following requirements:
You should try to prepare your documentation beforehand if possible, as it’ll save you time on the application process. In order to show you’re eligible, you’ll need proof of address, along with your driver’s license and social security number.
According to the website, there are no late repayment fees. However there’s an option to ‘Skip-a-payment’, which can put off your loan payment for a month, but it’ll cost you around 10% of the owed amount.
The website states that once your loan is approved, you should receive it in three to five working days.
You can apply for the loan very easily online, but you also have the option to go into a branch and speak to somebody.
You can use a credit card or bank transfer online. If you’d like to use cash or cheque you must go into a branch.
As is often the case with smaller credit unions, Educational Employees simply can’t cater to enough people.
While the site is responsive and reliable, and the skip a payment option could be very useful, if you don’t live in a specific area then you can’t apply.
If you’re outside of the catchment area, why not try a more accessible lender? Carvana is one such company that can offer competitive rates at a similar level to EECU, but with a much wider area from which you can apply.
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