SCE FCU Review

Started by the International Brotherhood of Electrical Workers Local 47 in 1952, SCE Federal Credit Union was formed as a not-for-profit institution to benefit the workers of Edison Unison. As a financial institution, it offers a full range of services such as checking or savings account, loans, and more.

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How do SCE Federal Credit Union auto loans work?

With terms that last up to seven years and competitive rates that start at 2.24% to 14.49%, it offers auto loans to new or used vehicles. A discount of 0.25% can be availed when you pay a down payment of at least 10% of the loan value. Moreover, the pre-approval feature can be taken advantage of.

Credit score

The rates you can employ can differ depending on your approved loan amount, credit qualifications, collateral value, and account history. Significantly, lower rates will be imposed for those with high credit scores. Even so, the minimum credit score was not expressed on the site.

How much can you borrow?

The loan amount you can make use of starts at $1,000 up to $25,000.

What types of vehicles are eligible for financing?

There are a lot of choices you can make for your auto loan, which includes cars and street bikes. Additionally, individuals can also make use of its recreational vehicles like off-road motorcycles, boats, and travel trailers.

How do I qualify?

To be an eligible member, you must be at least 18 years old and must live or work in Southern California or Southern Nevada.

What documents do I need?

You must gather the following documents for the application process:

Government-issued ID or Driver’s License
Social Security Number

What are the fees?

A $30 fee is charged when you utilize the skip payment option; additional fees were not raised on the site.

How long does the loan process take?

After submitting your loan application online, you can get approved for as fast as one minute if you qualify. Although for most cases, loan approval usually takes a day to be processed.

How to apply for an auto loan?

Provided that you are a member of this credit union, you can apply for an auto loan online. If you are, then you can give the lender a call or visit its office in person.

What payment methods are supported?

Supported payment methods include:

Online banking
Over the phone
In-person

SCE FCU Pros And Cons

Pros

Skip payment option
Terms up to seven years
Fast loan approval

Cons

Interest rate reliant on credit score
Services only available to Southern California and Southern Nevada

Is SCE Federal Credit Union right for you?

The attractive feature of its auto loans is its fast approval, although the elements of the loan might not be that favorable since rates rely on a lot of factors. Overall, SCE Federal Credit Union may be a good choice; still, its limited service area can be a factor why potential borrowers would opt out of its offers.

Individuals looking for better auto loan deals can rest easy because Consumer Credit Union can rescue you from your dilemma. With its wide service scope from dealers all over the country, it’s guaranteed to provide the best vehicle for you. Interest rates are up with market standards as well, and what makes it a better choice is its entire-country coverage for the services offered.