Title Loan

  • Benefits/Good to Know
  • Finance Your Farm Equipment
  • Tools
  • FAQs
 

Benefits

  • Competitive interest rates
  • No penalties if you choose to pay off your loan early
  • Low-cost optional payment protection insurance
  • Free online loan calculators
  • Convenient payment options
 
 

Good To Know

Electronic Title 

The electronic lien and the title program is a paperless method that allows TXDMV and a financial institution or lienholder to exchange vehicle title information electronically. The title record is sent electronically and the lienholder stores the electronic record instead of a paper Certificate of Title. The electronic title is created and held by TXDMV in the state motor vehicle database. When the loan is paid in full upon lien holder's request, the TXDMV will print a paper title and mail it to the owner. 

Loan Payoff

10 business days after a loan has been paid off, JSC FCU will automatically release the electronic lien with TXDMV. After 10 business days has passed, the State will then mail a paper title to you within 7 to 10 business days to the address the Credit Union has on file. If the address on record is incorrect, please update your address with the Credit Union to ensure the title comes to the correct address. Any address changes should be made prior to loan payoff.

Co-borrower
  • The co-borrower, must be a JSC FCU member.
  • Interest rate is based on the qualified co-borrower - parent, grandparent or legal guardian.
  • Loan qualification is based on the parent, grandparent or legal guardian.
  • The co-borrower may choose the name(s) listed on the title. (Both the borrower and co-borrrower or one or the other.)
Taxes & State Fees*
  • Sales Tax will be calculated based on 6.25% of the purchase price or 80% of SPV (Standard Presumptive Value); whichever value is higher.
  • Valid Registration (Good through 60 days)
  • If registration is expired or expiring within the next 60 days, member must update registration and provide a copy of registration receipt prior to or at loan closing.
  • Please visit www.txdmv.gov for Registration fees

  • Title Application Fee: $35.50 ( Harris County)

* Taxes & State Fees may change without notice. Visit www.txdmv.gov for most current taxes and fees.

Finance Your Farm Equipment

JSC FCU offers extremely competitive interest rates and terms for both new and used vehicle. Use this guide to apply for a loan, find your vehicle and to finalize your loan – we even explain the process in between so you know exactly what’s needed to expedite the process. 

Use the print icon located at the top right to conveniently print the provided information.

Pre-Approval
  • What you will need to provide at time of application:
    • Personal contact & employment Information
    • Proof of Income
      • W2
      • Pay Check Stub
      • Self Employed: Two years of tax returns
    • Collateral Information (Optional)
      • VIN Number
      • Year/Make/Model
      • Mileage
      • Color
      • Features
    • Amount Requesting & Down payment (if applicable)
  • Member will receive a pre-approval letter (email for online apps) from a loan officer/processor. This will be your point of contact for your loan closing.
Prior to Loan Closing
  • Member should contact their Insurance Agent to obtain an Insurance ID Card and an Insurance Policy or
    Declaration Page listing the farm equipment and JSC FCU as Lien Holder with a max Comp / Collision of $1,000. Member should bring this document to loan closing. (The collateral may not be added to your Homeowner's Policy. A separate policy must be purchased for your farm equipment. For example, Inland Marine or Personal Articles Policy)
  • Member should contact their loan officer to schedule a closing appointment.
 
Loan Closing
  • Member and all parties listed on the title must be present.
    • Documents to bring to closing
      • Insurance Card and an Insurance Policy or Declaration Page listing JSC FCU as Lien Holder with a max Comp / Collision of $1,000.
      • Original title(s)
      • Current State Issued ID (All parties to be listed on title)
  • Member chooses optional products:
    • Credit Life / Disability Insurance
  • Member chooses payment options
    • Mail payment coupons
    • Scheduled Transfer
    • ACH payments (from another financial institution)
    • Electronic Transfer (through eBanking)
  • Member signs loan documents

Tools

 

FAQs

Can anyone get a loan from a credit union?

Only a member of a Credit Union can apply for a loan. To find out if you are eligible for membership or for information about becoming a member click here.

How many months can I finance an farm equipment loan?

You may be able to finance an boat loan for up to 72 months. Please contact a JSC FCU representative for more details.

How much can I borrow on a farm equipment loan?

You may qualify to borrow up to 120% of NADA average trade in on a farm equipment. Please contact a JSC FCU representative for more details.

What is the maximum age of a farm equipment I can finance? 

We prefer the farm equipment being less than 8 years old.

How do I know if my loan is approved?

You will be contacted by the loan officer assigned to your application.

How long does it take to get a loan approved once the application has been turned in?

Loans are typically approved the same day.

How is interest calculated on a farm equipment loan? 

Divide the interest rate by 365 days (# of days in a year), multiply by the principal balance (this gives you the per diem), then multiply that by the number of days from payment to payment. Interest is calculated daily on the unpaid principle balance of the loan.

Do you offer credit life and disability insurance on farm equipment loans? 

Yes, we offer credit life and disability insurance on our farm equipment loans.

Does the title have to be in my name?

Whoever is on the loan can be on the title. 

Can I pick up my title at the Credit Union? 

JSC Federal Credit Union no longer holds paper titles at the Credit Union. 

What is electronic title? 

The electronic lien and the title program is a paperless method that allows TXDMV and a financial institution or lienholder to exchange vehicle title information electronically. The title record is sent electronically and the lienholder stores the electronic record instead of a paper Certificate of Title. The electronic title is created and held by TXDMV in the state motor vehicle database. When the loan is paid in full upon lien holder's request, the TXDMV will print a paper title and mail it to the owner. 

What happens when I payoff my vehicle? 

10 business days after a loan has been paid off, JSC FCU will automatically release the electronic lien with TXDMV. After 10 business days has passed, the State will then mail a paper title to you within 7 to 10 business days to the address the Credit Union has on file. If the address on record is incorrect, please update your address with the Credit Union to ensure the title comes to the correct address. Any address changes should be made prior to loan payoff.

What can I do to receive my title sooner? 

You can request for receive your title sooner by completing the Early Title Release Form and paying with guaranteed funds (cash, verifiable cashier's check, transfer from JSC FCU account, Shared Branch account or wire transfer).

The JSC FCU Title Department will electronically release the Credit Union's lien the next business day. The State will then mail the title to the member within 7 to 10 business days to the  

Title requirements are subject to change due to each individual loan scenario.

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