Purchase from an Individual Untitled

Select the type of Vehicle
  • 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

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
  • If the farm equipment is financed, the Member should ask the seller to obtain a 10-day payoff from their financial institution. The 10 day payoff must include the name, account number and payoff address of their financial institution. The payoff amount should be dated 10 calendar days from the expected loan closing date.
  • Copy of registration 
  • Member should contact their Insurance Agent to obtain an Insurance 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
    • The buyer and all parties listed on the title must be present.
    • Documents to bring to closing
      1. 10-Day Payoff if applicable(Provided by Seller)
      2. Insurance ID Card and Insurance Policy or Declaration(Provided by Purchaser)
      3. Current State Issued Photo ID (All parties)
    • 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 years can I finance a farm equipment loan loan?

You may be able to finance up to 15 years. Please contact a JSC FCU representative for more details.

Can I apply for a loan if I haven't found an farm equipment yet?

Yes, you may apply for the approximate amount you will finance and obtain a pre-approval good for 30 days.

Is there a pre-payment penalty on farm equipment loans?

No, you may pay your loan off at any time.

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

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

How much can I borrow on an farm equipment loan?

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

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.

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.

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