FAQs
Whether you’re purchasing your first vehicle or your dream car, it’s important to know everything you’ll need to bring to the dealership. When applying for an auto loan, there are several documents and information you will typically need to provide. While specific requirements can vary, there are several common items you will likely need to apply for an auto loan with UMCU, such as:
- Personal Information - You will need to provide basic personal details, such as your full name, date of birth, social security number, and contact information.
- Identification - A valid government-issued identification document is typically required, such as a driver's license or passport.
- Proof of Income - Lenders want to ensure that you have a stable source of income to repay the loan. You may need to provide recent pay stubs, W-2 forms, or income tax returns. If you are self-employed, additional documentation such as bank statements or profit/loss statements may be required.
- Employment Details - You will need to provide information about your current employment, including your employer's name, address, and contact information.
- Financial Information - Lenders may ask for details about your current financial situation, including your monthly housing expenses and any other outstanding debts, such as credit card payments or student loans.
- Insurance Information - Proof of insurance coverage is typically required before finalizing the loan. You may need to provide insurance details, including the insurance company's name and contact information.
- Down Payment - If you plan to make a down payment, you will need to disclose the amount and its source (such as savings, trade-in value, or cash).
- Credit History - Lenders will generally check your credit history and credit score. While you don't need to provide this information directly, they will obtain it during the loan application process.
Yes! Whatever post-graduation looks like, your UMCU account will be there to support you! Thinking of attending school or taking a job out of state? No worries - as an alumni of U-M, you can keep your student account package for life!
You can utilize up to 95% of your home's equity. Be sure to use our HELOC calculators for estimates on:
- How much equity is in your home
- How much you can borrow from your equity
- Monthly payment estimates
- How much you can save by paying off your loan ahead of schedule
Explore HELOC Calculators (Link to calculators page)
When applying for a HELOC with UMCU, you will need:
- 30 days of your most recent paystubs
- Your most recent W2
Your most recent bank statement(s)
Our HELOCs are incredibly flexible! You can use the funds for a variety of things including home repairs, home renovations, educational expenses, debt consolidation, and more!
A HELOC (home equity line of credit) is a flexible loan that uses your home's equity to finance other things. Common reasons members take out HELOCS include home renovations, educational expenses, and debt consolidation. A HELOC with UMCU provides you access to various benefits.
- Funds you can access as often as you wish - for any reason
- A revolving line of credit with limit ranging from $10,000 - $750,000*
- Utilize up to 95% of your home's equity
- 10-year draw period followed by 15-year repayment period
- No annual fee or prepayment penalty
- Low variable interest rates
- No closing costs
- Convenient access to funds via checks, Visa credit card, or online banking tools
Loan payment protection coverage available to protect your family, assets, and credit
No, a signature guarantee is not the same as notarization, which only verifies the authenticity of the signature itself.
Signature guarantees are only available for members of UMCU.
You can easily obtain a cashier’s check at any UMCU branch for just $4.00 each. Choose UMCU for a secure, trusted way to handle your important payments and transactions.
Save time by depositing checks directly from your mobile device. UMCU’s mobile app makes it quick and easy, so you can deposit checks anytime, anywhere. Watch the video tutorial to learn more!
Check your account balances with a simple tap! Set up Quick Balance in the UMCU mobile app, and view your balances without logging in. Watch the tutorial and follow the easy sign-up steps to get started.
Any ACH payment or check payment can have a stop payment placed on it. This happens for a variety of reason - for instance, if a check you wrote got lost in the mail. To place a stop check payment, there is a $30.00 fee. ACH or check payments can be stopped immediately. Cashier's checks have a 30-day waiting period from the date the check was written. However, if UMCU receives a written letter from the recipient of the check, we can stop payment sooner than 30 days.
Bill Pay is an excellent way to make automatic payments for regularly occurring expenses like utility bills or rent. It takes just a few minutes to set up. Watch our video tutorial here!
Under one member account, you can open as many as eight additional share savings accounts. You can open the additional accounts in the Online Banking Portal or by contacting UMCU at (800) 968-8628. At this time, the ability to open share savings accounts is not available in the Mobile App. Click here to view our instructional PDF.
You'll need to have an email or phone number on file with UMCU. One-time codes can be sent via email or text messages. To set up this security feature, follow the step-by-step instructions here.