Auto Loans - Loan Procedures

	All applicants for a loan must complete a loan application prior to any credit investigation or loan approval.
	A Credit Report will be drawn on all applicants even if they have good or satisfactory loans previously. This will minimize the possibility of granting a loan to an individual whose circumstances have deteriorated since their last loan.
	An applicant with a number of recent inquiries will be reviewed by the credit committee very carefully.
	A co-maker will be considered for all loans when necessary.
	Not more than one (1) co-maker will be accepted on any loan.
	Employment verification will be required prior to any loan being approved.
	Self employed individuals must furnish their most current tax return to verify their income.

All loan applications must be accompanied by a check, made out to the Long Island Realtors Federal Credit Union, in the amount of $10.00 to be used for Credit Report. This fee is not refundable.

All loan applicants are required to have $100.00 in shares. There shall also be deposited and maintained in the Credit Union an amount equal to one month's loan payment, this amount will be refunded to the borrower upon satisfaction of the loan, or could be left on deposit as savings if the borrower so desires. It also may be used for the last payment on the loan.

The bill of sale must accompany any car loan application. The Credit Union has to be listed as the lien holder on the title and LOSS PAYEE on the insurance policy. (Collision & Comprehensive)