4/25/2023 0 Comments First financial credit union![]() ![]() Call 31 to speak to a friendly Financial Service Representative or schedule an appointment today. If you have any questions, we are here to help. You can find more details about our insurance options here. First Source also offers a variety of insurance coverage for recreational loans and for business loans. ![]() Some of these options are free to you, and insurance with costs can be rolled into your monthly loan payment, making the coverage even more affordable. MBP can be placed on any car regardless of whether the loan is financed or paid off. MBP is becoming even more critical as people are keeping cars longer and driving more miles. This service is meant to protect you after your manufacturer’s warranty has expired or cover additional services that manufacturer’s warranties do not. Mechanical Breakdown Protection (MBP) - A service contract providing coverage in the event of failure of covered automotive parts and associated labor costs. Qualified collateral of any model year can have GAP, excluding vehicles with a salvaged, junk, or reconstructed title. Guaranteed Asset Protection (GAP) - GAP covers the difference between what you owe on a vehicle and what it’s worth if your car is totaled, less your deductible. Credit life policies are not only available on car loans but for most consumer loans as well.Ĭredit Disability Insurance - This is a low-cost insurance coverage that will reduce or pay off a member’s insurable loan balance if the member becomes disabled due to a medically determined sickness or injury. With most policies, benefits are paid in addition to life insurance or other coverage you may have, and surviving beneficiaries may use the money however they wish.Ĭredit Life Insurance - An inexpensive insurance designed to pay off all or some of an outstanding loan balance if a member dies before his or her loan is repaid. First Source offers a variety of credit protection as an optional backup plan for your credit obligations.Īccidental Death & Dismemberment Insurance (AD&D) - AD&D provides coverage for fatal and nonfatal accidents involving dismemberment or loss of eyesight or hearing. Other terms and conditions may apply, see credit union for details.Why Opt for Credit Insurance? Added Protection For Life’s TribulationsĬredit insurance can help protect your debts by covering your monthly loan payments if you become unemployed or disabled, or by paying all or part of your loan if you become deceased. A $5 deposit in a base savings account is required for membership. A First Financial membership is required to obtain an Auto Loan and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean counties. Winners will be contacted within 1 week of drawing. Drawings are bi-annual (June 30th & December 31st). Applicants who close on a First Time Auto Loan, and post a selfie with their new car using hash tag #FirstFiFirstCar on Instagram, will be entered to win a $50 Visa gift card. Enrollment in automatic payments is required. Must provide 2 references, 2 most recent paystubs, and proof of insurance prior to funding. Must meet all of the following underwriting guidelines for approval: Minimum 15% down payment, no previous auto loans, must be ages 18-30, minimum 12 months employment or employment contract, and debt to income ratio no more than 40%. No co-signer is required, but other terms and conditions apply to qualify for loan. Not all applicants qualify for 84 month term, term will be based on model year of vehicle. Love My Credit Union Rewards Being an FFCU member gives you access to many exclusive discounts and benefits. Click here for details and save up to 100 or more on all of your eye care needs. Minimum loan amount is $6,000 and the maximum is $12,000. FFCU members and families are eligible for savings on glasses, eye exams and contact lenses with our Vision Advantage Program from Rx Optical. Rates are fixed and will be based on model year of vehicle & term. No credit required, however no derogatory credit allowed. ** Not all applicants will qualify, subject to credit approval. Board of Directors & Supervisory Committee.
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