Auto, Boat, Motorcycle or RV

Help Center - Loans

Whether you are looking for how to make a payment or how to refinance your vehicle, we can help. Here we have a number of Frequently Asked Questions (FAQs) that we receive from members. If you don't find what you need here, be sure to contact us at your convenience.

Frequently Asked Questions

Can I purchase a vehicle out-of-state or online?

Can my loan be transferred to another individual?

How do I make a loan payment?

How is interest accrued on my loan?

What information is needed for a loan application?

When is my loan payment due?

Will I receive a statement for my loan?

Do you offer automobile insurance?

How do I get a payoff quote for my loan?

How do I get help on my past due loan?

How long will it take to get my title?

Is additional insurance available for my auto loan?

Is extra protection available for my auto loan?

What title and tax fees may apply to my loan?

What vehicle information do I need before I apply?


Can I purchase a vehicle out-of-state or online?
Vehicles can be purchased out-of-state and online.

To determine eligibility, an application must be submitted with all buyer and vehicle information in addition to:

  • Name of dealership or individual.
  • Current vehicle financing institution or a clear title.
  • State vehicle is currently registered in.
Certain documents may be required but are not limited to the following:
  • Titling Approval Letter
  • Original Title
  • Supporting Titling Documents
  • Copy of Buyer’s Order with account number
  • Form 400
  • Power Of Attorney (signed by buyer)
  • Property tax receipt or current registration card
  • DMV titling fees
  • All South Carolina DMV forms may be printed from www.scdmvonline.com
To apply now:
Back to Top



Can my loan be transferred to another individual?
Loans cannot be transferred; however you can sell your vehicle to another individual.

For more information on how to sell your vehicle visit www.scdmvonline.com


Back to Top



How do I make a loan payment?
We offer several convenient ways to make your loan payment:
  • Log into Online Banking or Mobile Banking to transfer a payment.
  • Mail a payment to us.
  • Make payments at a local financial center through:
    • Cash Advance
    • Personal Check
    • Certified Check or Money Order
    • Cash
    • Contact us to make a payment by phone.

Back to Top



How is interest accrued on my loan?
Our loans are calculated with simple interest.
  • Simple interest is the calculation of daily accrued interest on your principal loan balance.
  • Interest accrues from the date of your last payment through the date of the next received payment.
  • If a payment is received 29 days from the last payment, there will be 29 days of interest charged on the unpaid principal balance of the loan. The remainder of the loan payment is credited to principal and reduces the unpaid principal balance on the loan.
For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:
  • $25,000 x 7% =$1,750
  • $1,750/365 days = $4.80 per day
As the principal balance is paid down, the daily interest will decrease as well.

Use the loan calculator to determine your approximate loan payment.


Back to Top



What information is needed for a loan application?
For all loan requests you will be asked to provide personal information:
  • Name of each applicant
  • Physical Address (P.O. Box does not apply)
  • Length of time at address
  • Contact Phone Number
  • E-mail Address
  • Social Security number
  • Date of Birth
  • Income Information
  • Name of current Employer
  • Address and Phone Number of Employer
  • Length of Employment
  • Salary
  • Position Held
  • Other applicable income (Retirement, Pension, Disability, Court-Ordered Child Support)
  • Current mortgage or rent obligations
  • Name and phone number of nearest relative not living with you
  • Reason for loan application
To apply now:
Back to Top



When is my loan payment due?
Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is  notated in your loan documents and agreed upon before disbursement of your loan.

Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking or statements.


Back to Top



Will I receive a statement for my loan?
Monthly statements will be issued at the beginning of each month if the loan account:

Quarterly statements will be issued for all other loan accounts.

Current loan information will always be available through Online Banking or Mobile Banking.


Back to Top



Do you offer automobile insurance?

If you're a member of South Carolina Federal Credit Union you may qualify to get a discount on auto insurance! We have worked with MetLife Auto & Home to screen the top insurers to find the very best and most competitive rates available. As a member you can get multiple quotes all from just one phone call.

  • Up to 15% member discount
  • Extra savings with a superior driving discount
  • Extra convenience with easy automatic billing
  • The ability to switch and save NOW -- no need to wait until your current policy expires!

If you're not receiving a discount on auto insurance please call the MetLife member's hotline now at 1-877-491-5087

 

Back to Top



How do I get a payoff quote for my loan?
A payoff quote is available for all loans and will include accrued interest and the daily per diem.

To obtain a 10 business day payoff quote:

  • Visit a local financial center or contact us

To obtain today’s payoff quote

  • Access Online Banking
    • Select the loan name
    • Click Account Info
  • Visit a local financial center or contact us
Any overage of your payoff will be deposited into your savings account or returned to you in an overpayment check.

Back to Top



How do I get help on my past due loan?

If you would like to make short term payment arrangements, you may also contact our Loss Prevention Team at 843-569-5045 or 800-845-0349.


Back to Top



How long will it take to get my title?
Titles are released once the loan balance is satisfied:

  • For loans paid off by certified funds (cashier’s check, cash or money order), the title will be mailed within 48 business hours of receiving Release Form.
  • For loans paid off with a personal check, the title will be mailed within 7-10 business days.
  • Third Party releases take up to 5 days.

Back to Top



Is additional insurance available for my auto loan?
Credit Life Insurance and Credit Disability Insurance is offered on loans.

Credit Life Insurance
  • Pays off or reduces the outstanding loan balance up to the coverage limit if you die while insured.
  • Available on consumer loans and credit cards up to $50,000 and 180 months
  • Low cost coverage with 30-day free look
  • Available through 69 years of age, terminating at age 70
  • Available for primary and/or joint owners on the loan
Credit Disability Insurance
  • Makes the loan payment up to the maximum coverage limits should you become totally disabled due to sickness or injury while insured.
  • Available on all consumer loans and credit cards up to $50,000 and 120 months
  • Low cost coverage with a 30-day free look
  • Available through 65 years of age, terminating at age 66
  • Available for primary and/or joint owners on the loan
To add Credit Life and/or Credit Disability to a new or existing loan, visit a local financial center or contact us.


Back to Top



Is extra protection available for my auto loan?
Extra protection is available for auto loans:
  • Guaranteed Asset Protection (GAP)
  • Mechanical Breakdown Protection (MBP)
Guaranteed Asset Protection (GAP)
  • Relieves you of the responsibility for the remainder of the loan balance that the primary insurance carrier does not cover due to a totaled or stolen vehicle.
  • Available on auto loans financed up to $100,000 and 84 months
  • Maximum GAP loss payout up to $50,000
  • Available on motorcycle, ATV, and Jet Ski loans financed up to $50,000 and 120 months
  • Low cost protection with a 60-day free look
Mechanical Breakdown Protection (MBP)
  • Extends coverage to virtually all mechanical and electrical components of your vehicle in addition to the manufacturer’s warranty.
  • Available on new and pre-owned vehicles
  • Cost and coverage vary based on collateral information.
  • Transferrable coverage
  • Choose from Ultimate Guard, Preferred Guard and Classic Guard
To add GAP or MBP to a new or existing loan, visit a local financial center or contact us.


Back to Top



What title and tax fees may apply to my loan?
For the current auto fee schedule, please visit the South Carolina DMV website at: For the current boat fee schedule, please visit the South Carolina DNR website at: South Carolina sales tax is generally 5% of the sale price with a maximum of $300. To calculate sales tax, use the calculator link below:
Back to Top



What vehicle information do I need before I apply?
For all vehicle loan requests you will be asked to provide the following information:
  • Year
  • Make, model, and vehicle identification number
  • Mileage
  • Additional equipment or options
  • A copy of the purchase agreement or bill of sale will be required at or prior to loan closing.
  • For all unsecured loan requests over $10,000 a Personal Financial Statement will need to be completed.
To apply now:
Back to Top