Credit union business loans are great for people who want to set up their own businesses.
In fact, corporate credit unions loans are usually the best source, because they will usually offer the best rates and terms.
Your Credit Rating
- No credit with collections, i.e. medical, cell phone, utility, judgments, tax liens, etc.
- Absolutely zero credit, no good and no bad.
- Limited credit with a short history. You might have a small credit card(s) and/or under two years of history.
- Long history, but no prior auto loans. You may have had auto loans in the past, but they are older and no longer show on your credit file.
You are a Current Member
It's not always necessary to be a member prior to applying for a credit union business loan, but credit unions have been known to stretch a little for their existing members.
The longer you have been a member, the more money you have in your account, and your monthly activity, i.e. regular monthly deposits, all may help when making a decision on a borderline application.
Your Total Down Payment
Many first time buyers are able to get approved for a credit union auto loan with no money down, but the other factors on this list will be looked at more closely.