Welcome to Modesto's First Federal Credit Union

How safe is our money in

Our Credit Union?

How healthy is our insurance fund?

With everything in the news today, we all have concerns about where to put our savings and once we do, how safe is it really? Your credit union is insured by the NCUSIF. No credit union member has ever lost one penny of his or her insured savings when they have been a member of a federally insured credit union.

The National Credit Union Share Insurance Fund (NCUSIF) is a U.S. Treasury revolving fund managed by the National Credit Union Administration (NCUA). Just as the Federal Deposit Insurance Corporation (FDIC) covers deposited funds at banks, NCUA covers deposited funds at credit unions. Of the nearly 10,000 credit unions in the U.S., more than 97 percent are covered by the NCUSIF, which is backed by the full faith and credit of the U.S. government.

Insurance Coverage. The basic insured amount for a credit union member is $250,000. Share accounts maintained in different rights or capacities, or forms of ownership, might each be separately insured up to $250,000 with properly completed account applications.

Additional coverage is available on revocable trust or payable on death accounts. You can now name a parent or sibling as a beneficiary to get separate coverage. Previously, beneficiaries had to be a spouse, child or grandchild. The rules on joint accounts have been simplified.

For more information: The NCUA brochure "Your Insured Funds" can help you determine the insurable amount. You can view it on NCUA’s web site – www.ncua.gov.

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Need to buy a car,
but you have never had an auto loan before?
Modesto’s First FCU would like to help! We now have a
*“First Time Car Buyer Loan Program”!***

Just graduated, getting a job and need a way to get to and from work? Need to replace the car that keeps needing repairs? (Your money pit.) Let us help you get into a new ride! If you meet the following criteria, let us see how we can help you take the next step into a less stressful life.

Here are a few qualifying factors:

If you have never had an auto loan before.
Minimum of one year at your current job.
Minimum income of $2,500 per month.
Maximum loan amount of $20,000.
Buyer must have at least a 10% down payment.
Contact the Credit Union for other qualifications, loan terms and rates.

The Credit Union has other loan programs for non-first time auto buyers, call us at (209) 521-2020 or come by our office at – 430 12th Street, in downtown Modesto and talk to one of our helpful and friendly staff for more information.

For more tips for first time auto buyers, visit our website and click on the following link: 7 Keys to a First Time Buyer’s Approval for more helpful tips.

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First Time Car Buyer Tips: “7 Keys To First Time Buyer Approval”

7) Your Credit Rating: Toughest - No Credit with Collections
                                                Tough – Absolutely zero credit – no good, no bad
                                                Easier – Limited Credit with short history
                                                Easy – Long history, but no prior auto loans

6) Are you a member? It’s not always necessary to be a member prior to applying for a credit union auto loan, but credit unions have been known to stretch a little for their existing members.

5) 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. It will definitely help if you are able to show your commitment to the vehicle with a large down payment. Credit unions look at large down payments as glue. The more money you have to invest up front, the more “stick like glue” you will have to the vehicle and therefore, it will be that much harder for you to walk away from the vehicle in the future.

4) Your employment stability: Most credit unions will want to see a minimum of 12 months on the job, with 18 months being preferred. Often times they will consider how long you have been in the same line of work, if you have had multiple jobs over that time period.

3) Your ability to repay the auto loan: This is usually figured using a Payment To Income (PTI) ratio and Debit To Income (DTI) ratio. In order to get approved for a credit union auto loan, most first time buyers will have to have a PTI equal to or less than 15-20 percent of your gross monthly income.
Your DTI takes into account all your monthly bills, including your new auto loan payment, and will typically need to be equal to or less than 40-45% of your gross income.

2) Vehicle age and miles: Not all, but many credit union auto loan approvals will be affected by the vehicles age and miles. Most of the time they will be flexible on the age and not quite so restrictive, but many will not finance vehicles with over 100,000 miles.

1) The total amount financed: The sky is certainly the limit when it comes to credit union auto loans for first time buyers. Most credit unions will cap the total amount financed at somewhere between $8,000 and $12,000.

Prior credit history will typically be the biggest factor in determining how much a credit union will loan you and this total amount financed range is usually reserved for members just starting with limited credit history.

Need to buy a car,
but you have never had an auto loan before?
Modesto’s First FCU would like to help! We now have a
*“First Time Car Buyer Loan Program”!***

_____________________________________________________________________________________

6) Are you a member? It’s not always necessary to be a member prior to applying for a credit union auto loan, but credit unions have been known to stretch a little for their existing members.

4) Your employment stability: Most credit unions will want to see a minimum of 12 months on the job, with 18 months being preferred. Often times they will consider how long you have been in the same line of work, if you have had multiple jobs over that time period.

2) Vehicle age and miles: Not all, but many credit union auto loan approvals will be affected by the vehicles age and miles. Most of the time they will be flexible on the age and not quite so restrictive, but many will not finance vehicles with over 100,000 miles.

1) The total amount financed: The sky is certainly the limit when it comes to credit union auto loans for first time buyers. Most credit unions will cap the total amount financed at somewhere between $8,000 and $12,000.

Prior credit history will typically be the biggest factor in determining how much a credit union will loan you and this total amount financed range is usually reserved for members just starting with limited credit history.

Upcoming Holidays

430 12th Street | Modesto CA 95354 | 209-521-2020 or 888-945-2020 | Fax 209-521-4570

24/7 Telephone Teller (209) 521-6663

Need to buy a car, but you have never had an auto loan before? Modesto’s First FCU would like to help! We now have a “First Time Car Buyer Loan Program”!

_____________________________________________________________________________________

7) Your Credit Rating: Toughest - No Credit with Collections Tough – Absolutely zero credit – no good, no bad Easier – Limited Credit with short history Easy – Long history, but no prior auto loans

6) Are you a member? It’s not always necessary to be a member prior to applying for a credit union auto loan, but credit unions have been known to stretch a little for their existing members.

4) Your employment stability: Most credit unions will want to see a minimum of 12 months on the job, with 18 months being preferred. Often times they will consider how long you have been in the same line of work, if you have had multiple jobs over that time period.

2) Vehicle age and miles: Not all, but many credit union auto loan approvals will be affected by the vehicles age and miles. Most of the time they will be flexible on the age and not quite so restrictive, but many will not finance vehicles with over 100,000 miles.

1) The total amount financed: The sky is certainly the limit when it comes to credit union auto loans for first time buyers. Most credit unions will cap the total amount financed at somewhere between $8,000 and $12,000.

Prior credit history will typically be the biggest factor in determining how much a credit union will loan you and this total amount financed range is usually reserved for members just starting with limited credit history.

Upcoming Holidays

430 12th Street | Modesto CA 95354 | 209-521-2020 or 888-945-2020 | Fax 209-521-4570

24/7 Telephone Teller (209) 521-6663

Need to buy a car,
but you have never had an auto loan before?
Modesto’s First FCU would like to help! We now have a
*“First Time Car Buyer Loan Program”!***

7) Your Credit Rating: Toughest - No Credit with Collections
Tough – Absolutely zero credit – no good, no bad
Easier – Limited Credit with short history
Easy – Long history, but no prior auto loans