add on financing question

[Mtnman44]

We currently have a financed contract, going on three years or so. If we want to do a small 50 pt add on contract and finance some of it, will we have to go thru the whole credit application process again, or will they simply roll it in to our existing loan, or what?

We want to refinance our home soon and I'd like to avoid any unecessary inquries on my credit.

Thanks!

 

[cogero]

you are already approved but you will need to sign and fill out a bunch of forms.

 

[Sandisw]

It will be a separate loan so you will have two payments. I am not sure if they check your credit again, but I believe I heard that they don't and that current members automatically qualify for preferred rate.

 

[Eventer98]

The PP is right...I have done 3 add-ons and they automatically put me in again for the preferred rate without doing another credit check. I have 3 of my contracts combined into one payment on the 1st of the month and 4th is separate on the 15th. You can ask for either of the two payment dates when you add-on but there is a fee later to change dates. Hope that helps!