Coast Capital Savings Reviews, Ratings And Fees September 2022

Coast Capital is Canada’s largest Credit Union with 50+ branches that sever 543,000 members in British Columbia. Their mission is to provide their members with financial services that are innovative and promote financial well-being. Coast Capital is also certified as a B Corp company by the nonprofit B Lab.  Meaning they are a conscious company and strive to do more than just business. They work toward meeting environmental and social standards as well.

What Services Does Coast Capital Savings Offer?

Offering financial services for the past 75 years, Coast Capital Savings helps people access loans, lines of credit, auto loans, equipment financing, and aircraft financing. They also offer consulting services to help people reach their financial goals. 

Loans & Lines of Credit 

Coast Capital Savings offers loans and lines of credit starting at $5,000. Their personal loans have term lengths ranging from 12 to 60 months, while their lines of credit don’t have set term lengths. Depending on your situation, they may consider lending less than $5,000; however, you need to email them directly to inquire. 

Car Loans

Coast Capital helps consumers get behind the wheel and back on the road to low monthly payments. When you choose to finance a vehicle with Coast Capital you’ll benefit from:

• Financing and leasing options for both new and used vehicles through a dealership or privately
• Available for consumer, business, commercial and fleet units, including light and medium-duty trucks up to one ton
• Loans or leases for exotic vehicles
• Quick approvals or pre-approvals at competitive rates
• Refinance option is also available to help reduce monthly payments by refinancing at a lower interest rate than their current lending institution or extending term or both
• Loans or leasebacks on free and clear vehicles to secure extra capital against the existing vehicle

Coast Capital Savings offers low-cost, flexible auto loans for the following vehicles:

• Regular cars
• Luxury and classic cars
• Hybrid and electric cars
• Commercial and delivery vans and trucks
• RVs

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Mortgages

For members living in British Columbia (excluding the Bridgeview area of Surrey), Coast Capital has a variety of options to choose from. Whether you’re purchasing your first home, renewing your mortgage, or want to switch your mortgage over to Coast Capital, any current or future homeowner will find what they are looking for. Furthermore, consumers may be eligible for a cash bonus of up to $1500 when they switch to Coast Capital.

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Equipment Financing

Similar to their auto loans, Coast Capital Savings offers pre-approved financing, vehicle refinancing, and private sales support for industrial equipment. They offer financing solutions through conditional sales contracts, loan and security agreements, and capital leases. Some examples of eligible equipment include:

• Construction equipment
• Trucks 
• Cranes
• Concrete equipment
• Manufacturing equipment
• Vocational equipment

Benefits with obtaining equipment financing with Coast Capital Solutions include:

• Quick approval
• Competitive rates and lease terms
• Loans, capital leases, and operating leases
• Seasonal or customized structures

Aircraft Financing

Coast Capital Savings offers aircraft financing for both pilots and businesses. They have industry experts to help you with your financial strategy. Financing for aircraft vehicles is available for personal, business, and commercial use. Some benefits of their aircraft financing include:

• Quick approval
• Competitive rates and terms
• Customized solutions for individual needs
• Aircraft acts as collateral, freeing up corporate and personal assets 
• Financing available for both new and used aircrafts

Requirements For A Personal Loan With Coast Capital Savings

Before applying for a loan or line of credit, you’ll need the following, from the past 3 years:

• Address history
• Employment history
• Email address for each applicant

You’ll also need to grant the credit union permission to conduct a credit check. To verify the information above, Coast Capital Savings may ask for the following: 

• Recent financial statements for items to be paid out (e.g. credit card statement)
• Mortgage balance statement
• Asset verification, including any information on the following:
  • Real estate
  • Investments (RRSPs, mutual funds, etc.)
  • Insurance
  • Vehicles

For more information, take a look at their lending checklist. 

Requirements For Equipment Financing

If you’re interested in obtaining equipment financing from Coast Capital Savings, you’ll need to contact them directly for a quote. However, be prepared to have some of the following information handy, as customary for most business loans:

• Personal and business credit score
• Business history
• Annual revenue and cash flow
• Industry and market information
• Business plan
• Collateral (usually, the equipment acts as collateral)

Process Of Borrowing With Coast Capital Savings

You can borrow funds from Coast Capital Savings with three simple steps:

1. Complete and submit your online application. This takes 10-15 minutes and a representative will usually get back to you the same business day
2. A Coast Capital Savings representative will answer back and discuss your application, required documents, and loan terms. 
3. Get that loan!

Cost Of Borrowing With Coast Capital Savings

For specific costs of borrowing with Coast Capital Savings, you’ll need to reach out to them directly. However, there are some general costs and factors for loans that you should consider before applying:

Interest Rate (APR vs. Interest Rate)

While banks offer lower interest rates, credit unions usually offer interest rates slightly higher than banks but cheaper than those of alternative lenders. Watch out for the annual percentage rate (APR), which represents the annual cost of the loan. Monthly interest rates only represent the additional interest payments you’ll make each month. 

Term Length

Longer terms usually mean lower monthly payments. However, longer-term lengths might also mean higher interest rates, and they certainly entail more money paid in interest over time no matter what the rate is. 

Fees

All loans and lines of credits have associated fees:

• Origination Fees are up-front charges that cover processing and administrative costs. Depending on the lender, origination fees could be a flats rate or a percentage of the loan (1-5%). Some lenders won’t charge origination fees if you have strong credit. If you notice an origination fee on your loan agreement, consider negotiating with your lender to have it waived. 
• Late Fees are charged when you don’t make your monthly payments on time. Varying based on the loan agreement and lender, late fees usually have a grace period of 5 days. Costs for late fees could be $20-$40, but you should contact your lender to find out the exact late fee amount for your loan. 
• Prepayment Fees are charged when you pay off your loan too early, or make your payments before the scheduled payment date. Since lenders make money through the interest they charge you on the loan, they lose money if you pay it off faster. So, some lenders might charge a prepayment fee to make up for the lost revenue in interest. 

Final Thoughts

Coast Capital Savings is a reputable credit union that has been offering financial products since the 1940s. For individuals who have trouble accessing financing from a bank, a credit union like Coast Capital Savings offers a solution.