How long are customer’s credit approvals and loan rates valid after pre-approval?

Credit approvals and loan rates are valid for 6 months from an applicant’s original pre-approval date.

 

• All loan proceeds need to be approved by Clean Energy CU for disbursement to the dealer within this 6- month validity period. 
• After the 6-month validity period expires, credit approvals may be extended another 4 months:
  • Clean Energy CU can do a hard credit pull – after obtaining explicit permission from the customer. 
  •  If the hard credit pull results in a credit score that has dropped by more than a nominal delta, then Clean Energy CU may need to ask for updated proof of income and/or re-underwrite the loan app more comprehensively. Extensions or re-approvals are not guaranteed. 
• Clean Energy CU includes language about the 6-month validity period in the footnotes of each pre-approval and full approval email: “The credit approval and loan terms associated with this loan application will be valid for up to six months from the date on which you were originally pre-approved. If your loan(s) are not fully funded/closed within this six-month time frame, then credit approval will expire, after which an extension may be possible – but not guaranteed – which may require us to re-underwrite your loan application. This may involve re-pulling and re-approving your credit, re-pricing your loan terms, and re-verifying your income, among other things.”