Last week, I chatted with Casco Federal Credit Union’s Vice President of Lending, Nicki Frazier, about the Home Fuel Loan. The loan can be used to cover heating oil, pellets, wood, or any type of heating stove. I asked Nicki why the Home Fuel Loan is a smart option for Maine families.
Watch the video.
Q: How and when did the Home Fuel Loan come about?
A: [The Home Fuel Loan] started several years ago. We found that a lot of our members were having a hard time paying for fuel when oil was so expensive and pellet stoves weren’t really around, yet. So, we decided that we wanted to have an option. We came up with the fuel loan, which gives [members] the ability to pay the cash price for fuel right at the beginning of the year to heat for the whole winter.
Q: What does the Home Fuel Loan cover?
A: However you heat your home for the winter is what you can use the money for: oil, pellets, firewood; or any type of heating stove. We just need to know who to make the check out to; with an invoice or bill from the company, and we’ll pay them directly.
Q: What are the terms of the loan?
The terms of the loan for fuel, pellets, and firewood, is 12 months with a rate as low as 2.99%. If you need it again next year, you have the security to know that you can come back and do the same thing. If you need to install a stove, you can get a longer term, offered at two years with a rate as low as 3.99%. *Restrictions may apply. Subject to creditworthiness. See institution for details, here.
Q: Why is the Home Fuel Loan a great choice for Maine families?
A: It’s been a great choice for people because of the peace of mind factor. People don’t have to worry about necessarily budgeting in the middle of winter to say, “I need that hundred extra gallons,” or “how am I going to pay for that?”
We found that for a lot of people, it was a choice between either paying one bill or putting oil in the tank to heat their home. That’s a really tough choice. So, [the loan] gives them the peace of mind right up front that…it’s paid for…and they know it’s going to be paid off next year when they need it again.
[The Home Fuel Loan] is a great alternative to [ensuring that you get] the lowest interest rate that you can, if you do need to finance your heat. It’s definitely the cheapest way to go.
Q: How can someone apply?
You can apply online, you can stop into any one of the Casco branches and speak to a loan officer, or we can start it over the phone. We try to make it really easy for you and it’s a very quick process. You can have a check within one day of applying.
Q: When is the best time of year to apply for a Home Fuel Loan?
Now is the perfect time! It’s starting to get cold. If you need to purchase a stove just keep in mind that a lot of people have been doing pellet stoves recently. This is a busy time of year, so the sooner you can get in line to purchase one, the better.
Also, we offer the Home Fuel Loan year round. If you’re interested in planning ahead, you can apply for financing anytime.
It’s clear that the Home Fuel Loan is a great option if you need to finance your heating! Instead of relying on a credit card, or other more costly financing option, stop in and talk to Casco FCU’s friendly staff about affordable heating this winter!
Thanks for reading,