You may select the dealer of your choice, but heat pump dealers must be licensed with the State of Arkansas. NAEC will provide a list of these dealers upon request. If you decide to take bids, it is not necessary for you to accept the lowest bid in order to qualify for a loan.
All requested information must be completed in full. This will include the amount you want to borrow. If married, please complete both the applicant and co-applicant portions. All loans are considered joint. If the application is not signed, it will be returned to you for completion. No work that is to be paid for by loan funds should be done before the loan is approved. Please include a copy of your warranty deed showing you as the owner of the property. A lien will be filed against the equipment that we are financing. We cannot process the application if you do not provide this information. The application will be submitted to our loan committee for consideration. If and when your loan is approved, you will be mailed two letters informing you of approval, one of which you will need to give to your dealer.
Processing Loan Documents
When your work is completed, please submit all invoices to our office within 24 hours, and the loan contract will be prepared for your signature. After closing, a check will be made out to you and you are responsible for paying any dealers and or contractors. Please allow two weeks for payment. No payments will be made directly to any dealer or contractor from NAEC. A fee of $50.00 will be charged to you for filing UCC forms with the Secretary of State and within the County when you close the loan.
NOTE: Cost of equipment and installation is to be negotiated between you and your dealer/contractor. It will be your responsibility for getting the invoices to us for processing.
Should you decide to refinance your loan with a financial institution, or borrow home improvement monies from them, North Arkansas Electric Cooperative will not be able to subordinate our lien to theirs. If you qualify for their loan, you will have to pay our loan in full to borrow more money from them. This loan is made for your benefit, and may not be assumed by any other party.
Terms & Conditions
(lf joint application, read singular pronouns in the plural.) You warrant the truth of the information contained in this application and you realize it will be relied upon by Lender in deciding whether or not to grant the credit which is applied for. You warrant that the financial obligations you have disclosed in relation to this application are totally complete and that you have no other outstanding financial obligations of any kind, including any guarantor or co-signer liability. If you have left any spaces in this application blank, Lender may assume the information required is answered by you in the negative. You hereby authorize Lender and its employees and agents to investigate and verify any information provided to Lender by you. You agree and recognize that it is your sole and exclusive responsibility to determine any and all aspects of federal tax considerations related to consumer loan interest deductibility and acknowledge that Lender has not provided any tax advice whatsoever to you. You authorize Lender to make any credit, employment or investigative inquiry that Lender determines is appropriate for the extension of credit or the collection of amounts you owe. Lender can furnish information concerning your loan to consumer reporting agencies and others who may properly receive that information. If this application is approved and Lender is required to report the amount of interest paid on the loan to the Internal Revenue Service, the Applicant understands that Lender will do so using the Applicant's Social Security Number shown above (tax identification number). The Applicant understands that if the Applicant's Social Security Number is incorrect the Applicant may be subject to Internal Revenue Service penalties. You understand this application will be kept by Lender whether or not your credit request is approved.