| LOAN INTEREST RATES (Effective: July 1, 2008) |
|
The interest rate categories listed below apply to all members who qualify for a loan with the credit union. A member's category is determined by the Beacon scoring system provided by EQUIFAX credit bureau. In the case of joint applications, the interest rate category will be determined by using the lowest score of both applicants. The following categories and accompanying interest rates do not represent final approval of a loan request, but rather to serve as a guide to determine the interest rate a member will be charged for a loan. The credit union retains final authority to approve or deny a member's loan request. All rates are subject to change without notice.
All rates are stated as an Annual Percentage Rate.
|
| LOAN TYPE |
MAXIMUM LOAN AMOUNT |
MAXIMUM TERM IN MONTHS* |
CREDIT SCORE |
AA
(730-820) |
A
(680-729) |
B
(640-679) |
C
(600-639) |
D
(0-599) |
| Share Secured |
|
24 |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
| 48 |
3.50% |
3.50% |
3.50%
|
3.50%
|
3.50% |
| 60 |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
|
Signature Loans
|
$5,000 |
36 |
6.90% |
8.90% |
14.90% |
16.90% |
18.00% |
|
Platinum VISA
|
$10,000 |
N/A |
6.90% |
6.90% |
6.90% |
6.90% |
N/A |
| New/Used Autos, Boats, Motorcycles and Jet Skis |
New: 90% Sticker/MSRP
Used: 90% Lesser Book Value or Purchase Price
72 Month Term: Minimum of $25,000
|
— |
RETAIL VALUE |
RETAIL VALUE |
TRADE IN VALUE |
LOAN VALUE |
LOAN VALUE |
| 36 |
5.00% |
7.00% |
11.00% |
14.90% |
18.00% |
| 48 |
5.50% |
7.50% |
12.00% |
15.90% |
18.00% |
| 60 |
6.00% |
8.00% |
13.00% |
16.90% |
18.00% |
| 72 |
6.50% |
8.50% |
N/A |
N/A |
N/A |
| Real Estate - 1st Mortgage |
90% Lesser Value or Purchase Price |
84 |
5.00% |
5.00% |
5.00% |
5.75% |
6.00% |
| 120 |
5.25% |
5.25% |
5.25% |
6.75% |
7.00% |
| 180 |
5.50% |
5.50% |
5.50% |
7.00% |
7.25% |
|
90% Lesser Value or Purchase Price
|
240
360 |
5.75%
6.00% |
5.75%
6.00% |
5.75%
6.00% |
7.25%
8.25%
|
7.50%
8.50% |
| Real Estate - 2nd Mortgage |
80% of Value Less 1st Mortgage;
$5,000 Minimum |
60 |
6.75% |
7.00% |
7.25% |
7.50% |
7.75% |
| 120 |
7.00% |
7.25% |
7.50% |
7.75% |
8.00% |
|
Unimproved Property
|
80% Lesser of Value or Purchase |
72
|
6.75%
|
7.00%
|
7.25%
|
N/A
|
N/A
|
| Recreational Vehicles and Campers |
New: Up to 90% of Purchase Price
Used: Up to 85% of Purchase Price
84 Month Term: $30,000 Minimum
144 Month Term: $50,000 Minimum |
48 |
6.90% |
8.90% |
11.90% |
N/A |
N/A |
| 84 |
7.90% |
9.90% |
12.90% |
N/A |
N/A |
| 144 |
8.25% |
10.90% |
13.90% |
N/A |
N/A |
