All loans are subject to a $25.00 processing fee.
Single Credit Life or Joint Credit Life and Credit Disability Insurance is available at a low monthly rate. This protects the member if they would become deceased, sick or disabled and unable to make their monthly payment. After 30 days, credit disability begins and members monthly payments are made until the member is back to work. This process will need to be initiated by the member if the member is off work due to illness.
Loan Payments can be made by cash payments, coupon books (costs $3.00), and payroll deductions (which is the most common). Loan payment made through payroll deduction requires a deduction every time there is a dated payroll set-up by your pay frequency. If you are off work due to vacation or layoff , it is the members responsibility to notify the credit union so that payments are still made in the time frame set per the security agreement and no delinquencies occur.
New Car & Truck Loans
New vehicles are financed up to 72 months at a fixed rate (can be financed up to 84 months with approval). We loan 90% of the sticker price or 90% of the book value including taxes and title to qualified applicants. We must have a dealer invoice, pay stub, loan application, and a $25.00 application fee before we process the loan. Full coverage insurance must be carried on the loan and proof must be sent to the credit union within 30 days.
Used Car and Truck Loans
Used cars are financed differently depending on the year of the vehicle. We loan 90% of the book value. We must have a dealer or personal invoice, pay stub, loan application and $25.00 application fee before we process the loan. Full coverage insurance must be carried on the loan and proof must be sent to the credit union within 30 days.
Recreational Vehicle Loans
All rules for the car loans apply to the recreational vehicle loans.
Loan Amount Eligibility is based on the fair issac credit score:
Over 780-$10,000.00-60 months-10.0%
530-629-$5,000.00-36 months- 16.0%
NOTE: Loans will only be refinanced two times. Then loans must be paid down to 50% of the original loan payment (Effective: 9/24/01)
Share Secured Loan
Share Secured Loans can b e financed for the amount equal to the share balance at a rate 3.5% above the current 12 month CD rate for up to 60 months.
These will be offered from time to time upon the board of directors decision. Some of the past promotions have included school loans, vacation loans, Christmas loans, and consolidation loans.
Members may skip a loan payment (applicable to any number of loans owed) two times a calendar year ( January-December) for a fee of $35.00. The board has the option to add a special holiday skip-a-pay, which is voted on each year. The due date will forward one month for each deferment. In order to participate in the skip-a-pay program, the member must be current on their loans before payments can be skipped. No skip payments will be permitted in the first 90 days of loan origination.