Credit-Union
Loan Rates
Effective 4/03/2012
| Loan Rates: *Annual Percentage Rates subject to change |
APR* |
APR* |
|
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
% of Purchase Price including tax, license |
Term Maximum |
Standard Score 620-699 |
Well Qualified** |
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| New | 100% 100% 100% 100% |
3 Year 4 Year 5 Year 6 Year |
4.70% 4.95% 5.20% 5.45% |
3.00% |
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| Used | 80% 100% 80% 100% 80% 100% |
3 Year 3 Year 4 Year 4 Year 5 Year 5 Year |
5.00% 5.25% 5.25% 5.50% 5.25% 5.50% |
3.00% |
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| Owned Vehicle |
80% 80% 80% |
3 Year 4 Year 5 Year |
N/A N/A N/A |
3.50% |
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| Recreation Vehicles Category 1 (Motor homes, Trailers - travel, 5th wheel, or horse, boats, campers) | |||||||||||||||
| New | 80% 100% |
6 Year 6 Year |
6.00% 7.00% |
5.50% |
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| Used | 80% | 6 Year | 7.00% |
6.50% |
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| Recreation Vehicles Category 2 (snowmobiles, jet skis, 4-wheelers, off-road motorcycles, other) | |||||||||||||||
| New | 80% 100% |
4 Year 4 Year |
7.00% 8.00% |
6.50% |
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| Used | 80% | 4 Year | 8.00% |
7.50% |
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| Motorcycle (Street) | |||||||||||||||
| New | 80% 100% |
5 Year 5 Year |
6.00% 7.00% |
5.50% |
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| Used | 100% | 5 Year | 7.00% |
6.50% |
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| Signature Loan (Unsecured) | Score 620 - 719 |
Score |
Score | ||||||||||||
|
SPECIAL - UP TO $10,000 | |||||||||||||||
| $1,000 - $4,999 |
Payroll Deduction With non CWU auto payment W/o Payroll Deduction |
3 Year |
10.00% 12.00% 12.00% |
8.00% |
5.00% | ||||||||||
| $5,000 - $10,000 |
|
3 Year 3 Year 4 Year 4 Year |
10.00% 12.00% 10.00% 12.00% |
8.00% |
5.00% | ||||||||||
| $10,000 - $20,000 |
|
4 Year 4 Year 4 Year |
N/A
|
8.00% |
N/A | ||||||||||
| PLOC (Personal Line of Credit) | Score < 720 |
Score > 720 |
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| $300 - $1,000 | Payroll Deduction | 6 Months | 11.00% |
9.50% |
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| $1,000 - $3,000 | Payroll Deduction W/o Payroll Deduction |
9 Months |
N/A N/A |
9.50% | |||||||||||
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| |||||||||||||||
| Share Secured Loan 2% above dividend rate | |||||||||||||||
CWU Federal Credit Union loan terms:
**"Well Qualified" rate requires a credit score 720 or above, as well as meeting standard loan requirements.
Debt ratio formula = total monthly payments divided by total monthly gross income, maximum is 45% excluding PLOC
Credit report required for members applying for loan &/or refinancing a loan, current update required after 90 days.
Credit report fee $5.
Refinance fee of $20.00 on PLOC Loans and Signature Loans.
Document fee of $5 on all new loans
NSF fee of $25.00 may be charged for any returned checks.
Dormant account fee $8.00 per quarter
Certification of self employment income required. Retired members must provide proof of income.
Maximum combined loan amount $100,000.
Insurance required for all collateral loans with Maximum deductible of $500.
Membership available to CWU Permanent Employees and Benefit Eligible Adjunct Employees Classified staff employees must have passed a 6 month probation period with CWU to qualify for a loan. Members not on summer salary must make arrangements in advance to cover summer loan payments.
