ABOUT ZERO PERCENT FINANCING

Don’t assume that “0%” Financing is always a good deal. Look, listen and read the ads for a zero interest loan. “VERY WELL qualified purchaser”. This means a FICO score in the 700’s probably 750 or above.  Although vehicles are not this cheap anymore, lets pick a $15,000 vehicle.  The dealership offers a $2000 rebate OR zero percent interest on a three year loan. Take the rebate……. pay the interest, use the rebate.

$15,000 / 36 months = $417 per month. Total = $15,000 paid.

vs

$15,000 – 2,000 = $13,000 financed @ 4.5% = $387 per month = $13,922 paid. (36 mo).

You save over a thousand dollars by paying the interest, PLUS your monthly payment is about $30 a month cheaper. Crunch the numbers, what sounds good is not always. The dealership lost $2,000 but the finance company made $922. They will like you even more and increase your credit score.  Again, these are fictional numbers. Crunch your numbers, interest, and time of the loan plus rebate.

MCTFCU Loan Rates

 AUTO LOANS

New/Used Cars & Trucks (2017-2018)

  • 2-3 years   1.84% APR
  • 4 years       1.99% APR
  • 5 years       2.24% APR
  • 6 years       2.75% APR
  • 7 years       3.85% APR

Used Cars & Trucks

2011-16

  • 2-3 yrs   1.95% APR
  • 4 yrs       2.10% APR
  • 5 yrs       2.60% APR

2010 & Older

  • 4 yrs   5.75% APR
RVs, BOATS & MOTORCYCLES

Finance up to 100% of the List Price or Book Value at 5.50% APR. Maximum term on RVs is 12 years and depends on amount financed and model year of the vehicle. Maximum term for boat loans is 8 years and depends on amount borrowed. Finance up to 100% of the List Price or Book Value of motorcycles. Maximum term is 5 years on new and 4 years on used motorcycles.

PERSONAL LOANS

Used for any reasonable purpose.

  • 1-2 yrs     6.95% APR
  • 3-4 yrs     7.45% APR
  • 5-6 yrs     7.95% APR
  •    7 yrs      8.99% APR
HOME IMPROVEMENT (not Home Equity)

For the sole purpose of home improvements

  • 1-2 yrs     6.49% APR
  • 3-4 yrs     6.99% APR
  • 5-6 yrs     7.65% APR
  •    7 yrs      8.10% APR
HOME EQUITY LOANS (Closed End)

80% Maximum LTV. For the sole purpose of home improvements. Minimum draw at close, $10,000. Minimum LOC $20,000. Maximum LOC $150,000.

  • 5 yrs     2.99% APR%
  • 10 yrs   3.49% APR
  • 15 yrs   3.99% APR

85% Maximum LTV. For the sole purpose of home improvements. Minimum draw at close, $10,000. Minimum LOC $20,000. Maximum LOC $150,000.

  • 5 yrs     4.05% APR%
  • 10 yrs   4.55% APR
  • 15 yrs   5.55% APR
DEBT CONSOLIDATION

Loan to assist with consolidating higher interest debt into one monthly payment.

  • 1-2 yrs      9.00% APR
  • 3-4 yrs     9.50% APR
  • 5-6 yrs     9.75% APR
  •    7 yrs    10.10% APR
VACATION

Borrow up to $2,000 for up to one year at 10.75% APR.

CHRISTMAS

Available each year from October 1 until December 23. Borrow up to $1,200 at 5.99% APR.

SECURED LOANS

Borrowing secured by share accounts or certificates. Share secured loans ar 5% APR and CD secured loans at 4% above the CD rate.

CHECKING ACCOUNT LINE OF CREDIT

Limits between $200 and $1000, revolving at 15% APR.

 

Rates are subject to change without notice.