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LOANS |
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 MCT-FCU
provides loans for a variety of reasons. Loan
policies are established by the Board of
Directors, and are subject to continuous review.
Loan Officers review the loans daily, and
approvals are subject to members’
qualifications, based on current policies at the
time of issuance. MCT-FCU currently offers the
following loan types:
Unsecured Signature Loan
An Unsecured Signature
Loan can be used for any reasonable purpose. You
may wish to purchase furniture, do home
improvements, pay taxes, or consolidate debt.
All members in good standing are eligible to
apply.
Rates as low as 9.25% APR.
Open-End Revolving Loans
An Open-end loan is an unsecured, pre-approved
line of credit on which the borrower may receive
advances up to the amount of the approved credit
limit. Open-end loans are available only to
those members with an excellent credit rating
who have had a previous credit history with MCT,
and at least three (3) years of service with
their current employer. The maximum amount of an
open-end loan is $10,000. Current interest rate
is 11.00% APR.
Christmas Loans
Christmas loans are available between October 1
and December 24. The limit is $1,200, with a
twelve (12) month repayment period. Current rate
is 12.00% APR.
Vacation Loans
Vacation Loans are available year-round. The
limit is $2,000, with a twelve (12) month
repayment period. Current rate is 10.75% APR.
New
Auto Loans
MCT Federal Credit Union offers up to 100%
financing for up to 66 months and pre-approval
is also available. Collision and Comprehensive
insurances are required. A Bill of Sale bearing
the dealer’s name and address, along with a
comprehensive description of the automobile is
required. Financing is available up to 100% of
the list price. Interest rates vary with loan
term. Check with us for current limits and loan
requirements.
|
Model year |
Term |
Rate
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2009 - 2010 |
2 – 3 years |
3.75% APR |
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4 years |
4.05% APR |
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5 years |
4.55% APR |
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(Min. of $20,000) |
5 ˝ years |
4.80% APR |
Used
Auto Loans
MCT Federal Credit Union offers up to 100% of
our “Book Value” on used cars less than seven
(7) years old. Rates and terms are contingent
upon the year of the vehicle purchased. Other
terms and conditions are the same as those of
new car loans. Finance up to 100% of Retail Book
Value (based on model year).
|
Model year |
Term |
Rate
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2007 - 2008 |
Up to 3 yrs |
3.75% APR |
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Up to 4 yrs |
4.20% APR |
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Up to 5 yrs |
4.60% APR |
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2005 - 2006 |
Up to 3 yrs |
4.50% APR |
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Up to 4 yrs |
4.75% APR |
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Up to 5 yrs |
5.05% APR |
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2003 - 2004 |
4 years |
6.15% APR |
Share Secured Loans
The money in your Share (savings) Account MUST
match the amount borrowed. Check with us for
current rates, limits and loan requirements.
Line of Credit (Overdraft Protection)
A Line of Credit is an unsecured, pre-approved
loan. The borrower may receive advances up to
the amount of their pre-approved credit limit.
Lines of Credit are specifically attached to the
member’s Share Draft (checking) account to cover
checks presented for payment. Current rate is
15% APR.
Classic VISA
MCT’s Classic VISA credit card is an unsecured,
pre-approved line of credit, usually accessed
through the use of a credit card. The borrower
may make retail purchases or receive cash
advances up to the amount of the pre-approved
credit limit.
Debt Consolidation Loans
Available to pay off higher interest debt.
Current rates are:
Term
Rate
1 – 2 years 10.25% APR
3 – 4 years 10.75%
APR
5 – 6 years 11.25% APR
7 years 11.75% APR
Boat Loans (New or Used)
Finance up to 100 %of list price or book value.
Maximum term is 8 years, based on loan amount.
Current rate is 6.75% APR.
RV
Loans (New or Used)
Finance up to 100% of list price or book value.
Vehicle Term Rate
New 12 years 6.75%
APR
Used 10 years 6.75%
APR
Motorcycle Loans (New or Used)
Terms up to 5 years.
Vehicle Term Rate
New 5 years 7.75%
Used 4 years 7.75%
Service Requirements:
*If deemed necessary due
to poor credit history, a co-signer may be
required.
All
rates are subject to change without prior
notice.
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