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Auto Loans

New Car Financing

Effective 8/11/2016

Term of Loan *APR (Up to 100% MSRP)

24 Months 1.79% - 17.99%

36 Months 1.99% - 17.99%

48 Months 2.29% - 17.99%

60 Months 2.49% - 17.99%

72 Months-over 2.99% - 17.99%

 

Used Cars Financing

Effective 8/11/2016

Term of Loan *APR (Up to 100% NADA)

24 Months 2.49% - 17.99%

36 Months 2.79% - 17.99%

48 Months 2.99% - 17.99%

60 Months 3.49% - 17.99%

72 Months-over 4.49% - 17.99%

Classic Automobile Loans

Effective 8/11/2016

Term of Loan *APR (Up to 100% NADA)

24 Months 2.49% - 17.99%

36 Months 2.79% - 17.99%

48 Months 2.99% - 17.99%

60 Months 3.49% - 17.99%

72 Months-over 4.49% - 17.99%

*Annual Percentage Rate

“New” vehicles may be up to two years old with less than 25,000 miles and can not have been previously financed by the CFFCU member.

The starting rates shown are the lowest rates available. Your rate may be higher depending on your credit score. Approval is not based on credit score.

New Car Loan Example:

Principal: $20,000

# of Years: 5 (60 months)

Number of payments per year: 12

Base Interest Rate: 2.49

Payment amount: $354.86

Total Interest: $1,291.54

Used Car Loan Example:

Principal: $10,000

# of Years: 5 (60 months)

Number of payments per year: 12

Base Interest Rate: 3.49

Payment amount: $181.87

Total Interest: $912.36

Classic Automobile Example:

Principal: $15,000

# of Years: 5 (60 months)

Number of payments per year: 12

Base Interest Rate: 3.49

Payment amount: $272.81

Total Interest: $1,368.54


Important Lending Information

All consumer loan rates, except share and CD secured, apply to members with excellent credit and a debt/income ratio of 49% or less and a beacon score of 740 and over.
For beacon scores lower than 740 see the chart below to determine the percentage to be added:

Beacon Score    ++Add++

711 - 739    1.00%
676 - 710    2.00%
640 - 675    3.00%
611 - 639    5.00%
575 - 610    8.00%
Under 575    10.00%

Bankruptcy - add 5% to beacon score rate unless the member has always paid on time and has reaffirmed or kept the credit union out of the bankruptcy plan. This additional 5% may be waived by management. Maximum rate it 18%. Management can match rates, terms and/or payments. New Automobile rates apply to any vehicle not greater than 2 years old and less than 25,000 miles. The credit union offers GAP insurance, however, the member is not required to purchase this insurance from the credit union. If the member purchases GAP insurance from another source, the member must provide the credit union with proof of purchase. Mobile home loans may only be made to members owning the property where the mobile home is to be placed. Management may match rates.