Loans
As well as offering a way for members to save on a regular basis, CMFCU offers low cost loans. These include loans for financing autos, boats, RV's, vacations, school tuition, medical expenses and other personal needs.
Loans May Be:
- Secured by shares which cannot be withdrawn below the loan balance;
- Secured by 70% - 80% (depending on credit score) of a 30 day average on the market value of the stock listed on the NYSE, AMEX or NASDAQ. Stock must have a minimum $5.00 per share market value. CMFCU reserves the right to determine which specific NASDAQ stock it will accept as collateral.
- Secured by the item being purchased such as autos, boats, RV's;
- Unsecured, based on the member's length of employment with the Company and credit history.
All applicants, whether individual, joint, or co-maker, must have completed ninety days of continuous service with the Company, be members of CMFCU, and have a minimum share balance of $5.00.
Collateralized loans, with the exception of stock secured loans may require a down payment in the form of cash, trade-in, or pledged shares. Full-coverage insurance naming CMFCU as "Loss Payee" is required on collateralized loans.
How to Apply for a Loan
Applying for a loan is simple. Contact the credit union directly and depending on the type of loan you are applying for, we will forward the necessary forms to you. Once the forms are filled out and signed, forward the forms to the credit union and you will be notified promptly when your loan has been reviewed.
INSURANCE
Joint Life Loan Protection
In the event of death or total and permanent disability, Joint Life Loan Protection Insurance pays the member's loan balance, up to $15,000 per loan. For married members, this insurance also covers the spouse if the spouse has signed the promissory note. This Joint Life Loan Protection Insurance is provided by CMFCU at no direct cost to the member.
Credit Disability
CMFCU makes available to each member, at the member's option and expense, Credit Disability Insurance. This insurance makes payment directly to CMFCU to reduce the loan if the member becomes temporarily disabled by sickness or accident.
Following disability, members are responsible for the loan payments for the first thirty days. On the thirty-first day of disability, the insurance company begins making the loan payments directly to CMFCU until the member is released to return to work, but not to exceed 48 months. Members are responsible for any balance not paid by the insurance company.
Cost of this coverage is competitive and exact rates can be quoted when members take out a loan. The premium will be added to the loan balance if the member chooses this coverage.
Equal Credit Opportunity
All credit applicants will be evaluated without regard to sex, marital status, race, color, age religion, natural origin, receipt of public assistance or any other prohibited basis.
CURRENT INTEREST RATES ON LOANS
Rates subject to change Effective 08-19-2010……rates subject to change.
All loan rates quoted are Annual Percentage Rates |
SHARE LOAN
|
| 100% secured, up to 36 months |
2.50% |
| Signature, up to 48 months |
8.25% - 14.75% |
NEW AUTO LOAN 10% DOWN
10% minimum down, including purchase price, tax, title, license, and manufacturer's service contract |
| 36 months |
3.00% - 8.00% |
| 48 months |
3.25% - 8.25% |
| 60 months |
3.50% - 8.50% |
72 months
(Total purchase price of vehicle must exceed $22,000) |
3.75% - 8.75% |
NEW AUTO LOAN ZERO DOWN
Zero down, including purchase price, tax, title, license, and manufacturer's service contract |
| 36 months |
3.50% - 8.50% |
| 48 months |
3.75% - 8.75% |
| 60 months |
4.00% - 9.00% |
USED AUTO LOAN
100% of NADA retail value |
| 24 months |
4.00% - 9.00% |
| 36 months |
4.50% - 9.50% |
| 48 months |
5.00% - 10.00% |
| 60 months |
6.00% - 11.00% |
NEW MOTORCYCLE LOAN
15% minimum down payment |
| up to 48 months |
7.50% - 12.50% |
USED MOTORCYCLE LOAN
15% minimum down payment - 85% of NADA published clean trade-in wholesale value |
| up to 36 months |
8.50% - 13.50% |
STOCK
70% - 80% (depending on credit score) of a 30 day average of the market value of the stock listed on the NYSE AMEX or NASDAQ |
| up to 60 months |
4.75% |
NEW BOATS & R.V.'S
10% minimum down payment, including purchase price, tax, title and license |
| 36 months |
5.00% - 10.00% |
| 48 months |
5.25% - 10.25% |
| 60 months |
5.50% - 10.50% |
USED BOATS
90% of NADA trade in |
| 24 months |
6.00% - 11.00% |
| 36 months |
6.50% - 11.50% |
| 48 months |
7.00% - 12.00% |
Used R.V's
90% of NADA used wholesale trade-in value |
| 24months |
6.00% - 11.00% |
| 36months |
6.50% - 11.50% |
| 48months |
7.00% - 12.00% |
The specific rate and term will depend on your credit rating, collateral value, amount financed, your relationship with us, and other factors. Rates and Terms are subject to change without prior notice;
other restrictions may apply.
Membership Requirements:
All credit applicants, including joint applicants and co-makers, must be members of CMFCU and maintain a minimum share balance of $5.00. New members are immediately eligible for 100% shared secured or stock loans. For all other types of loans, however, employee members must complete 90 days of continuous service with the company before they or their family members are eligible to borrow.
Credit History
An applicant's credit history is determined from the loan application, prior transactions with CMFCU, and from a current credit report.
Ability to Repay
An applicant's ability to meet debt obligations is judged using an approximate 40% debt to income ratio test.