Loan Rates
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Loan Rates |
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Not for Profit ... Not for Charity ... But for Service |
Car, Truck & Motorcycle Loans
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Term |
24 Months |
36 Months |
48 Months |
60 Months |
72 Months |
84 Months |
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Floor Rate |
2.40% |
2.50% |
2.60% |
2.80% |
3.80% |
4.80% |
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Age of Collateral |
1. Add 1% to above rates on model years 2008 –
2009 |
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Loan to Value |
Adjust the above rates for both Loan to Retail Value as it is reported on Visualgap.com |
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Below 80% LTV |
80 – 90% LTV |
91-100% LTV |
101-110% LTV |
111-120% LTV |
121%+ LTV |
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Minimum qualifications for 72 & 84 month financing are: Members who 1) have a credit score of 640 or more or 2) at least 3 years on the job, and 3) an income to debt ratio of 40% or less can finance a new purchase automobile for 72 or 84 months. Minimum loan amount is $25,000.00 or more. |
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Fixed Rate Second Mortgages
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3.75% |
60 to 84 Months |
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4.50% |
84 - 108 Months |
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4.50% |
108 - 180 Months |
Other Real Estate
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Home Equity Line of Credit |
Prime Minus 0.25% (the rate is higher with lower credit scores) |
There is a fee of $435.00 for each closed-end mortgage loan to cover the cost of the appraisal, lien search, mortgage document, etc. There is a fee of $471.00 for each open-end mortgage loan to cover the cost of the appraisal, lien search, mortgage document, etc. Other fees which the credit union incurs could increase the cost to the member. A 10 year re-write is required on all first and second mortgage loans with an amortization greater than 10 years.
** Home Improvement Loans may either be Unsecured or Real Esatate Secured
Other Loan Rates
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2.50% above the share rate. Maximum maturity is 60 Months. |
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2.50% above the share rate. Maximum maturity is 60 Months. Certificate continues to roll. |
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6.90% - 24 Month Max Maturity |
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3.00% $500 - $10,000 Falls Catholic Credit Union will make tuition loans to the parents of the students of parochial schools in Summit County, Ohio. The proceeds check must be made out to the school |
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As low as 5.90% $20,000 Maximum Credit Limit |
The trade area for Auto Loans is the State of Ohio. Falls Catholic Credit Union does not presently finance recreational vehicles, boats, farm equipment, lawn mower tractors or livestock. All loans include a late charge after 10 days of the greater of 5% of the payment or $5. Loan rates are tiered according to individual credit qualifications.
This loan rate schedule was approved by the Board of Directors 1/25/2012 and will become effective on 1/26/2012.
