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Loans available at WEPCO Federal Credit Union as of April 23, 2010
WEPCO Federal Credit Union Uses Risk Based Lending To Determine All Loan Rates
Apply for your loan when it's truly convenient, any "time" you want!
Get A Book Value, Your Vehicle, A New Vehicle, Or Any Used Vehicle
RISK BASED LENDING
WEPCO Federal Credit Union uses a risk based lending policy to determine a members interest rate. In grading a loan application, the credit bureau provides WEPCO Federal Credit Union with a calculated national risk score, which is then matched to a letter score of A, B, C, or D. Rates have been set according to a corresponding letter grade. The letter grade of an A would receive our best rate, while tier - B, C, and D grades would each receive a slightly higher interest rate.
The purpose in offering Risk Based loans is to help as many members as possible. We recognize that certain members represent more risk than others. We will not grant loans where the probability of repayment is very doubtful. We recognize the importance of managed risk. We also recognize we have members who are being charged extremely high rates with other lenders that we could help with a managed risk program, plus save these members substantial money while helping them rebuild their credit.
NEW & USED AUTO/TRUCK LOANS
WEPCO Federal Credit Union makes purchasing a vehicle fun and easy! We offer 100% financing on the selling price or book value whichever is less, on new and used vehicles. Terms range anywhere from 24 months to 84 months, however on vehicles financed for 72 months the loan amount must be over $15,000. For an 84 months the vehicle, the vehicle must be new and the minimum loan amount is at least $20,000.00.
RECREATIONAL VEHICLES
WEPCO Federal Credit Union finances motorcycles, boats, RVs, fourwheelers, lawn equipment, farm equipment, motor homes and mobile homes under our recreational vehicles loan product. Maximum amount financed is 90% of selling price or book value whichever is less. Maximum term is 144 months for RVs, motor homes, and mobile homes. Maximum term is 60 months for motorcycles, boats, fourwheelers, lawn and farm equipment.
CHRISTMAS & VACATION LOANS
We like to play Santa or assist you with your dream vacation plans. Well loan up to $2,000 for Christmas or Vacation purposes, with 12 months to repay!
COMPUTER LOANS
Our newest loan product, is specifically designed to assist members with home computer purchases. Well loan up to $2,500 for that new computer and allow 18 months for repayment, at a great low interest rate.
VISA CLASSIC CREDIT CARD
Our WEPCO VISA products just cant be beat. Great low rates, No Annual Fee, 25-Day Grace Period on purchases, Worldwide Acceptance, ATM Access, Free Cash Advances at either Credit Union office, plus Great Local-Friendly Service. Maximum limit is $10,000. Payment amount is calculated 3% of the outstanding balance or $20.00 whichever is greater. Apply today VISA On-Line Application.
SECURED VISA CREDIT CARD
All the same great benefits as our VISA Classic Credit Card, but with lower interest rates. Our Secured VISA Credit Card is just that Secured. The credit limit is secured by the shares (money) in your share savings account. If you have a Secured VISA with a limit of $2,000, then you would have to have at least $2,000 in your share savings account as collateral for the credit card. Why would you want a secured credit card - lower rates! Plus you would continue to earn dividends on the moneys in your savings account.
This Credit Union is federally insured by the National Credit Union Administration.
WEPCOLine LINE OF CREDIT
Our newest loan product our WEPCOLine Line of Credit provides easy access to a credit line without a credit card. After the initial approval, members may access the WEPCOLine Line of Credit via WEPCO Pal, a telephone call to a loan officer or in person with a loan officer. Plus WEPCOLine provides overdraft protection for your share draft (checking) account. Maximum unsecured amount loaned is $10,000.00.
SHARE PLEDGE LOAN
Our Share Pledge loan provides members with financing, at our lowest rate possible, while they continue to keep their savings in place. This loan is secured by the money available in your share savings account, and the interest rate is the utmost lowest, while you still earn dividends on your savings.
This Credit Union is federally insured by the National Credit Union Administration.
MORTGAGES - HOME EQUITY LOANS
First Mortgage
WEPCO Federal Credit Union would love to put you and your family into your dream home. WEPCO Federal Credit Union provides mortgage loans for the purchase or construction of members primary residence, the refinancing of the outstanding balance of an existing mortgage on their primary residence, or for home improvements and consolidation.
WEPCO Federal Credit Union provides 15 year fixed mortgage loans. Interest rate is based on a market rate which can adjust daily, so please contact either credit union office and speak with a Mortgage Loan Officer for today's great rate. Maximum financed is 80% of the appraised value of the property.
First Mortgage Balloon
Terms for our balloon mortgage vary from our regular first mortgage. Our balloon mortgage interest rate is again based on a market rate, for a 15 year balloon with payments based on 30 years. We'll finance 80% of the appraised value or 80% of the selling price whichever is less, for a maximum term of 15 years with a balloon payment at the end of this term.
Real Estate Land
For the purchase of land, well finance 80% of the appraised value for a maximum term of 7 years.
Home Equity Fixed Rate
We have two fixed rate home equity products. Our Regular product provides maximum financing of 80% of the appraised value less any other financing, for a maximum term of 5 years.
Our Extended product provides maximum financing of 80% of the appraised value less any other financing, for a maximum term of 10 years.
Home Equity Variable Rate
Our variable rate home equity loans provides for a 5 year draw period with a 10 year payback. We provide financing on 80% of the appraised amount less any other financing. The interest is based on the Prime Rate and adjusts two times per year.
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