Loan Types
We offer many types of consumer loans at competitive rates. Listed below are some of the types that we offer.
| Risk Based Loan Rates |
| Personal Loans |
| Used Vehicle Loans |
| New Vehicle Loans |
| Credit Line Mortgages |
| Share Draft Line of Credit |
| Loan Applications, including On-line Applications |
Risk Based Loan Rates
The Board of Directors of Tri-Town Teachers Federal Credit Union has changed its lending policy effective Monday, April 3, 2006 and has implemented a Risk Based Loam Policy for all our loans. This makes our policy consistent with our Credit Card loan policy which was implemented in October of 2005.
This new Risk Based Loan Policy rewards our members who maintain good credit ratings by providing excellent loan rates. At the same time it recognizes the risk of providing loans to individuals who have less than stellar credit and requires higher interest rates based on lower credit categories. We have established five (5) credit categories or “grades” with correspondingly higher interest rates as the members’ credit score declines. This pricing arrangement has been implemented by most financial institutions because it more accurately reflects the risks of lending and shifts higher costs of borrowing to people who have demonstrated that they are not handling their finances as well as they should by not paying bills on time.
Click on New/Used Vehicle Rates or Personal Loan Rates to view the new loan rates.
Personal Loans (Click on "rates" for our Current Special!)
Borrow up to $7,500.00 on your signature alone. With a co-maker,
borrow up to $15,000.00. Simply complete a loan application and provide proof
of income and we can usually have an answer for you by the next business day.
The actual amount you qualify for may vary based upon the application and credit
profile.
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Used Vehicle Loans (Click on "rates" for our Current Specials!)
We will lend up to the N.A.D.A. Average Retail Value on used vehicles up to seven years old. Terms available of up to five years on certain model years. We also have special sales with Enterprise Car Sales where we will finance 100% of the purchase price, watch the "News and Events" page for details. We will need a completed loan application, proof of income and a full description of the vehicle and can usual get approval the next business day.
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New Vehicle Loans (Click on "rates" for our Current Specials!)
Borrow up to 100% of the purchase price of any New Vehicle for up to six years. Most approvals are done the next business day. Just complete a loan application, provide proof of income and a copy of the sales contract with the dealer to get approval. Still shopping? Ask for a pre-approval and you will know how much you can spend.
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Credit Line Mortgages
Borrow against the equity in your home. A credit line can be established of up to $100,000.00. For the next five years you can take advances against the credit line up to your pre-set limit. Your minimum payment amount is set by the balanced owed. There are no points or closing costs on the loan. The interest rate is variable and may change quarterly. Call the office today to receive a home equity packet.
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Share Draft Line of Credit
Have you ever had to race a check to the bank? Have you ever lost this race? Avoid overdraft charges by opening a Share Draft Line of Credit. Once approved, this loan will automatically advance funds up to your pre-set limit to cover checks you write that would otherwise overdraw your account. There are no overdraft fees, you pay only the interest on the amount advanced. Credit lines are available from $500.00 to $2,500.00. A completed application and proof of income are all that is needed for approval. Never pay an overdraft fee again.
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Loan Applications
When we need to borrow money, we want to know as soon as possible that we have been approved. At the credit union we strive to provide that answers in 24 hours. To help us in this, we need to get all the required documents as soon as possible, the sooner we get it the faster we can approve your loan. When the time comes to apply for a loan, please bring the following:
For All Loans: Complete the application on both sides and bring proof of income, either two recent consecutive pay stubs, two years federal tax returns, or a letter from your employer.
For Debt Consolidation Loans: Copies of the bills you to be paid with current payoff balances. Checks will be made co-payable.
For New Vehicle Loans: Either a copy of the conditional bill of sale from the dealer or a request for pre-approval.
For Used Vehicle Loans: If purchased from a dealer, a copy of the conditional bill of sale. If purchased privately, a complete description of the vehicle including Make, Model, Year, Mileage, all options, and the Vehicle Identification Number.
On-line Loan Applications: We offer an on-line loan application service to our members. Click on the button below to take advantage of this time saving feature.
For instructions on how to complete an on-line application, click here. You may print the instructions, using your normal browser print function. You have have finished, close that window and you will be returned here.
In most cases loans cannot be approved until all the required information is received. Once received, we can usually have an answer for you within 24 hours.
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