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Loans

Vehicle Loans

We are now offering a 72-month term for used cars, with a rate of 2.49% APR*

 

  • Up to 100% financing plus tax and tags, extended warranties, GAP insurance and payment protection insurance.
  • Repayment terms up to 84 months for new and 60 months for used.
  • Quick pre-approval with our 24-hour online and phone decision process.
  • Simple interest financing with no prepayment penalties.
  • Discounts of up to 0.25% when combined with direct deposit, checking and ATM/Visa Check Card services.

View Rates | Apply

Motorcycle Loans

  • Up to 100% financing plus tax and tags, GAP insurance and payment protection insurance.
  • Repayment terms up to 84 months.
  • Quick pre-approval with our 24-hour online decision process.
  • Simple interest financing with no prepayment penalties.
  • Discounts of up to 0.25% when combined with direct deposit, checking and ATM/Visa Check Card services.

View Rates | Apply

RV and Boat Loans

  • Up to 85% financing plus tax and tags, and payment protection insurance.
  • Repayment terms up to 144 months.
  • Quick pre-approval with our 24-hour online decision process.
  • Simple interest financing with no prepayment penalties.
  • Discounts of up to 1/4% when combined with direct deposit, checking and ATM/Visa Check Card services.

View Rates | Apply

Additional Vehicle Buying Resources

To help you as you make your purchasing decision, Interior Federal Credit Union has created an Auto Buying Resource Center. Here you will find information on car buying services, insurance, calculators, educational videos, and self-paced tutorials. Make it your first stop BEFORE you shop.

Auto Buying Resource Center

Calculator

 

Whether by land or sea, two wheels or four, we have a vehicle loan to fit your favorite mode of transportation and entertainment. Our competitive low rates and flexible terms will accommodate any budget. Guaranteed Asset Protection (GAP), Mechanical Breakdown or MEMBER'S CHOICE™ Borrower Security (Debt Protection) can be added to any vehicle loan. Ask your loan officer for details.

Guaranteed Asset Protection (GAP)

A new vehicle typically loses 20% of its original value as you take delivery.  Unfortunately, that doesn't change the balance of your vehicle loan.  For the time being you have what's called negative equity.  You owe more than what the vehicle's worth.

Years later, the balance on your loan and the vehicle value will even out.  At that point, if your vehicle is totaled or stolen, your primary insurance will probably cover about what you owe.  Until then MEMBER'S CHOICE™ Guaranteed Asset Protection can help cover the gap and protect you from a potential loss of thousands of dollars.

 Three Steps to Greater Protection:

1.    A Way to Help Protect Your Vehicle Loan.

When you buy a new or used vehicle, there's no way to know if it will be stolen or totaled in an accident.  When  MEMBER'S  CHOICE Guaranteed Asset Protection, you're protecting your vehicle investment against a possible financial loss.

2.    How Does it Work?

The fee can be included with your monthly payments or made separately by cash, check, charge or possibly electronic funds transfer. If there's a difference between what you owe on your loan and the value of your vehicle, GAP will help pay the difference based on the terms of your member agreement.  You can cancel within 90 days for a full refund.

3.    Why is it Valuable?

New and used vehicles often depreciate rapidly and vehicle loans are typically getting longer in terms.  There may be a point where you owe more than it's worth.  That's when MEMBER'S CHOICE Guaranteed Asset Protection kicks in.  If your vehicle is stolen or totaled in an accident, GAP will help cancel the difference between the primary insurance settlement and what you may still owe.

 

Your purchase of MEMBER'S CHOICE Guaranteed Asset Protection is optional and will not affect your application fo credit or the terms of any credit agreement required to obtain a loan.  Certain eligibility requirements, conditions and exclusions may apply.  If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP.

Prices of the refundable and non-refundable products are likely to differ. If you choose either product and cancel within the first 90 days, you will receive a full refund.  If you choose a refundable product, you may cancel at anything during the loan and receive a refund of the unearned fee calculated by the actuarial method. 

Mechanical Repair Coverage (MRC)

A recent poll conducted shows that drivers intend to keep their vehicles for ten years or more.  Most new car warranties last four years, so the chances of having to pay for repairs is greater than ever.

Car repairs aren't getting any cheaper, either.  And even small repairs, can cost hundreds of dollars.  When your vehicle manufacturer's warranty has expired or if it doesn't cover certain mechanical problems, you could get stuck with some unexpected expenses over and above your vehicle loan.

That's where adding MEMBER'S CHOICE® Mechanical Repair Coverage to your loan can help.  It can deflect some of the risk of costly repairs so you can afford to keep your vehicle running extra miles and extra years.  With three different coverage levels and deductibles to choose, there's a plan to fit your family's budget.

MEMBER'S CHOICE™ Borrower Security

Loss of Life, Disability and Involuntary Unemployment

Protect your loan.  Help play it safe.  Help preserve your standard of living.

Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen...life happens.  You're betting you can pay back your loan and you won't lose your job or become disabled or pass away, leaving your family responsible for your loan balance.  You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.

If a protected life event happens your (and your're a protected borrower or co-borrower on the loan), MEMBER'S CHOICE™ Borrower Security will cancel or reduce repayment of your loan debt.  You may enroll at any time.

Protected events include:

- Loss of life, including those caused by acts of war

- Disability, including those caused by acts of war

- Involuntary unemployment

Does debt protection pay off my debt?

The benefit of debt protection is that it either cancels or postpones your loan payments.

 Offers the following protection:

1.  Balance cancellation - cancels a debt (up to the agreement maximum) if you die.

2.  Payment cancellation - cancels the principal and interest portions of your loan payment (up to the agreement maximum) if   you die or become disabled or a victim to another covered event as such as involuntary unemployment.  The amount is applied to the loan balance as if the payment has been made.

3.  Interest cancellation - defers the principal portion of a payment and cancels the interest portion up to the agreement limit (the loan balance does not decline).  Program fees may or may not be waived under interest cancellation.

4.  Payment postponement - sometimes referred to as "skip payment" defers a payment (along with any program fees) and interest continues to accumulate and the outstanding balance increases.

 Is this debt protection expensive?

The fee is specific to the amount and term of your loan and the protection package you select.  The fee is automatically scaled to the amount of protection you select since it is calculated against the outstanding loan balance.

What types of loans can be protected?

It is typically offered on open- and closed-end consumer loans, credit card balances and home equity/line of credit loans, second mortgages but NOT on first purchase mortgage and other similiar real estate loans. 

For more information about Guaranteed Asset Protection, Mechanical Repair Coverage and MEMBER'S CHOICE Borrower Security, contact your loan officer.  NOT NCUA INSURED.

 

 

 

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