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Coventry Credit Union offers a variety of secured and unsecured consumer loan options.
A secured loan is when collateral is used as security for the repayment of a loan. An example of a Secured Loan is when you buy a vehicle and use the car as collateral to secure repayment of the loan. CCU offers New and Used Vehicle Loans.
- CCU will finance 100% of the purchase price plus the tax, warranty and license fee's with GAP on the loan.
- Depending on the vehicle you buy, you can have 36 to 84 months to repay your loan.
- The interest rate is a fixed rate, for the term of your loan.
- Payments can be made automatically from your checking or savings account, by payroll deduction, or by cash or check. A ¼% discount is offered for automatic payment from your checking or savings at CCU.
- Mechanical Breakdown (MBI) & Payment Protection Insurance are available.
- CCU will finance 100% of NADA retail book value for used autos, 8 model years old or less.
- Terms of repayment are from 24 to 60 months for vehicles which are 8 years old or less, depending on the year of the vehicle.
- Payments can be made automatically from your checking or savings accounts, by payroll deduction or by cash or check. A ¼% discount is offered for automatic payment from your checking or savings at CCU.
- Mechanical Breakdown (MBI) & Payment Protection Insurance are available.
For information on financing a Motorcycle or Recreation Vehicle please contact the Credit Union.
Equity Loans
- The security is a mortgage on your home.
- CCU will finance up to 100% of the value of your 1-4 family owner-occupied home minus your 1st mortgage balance. Financing over 80% loan to value requires mortgage Insurance.
- Terms of repayment are from 36 months to 240 months.
- Payments can be made automatically from your checking or savings account, by payroll deduction or by cash or check. A ¼% discount is offered for automatic payment from your checking or savings at CU.
Home Equity Line of Credit
- This product is referred to as CCU Home Line.
- CCU will finance up to 100% of the value of your 1-4- family owner occupied home minus the first mortgage loan.
- Draw period is 10 years with a fifteen year repayment schedule at the end of the draw period. During the draw period, payments will be due monthly. Your minimum monthly payment will equal the amount accrued interest and credit insurance premiums (if any) or $50.00 whichever is greater.
- *Share Secured Loans are borrowing funds using your Savings or Certificates as the collateral. (excluding IRA accounts)
- *Your funds are on hold but you still receive dividends on your savings and Certificates.
- *You can borrow 100% of the available balance.
- *Borrow for long or short terms - there is a maximum term of 12 years on Share Loans.
- *Certificate Loans are due at the maturity date of the Certificate.
An unsecured loan is borrowing money, offering your signature as good faith that the loan will be repaid . We offer two types of unsecured loans:
Signature Loans and Line of Credit Loans
Signature Loans:
- Loans range from $500.00 to $15,000.00.
- Payments are a fixed amount.
- Terms of Repayment are from 12 to 60 months.
Line of Credit Loans:
- Loans have a credit line of $1,000.00.
- A convenient way to avoid checking overdrafts.
- Funds are set aside to use as your needs arise with a renewable limit.
- Payments are 5% of the outstanding balance, but never less than $25.00 a month.
- Advances are granted in increments of $50.00.
APR = Annual Percentage Rate. All rates subject to change and credit approval.
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