We have great flexibility
in providing a loan from your next auto purchase
that works for you.
Along
with our fixed and variable rate loans, our
latest and most exciting new product is our
new Lease Look-Alike, a loan that works like
a lease! You get all the benefits of a lease
with the flexibility of a loan. Consider this:
There is no charge for wear and tear, typically
no down payment is required, and you can terminate
your loan without penalty--simply by paying
it off. It’s flexible right up to the end,
too, with four easy options: 1) Sell the car,
pay off the loan balance and if there’s equity,
keep it, 2) Trade the car in and pay off the
loan balance, 3) Keep the car and refinance
the amount owed, 4) Return the car and the
balance will be paid off (subject to charges
for excess mileage, missing equipment and
unrepaired damage covered by insurance). Call
us today at 801-237-2898 for more information
on this outstanding purchase option!!
New Car
The loan term for a new car runs from 1 to
84 months, at the member's choice. The base
rate for a new car is determined by the term.
There is a slightly higher rate for loans
with terms over 36 months. Additionally, rates
could be lower or higher than the base rate
as determined by the member's credit bureau
report. We will match loan rates that are
within 1.25% of our loan rates.
A new car is the current model year and runs
from October 1 through December 31. For example,
the current model year is 2005. It started
on October 21, 2004 and ends on December 31,
2005. Model year 2006 will begin October 1,
2005. There is always a 3-month overlap from
October through December.
Used Car
Used car loans cover the last five model years
prior to the current model year.
Example: For 2005, a used car would be model
years 2000-2004. There are no overlaps as
in new cars. Therefore, the model year changes
on January 1 of each year. On January 1, 2006
the used car model years will change to 2001-2005.
The term for a used car runs from 1 to 60
and is determined by the amount of the loan.
The base rate for a used car is determined
by the term. There is a slightly higher rate
for loans with terms over 36 months. Additionally,
rates could be lower or higher than the base
rate as determined by the member's credit
bureau report. There are also certain discounts
offered by the credit union depending on the
types of credit union services used by the
member.
Older Used Cars
An older car is any car older than 6 model
years.
Example: Using 2005 and the new car model
and 2002-2004 as the used car models, that
would mean any car model year 2001 or older
would be considered an older used car. There
are no overlaps. The older used car model
year changes on January 1 of each year.
The term for an older used car is 36 months.
Longer terms are available depending on the
amount of the loan and the value of the collateral.
The base rate for an older used car is determined
by the term. There is a slightly higher rate
for loans with terms over 36 months. Additionally,
rates could be lower or higher than the base
rate as determined by the member's credit
bureau report. There are also certain discounts
offered by the credit union depending on the
types of credit union services you currently
use.
Contact a credit union representative at 801-237-2898
for more information. Or visit our rates
page for current loan rates.
