LOAN SPECIFICATIONS

SIGNATURE LOANS:

Loan Amount $300.00 minimum to $6,000.00 maximum

Qualifications: Membership, Acceptable Credit Score & Ability to repay

Rate: 12% A.P.R.

Term: Up to 36 months

NOTE:  From time to time, the Board of Directors may offer a loan special wherein the above criteria may be of a different value. 
No combination of unsecured loans can exceed the $6,000.00 maximum for any member.

NEW VEHICLE LOANS

Loan Amount 100% of the new vehicle retail price plus tax and tags, less any rebates or trade, not to exceed the loan credit limit of $100,000.00

Rates & Terms 5.00% A.P.R. for a term up to 36 months

5.25% A.P.R. for a term of 37 to 48 months

5.50% A.P.R. for a term of 49 to 60 months

6.00% A.P.R. for a term of 61 to 72 months

6.25% A.P.R. for a term of 73 to 84 months

USED VEHICLE LOANS

Loan Amount 100% of Blue Book car guide retail value plus tax and tags, less any trade, for vehicles 15 years old or newer**

Rates & Terms 5.50% A.P.R. for a term up to 36 months

5.75% A.P.R. for a term of 37 to 48 months

5.99% A.P.R. for a term of 49 to 60 months

6.25% A.P.R. for a term of 61 to 72 months (vehicle must have a value of greater than $20,000,00)

6.50% A.P.R. for a term of 73 to 84 months (vehicle must have a value of greater than $30,000,00)

RECREATIONAL VEHICLES

New Loan Rates starting as low as 5.99% and Used Starting at 6.99% 

Terms from 36 months to 180 months – Please call office for more details

NOTE:  All vehicles financed through Back Mountain Federal Credit Union must have full insurance coverage at all times during the duration of the loan. 
Back Mountain Federal Credit Union is to be named lienholder on the policy and proof of insurance is required.

**Any used vehicle older than 15 years must be titled with “classic” or “antique” status for loan consideration. 
This loan must be approved by the Board and not by a loan officer.

SHARE SECURED LOANS

Loan Amount $300.00 to $100,000.00

Rate: 4.5% A.P.R.

Term Up to 72 months

NOTE:  Share withdrawals cannot create any unsecured share loan balance.

HOME EQUITY LOANS:

Loan Amount: Up to 80% of equity

Range being $5,000.00 to $100,000.00

Rates & Terms 3.75% to 4.75% A.P.R. for 60 months or less

4.25% to 5.75% A.P.R. for 61 to 120 months

5.25% to 6% A.P.R. for 121 to 180 months
*Rates based on first or second lien position

Requirements:

Current appraisal

Insurance with Credit Union as named lienholder

Proof of payment of real estate taxes annually

Current owner title search

ALL LOANS, WITH THE EXCEPTION OF SHARE SECURED, REQUIRE A CREDIT REPORT OBTAINED AT THE MEMBER’S EXPENSE.

The Board of Directors Has Declared Dividend Rates
for the Month of April 2023 as Follows

Shares $100 – $1,000     .25%
$1,001 – $5,000     .25%
$5,001 – $25,000     .50%
Over $25,000 –     .75%

Club Accounts (Vacation and Christmas) .25%

IRA Accounts 1.50%

Gold Accounts (Min. Deposit of $50,000) 1.75%

Select Accounts (Gold + .50 – Min. Deposit of $50,000 plus 1 Year Commitment) 2.25%