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%
for all aspects of your life. ”
Get In Touch
Location
1501 Memorial Highway
Shavertown, PA 18708
backmtnfcu@gmail.com
Hours
Mon:8am – 4pm
Tue: 8am – 4pm
Wed: 8am – 4pm
Thur: 8am – 4pm
Fri: 8am – 4pm
Sat: Closed
Sun: Closed
Spring Loan Special
(Introductory rates good through May 31, 2023)
The credit union is now offering a new loan category for recreational vehicles. Check out our competitive rates for that camper or side- by- side you have been thinking about getting. Or that boat for your big fishing trip?
New rates stating as low as 5.99% and used rates starting from 6.99%. Terms from 36 months to 180 months for those larger purchases.
Call us today at 570-696-1633 or stop by to get your application started. With most applications, we can process your loan paperwork within the same day – JUST LIKE THE BIG GUYS!
And don’t forget to check out our Website at backmtnfcu.com and like us on Face Book to be sure to learn of all future Credit Union news and offers!