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 48 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 $4,000.00 maximum for any member.

NEW VEHICLE LOANS

(which include Auto, Motorcycle, ATV’s, Boats, Campers, and Mobile Homes)

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 3.50% A.P.R. for a term up to 36 months

3.75% A.P.R. for a term of 37 to 48 months

4.00% A.P.R. for a term of 49 to 60 months

4.25% A.P.R. for a term of 61 to 72 months

USED VEHICLE LOANS

(which include Auto, Motorcycle, ATV’s, Boats, Campers, and Mobile Homes)

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 4.50% A.P.R. for a term up to 36 months

4.75% A.P.R. for a term of 37 to 48 months

4.99% A.P.R. for a term of 49 to 60 months

5.25% A.P.R. for a term of 61 to 72 months (vehicle must have a value

of greater than $20,000.00)

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 Title insurance on loan of $10,000 and over

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.