Secured Loans BASIC PDF

Vehicle Loan Financing used to purchase or refinance a vehicle. The vehicle is used as collateral to secure the loan. [**Loan Rates**](https://www.allianceccu.com/borrow/loan-rates/) [**Vehicle Loan Procedures**](https://alliancecatholic.helpdocs.io/loan-processing/secured-loan-application-ela)...

Vehicle Loan Financing used to purchase or refinance a vehicle. The vehicle is used as collateral to secure the loan. [**Loan Rates**](https://www.allianceccu.com/borrow/loan-rates/) [**Vehicle Loan Procedures**](https://alliancecatholic.helpdocs.io/loan-processing/secured-loan-application-ela) **Application Fee:** **\$0** ---------------------------------------- ---------------------------------------------------------------------------------------------------------------------- **Available Terms:** Up to 84 months; based on loan amount & vehicle year **Fixed or Variable Rate:** Fixed **Can Members Choose Their Due Date:** Yes **Collateral Required:** Yes **Minimum Loan Amount:** \$2,500 **Maximum Loan Amount :** No **Early Payoff Penalty:** No **Late Fee:** Yes, if the payment is more than 10 days late, you will be charged the greater of 15% of the interest due or \$15.00 Additional Information - Existing ACCU Vehicle Loans do not qualify for refinance. - ACCU cannot finance vehicles outside of the US. Classic Vehicle Loan Classic Auto Loans are used for financing a vehicle that is 25 years or older and in running condition. [**Loan Rates**](https://www.allianceccu.com/borrow/loan-rates/) [**Classic Vehicle Loan Procedures**](https://alliancecatholic.helpdocs.io/loan-processing/secured-loan-application-ela) **Application Fee:** **No** ---------------------------------------- -------------------------------------------------------------------------------------------------------------------------- **Available Terms:** Up to 180 months\* **Fixed or Variable Rate:** Fixed **Can Members Choose Their Due Date:** Yes **Collateral Required:** Yes **Minimum Loan Amount:** Classic vehicles with financing terms 85-180 months require a \$15,000 minimum loan amount **Maximum Loan Amount :** No **Early Payoff Penalty:** No **Late Fee:** Yes, if your payment is more than 10 days late, you will be charged the greater of 15.00% of the interest due or \$15.00 Additional Information - \"Classic\" vehicle designation may be determined by: - NADA lists the vehicle as classic (versus used) - It is \"age appropriate\" and in running condition - The overall condition (interior and exterior) - Members may be asked to provide: - Pictures of the vehicle - From all 4 corners of the exterior - Under the hood - The odometer - The interior - An appraisal from a certified classic vehicle appraiser ACCU Account Secured Loan A Share/CD Secured Loan is a closed-end loan that the borrower uses their shares or current certificate of deposit as collateral on the loan. A Share/CD Secured Loan can be used for almost any purpose (i.e., auto, wedding, vacation, etc.) [**Loan Rates**](https://www.allianceccu.com/borrow/loan-rates/) ACCU Account Secured Loan Procedures **Application Fee:** **None** ---------------------------------------- ---------------------------------------------------------------------------------------- **Can Members Choose Their Due Date:** Yes **Collateral Required:** Yes, the loan amount requested would need to be on deposit in a Share or CD with ACCU. **Fixed or Variable Rate?:** Fixed Rate 3.5% over the interest rate on the pledged share. **Grace Period:** 10 days **Late Fee:** \$15 or 15%, which ever is higher **Maximum Loan Amount:** \$10,000 **Maximum Term:** 60 Months **Pre-Payment Penalty:** None Additional Information - Eligible Shares to secure funds: - Prime Share - Secondary Share - Certificate of Deposit - As payments are made on the loan, the amount of principal paid on the loan will become available in the share with the exception of a Certificate of Deposit. Those funds are held until the CD matures. - If funds are being held on another ACCU account, the primary owner of the account providing the funds for security as well as all joint owners would have to sign as owner of collateral on the loan agreement. Recreational Vehicle Loan Recreational vehicles financing can be used to purchase or refinance a new or used recreational vehicles. - Boats - Jet-skis - ATVs - Snowmobiles - Motor homes - Travel Trailers [**Loan Rates**](https://www.allianceccu.com/borrow/loan-rates/) [**Recreational Vehicle Loan Procedures**](https://alliancecatholic.helpdocs.io/loan-processing/secured-loan-application-ela) **Application Fee:** **None** ---------------------------------------- ----------------------------------------------------------------------------------------------------------------------- **Available Terms:** Up to 180 months **Fixed or Variable Rate:** Fixed **Can Members Choose Their Due Date:** Yes **Minimum Loan Amount:** Financing terms 85-180 months require a \$25,000 minimum loan amount **Collateral Required:** Yes **Maximum Loan Amount :** No **Early Payoff Penalty:** No **Late Fee:** Yes, if your payment is more than 10 days late, you will be charged the greater of 15.00% of the interest due or \$15 Home Equity Line of Credit (HELOC) A Home Equity Line of Credit (HELOC) is a variable rate "line of credit" secured with a lien on the member\'s home. First and Second Lien Home Equity Loans are available through our Lending Department. We partner with Member First Mortgage to offer the best options with our Home Equity Lines of Credit for our members. [**Loan Rates**](https://www.allianceccu.com/borrow/loan-rates/) [**Home Equity Line of Credit Procedures**](https://alliancecatholic.helpdocs.io/loan-processing/home-equity-line-of-credit-application-ela) [**heloc-ppt-2023 (1).pptx**](https://files.helpdocs.io/cro73oxvje/other/1695749112535/heloc-ppt-2023-1.pptx) **Application Fee:** **\$349** ---------------------------------------- -------------------------------------------------------------------------------------------------------------------------- **Available Terms:** 10 year draw, 20 year term **Collateral Required:** Yes **Fixed or Variable Rate:** Variable **Can Members Choose Their Due Date:** No, all payments are due on the 28th of the month. **Draw Period:** 10 year draw period **Minimum Draw Amount:** \$250 **Repayment Period:** 20 years **Early Payoff Penalty:** No **Maximum Loan to Value:** 80% LTV, unless a vacation home, then the max is 70%. **Minimum Loan Amount:** \$20,000 **Maximum Loan Amount :** \$200,000.00 **Late Fee:** Yes, if your payment is more than 10 days late, you will be charged the greater of 15.00% of the interest due or \$15.00 Additional Information - Loan funds are available on the 4 business day after the loan closing. - After the 3 day Right of Rescission - Funds can be accessed via check, or loan advance. Loan advances (transfers) can be completed in-branch or through Digital Banking Mortgage We partner with Member First Mortgage to offer the best Mortgage options to our members. MFM/ACCU offers 1st home purchase mortgages as well as refinance of existing mortgages. Mortgages are also available for vacation/second homes, investment properties, and new construction. Member First Mortgage is an FHA, VA, and MSHDA approved lender.   [**Mortgage Application or Rate Quote**](https://mortgage.allianceccu.com/) [**Member First Mortgage**](https://www.memberfirstmortgage.com/) **Available Terms:** **From 5 to 30 year** ---------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------- **Can Members Choose Their Due Date:** No, payments are due on the 1st of each month **Collateral Required:** Yes **Minimum Loan Amount:** On primary/vacation homes is \$10,000 and on investment property \$32,000.00 **Maximum Loan Amount :** Less than \$548,250 Updated Annually **Closing Fee:** Closing fees (closing costs) are based on several factors, members will discuss this with a Mortgage Officer during the application process. **Early Payoff Penalty:** No **Late Fee:** Late fees are charged after the 15th of each month **Is an Appraisal Required:** Yes Additional Information - A Escrow account may be required with the Mortgage. An Escrow account is a share account that is used to pay property taxes and home owners insurance. Part of the monthly payment includes funds that are deposited to this account for that purpose.