New Vehicle Secured LoansAs a service to our members, EPB Employees Credit Union provides loans to purchase cars, trucks, motorcycles, boats, etc. Since these loans are somewhat similar, the following description of requirements and features will apply to most new vehicles (NV).
NV’s are vehicles classified as “new” per the dealer’s invoice. Demonstrator models may qualify as “new” depending on actual mileage/use. A vehicle can have up to 15,000 miles and still qualify for a new car rate. A perfected title shall be required as security on all vehicle loans.
New Vehicle Loan Rates
Buy it now!We recommend that you call or come by the Credit Union before shopping for two reasons:
- The Credit Union uses www.nadaguides.com to determine the book value of vehicles.
- We can “pre-qualify” you. Then, you can just write a check to the dealer and we will cover that check the next business day!
100% LoanOn new vehicles, the amount of money the Credit Union will lend is based on 100% of dealers cost plus taxes, warranty and transportation. The following minimum requirements must be met also:
- Payback term not to exceed 72 months.
- Current credit report that is acceptable.
- Debt-to-income ratio not to exceed 50%.
- Borrower must have proven stability of employment. EPB employees’ income can be verified by phone; non-EPB employee borrowers must have income verified in writing.
- Any automobile used as collateral shall have proper and adequate insurance to protect the credit union’s interest and the borrower must maintain this insurance throughout the term of the note and have the credit union listed as “loss payee” on the policy. If the member fails to provide proper insurance, such coverage will be obtained by the Credit Union at the borrower’s expense.