Used Vehicle Secured LoansOn used vehicles, the amount of money the credit union will lend is based on the latest NADA Official Used Car Guide “clean retail” value. The following minimum requirements must be met: Payback term not to exceed the following terms:
- Vehicle model years 2016-2012 - maximum loan term: 72 months if vehicle has up to 25,000 miles.
- Vehicle model years 2016-2012 - maximum loan term: 60 months if vehicle has 25,000 miles or more.
- Vehicle model years 2011-2008 - maximum loan term: 60 months.
- Vehicle model years 2007 and older - maximum loan term: 36 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 borrower’s expense.
- Antique automobiles shall be considered, provided the loan meets certain criteria, such as updated bonafide appraisal, proper insurance coverage, and title recording.
Used Vehicle Loan Rates