The loan is used to purchase untitled boats and vehicles, snowmobiles, computers, electronics, equipment, etc. The loan application must be accompanied by a sales receipt for the item being purchased which must include a complete description of the item and the model and serial numbers. The borrower is responsible for the cost of any required appraisals and for filing of the financing statement. Proof of fire, theft and collision insurance with a $500 deductible and a loss payable clause to the Credit Union is required for all insurable loans.
- Maximum amount financed and maximum term are determined by the value on the sales receipt or appraisal.
- Rates are determined by the value of the item, the percent of that value to be financed, and the length of time to be financed.
- Rates range from a low of 7.25% APR to a high of 11.25% APR (APR = Annual Percentage Rate).
- Please contact a member service representative for actual rates.