IBEW Local 56 Federal Credit Union was chartered in 1961 - Once A Member ... Always A Member

Vehicle Loans

vehicle loan

New - Used 

The loan is secured by a title to an automobile, truck, motorcycle, RV, ATV, or boat. Vehicles being purchased from a dealer should be accompanied with the bill of sale. Used vehicles may require an appraisal if the Credit Committee deems one necessary. The vehicle ID number must be given to the Committee before the loan papers are drawn up. Proof of fire, theft, and collision insurance with a $1,000 deductible and a loss payable clause to the Credit Union is required.

  • Maximum amount is based on the J.D. Power NADA book value.
  • Maximum term is determined by the book value of the vehicle.
  • Rates are determined by the value of the vehicle, the percent of that value to be financed, and the length of time to be financed.
  • PennDOT has increased their lien filing fee to $100.00.
  • Rates Effective February 22, 2024

New Vehicle Loans - All Automobiles, Trucks, Motorcycles and Motor Homes

  • 2022 Model Year and Newer Vehicles
  • Loan limit - 90% of Manufacturers Suggested Retail Price or J.D. Power NADA suggested retail value
Term Rates as Low as
24 Months 4.40% APR*
36 Months 5.05% APR*
48 Months 5.30% APR*
60 Months 5.55% APR*
72 Months 6.05% APR*
84 Months  6.80% APR*

*APR = Annual Percentage Rate
*Other rates, terms, and limits (up to 100% financing) are available or may apply depending on lending criteria.  If the vehicle mileage exceeds 15,000 miles per model year, there will be a high mileage surcharge.

All Other New Titled Vehicles - Boats and Trailers, Travel Trailers, Campers, ATV's, Snowmobiles, Jet Skis, etc.

  • 2024 New Vehicles (Never Titled)
  • Loan limit - 95% of Manufacturer's Suggested Retail Price 
Term Rates as Low as
24 Months 6.40% APR*
36 Months 6.65% APR*
48 Months 6.90% APR*
60 Months 7.15% APR*
72 Months 7.65% APR*

*APR - Annual Percentage Rate
*Other rates, terms, and limits are available or may apply depending on lending criteria.

Used Vehicle Loans - All Automobiles, Trucks, Motorcycles and Motor Homes

  • Model Year 2018 - 2021 Vehicles
  • Loan Limit  -  95% of J.D. Power NADA Average Retail Value
Term Rates as Low as
24 Months 5.35% APR*
36 Months 5.85% APR*
48 Months 6.05% APR*
60 Months 6.15% APR*
72 Months 6.65% APR*
  • Model Year 2016-2017: Add 0.75% APR*
  • Model Year 2014-2015: Add 1.25% APR*
  • Model Years 2012-2013: Add 2.25% APR*
  • Model Uears 2010-2011: Add 2.75% APR*
  • Model Years 2009 & Older:  Add 3.25% APR*

*APR = Annual Percentage Rate
*Other rates, terms, and limits are available or may apply depending on lending criteria. 

All Other Used Titled Vehicles - Boats and Trailers, Travel Trailers, ATV's, Jet Skis, etc.

  • Model Year 2018 and Newer Used Vehicles
  • Loan Limit  -  95% of J.D. Power NADA Average Retail Value
Term Rates as Low as
24 Months 6.90% APR*
36 Months 7.15% APR*
48 Months 7.40% APR*
60 Months 7.65% APR*
72 Months 8.15% APR*
  • Model Year 2016-2017: Add 0.75% APR*
  • Model Year 2014-2015: Add 1.25% APR*
  • Model Year 2012-2013: Add 2.25% APR*
  • Model Year 2010-2011: Add 2.75% APR*
  • Model Year 2009 & Older: Add 3.25% APR*

 *APR = Annual Percentage Rate
*Other rates, terms, and limits are available or may apply depending on lending criteria.

 

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