The Straight Truth About Credit Union Loans in Massachusetts

Credit Union Loans in MassachusettsIf you need a loan to buy a car, home, make home improvements or pay off personal debt, make sure to consider your local credit union. Interest rates in New Bedford are often lower for members of St Anne Credit Union than through traditional banking institutions and other lenders. There are lots of advantages to seeking a credit union auto loan, home loan or personal loan. In addition to payment options and other benefits, including credit union online banking for account management and New Bedford credit checking opportunities, our members tell us that the entire process is a lot smoother than it was with other lenders they have worked with in the past. The more you know about how credit union loans work, the easier it will be to get the best deal possible.

New Auto Loans

At St Anne Credit Union we offer new auto loans that require no down payment and terms that range between two to six years, depending on your financial needs. Before any auto loan can be finalized, we require the member to have a Main Share Account with a $25 minimum balance, proof of income, an insurance binder, copy of the purchase contract, and a copy of signed RMV-1 form. GAP insurance is available for our members at the low cost of $300, and there is a $21 fee for single vendor’s interest insurance, which will be added to the loan amount. If you are refinancing a vehicle, there are other requirements, such as a copy of the registration and a copy of the financial note. There is a $25 MADOT (Massachusetts Department of Transportation) fee that must be paid to add us as the lienholder.

Used Auto Loans

A very similar process to the application for new auto loans, St Anne Credit Union does not require a down payment for models that are 2004 or newer. The terms that we offer range from two to five years, depending on the model year. Minimum balance of $25 in a Main Share Account, proof of income, insurance binder, a copy of purchase contract, copy of signed RMV-1 form, as well as included GAP insurance of $300 and single vendor’s interest insurance of $21 will be added to the loan amount. The requirements for refinancing of used autos is the same as for new vehicles, requiring a copy of the registration and financial note along with the $25 fee for MADOT to add us as the lienholder.

New & Used Motorcycle Loans

If you are interested in purchasing a new or used motorcycle, St Anne Credit Union requires a 10 percent down payment and offers terms that range between two and four years. A similar account, proof of income, insurance and contract form copies are required along with the $21 fee for single vendor’s interest insurance. All of the terms and conditions for new and used auto loans, as well as new and used motorcycle loans are subject to change without notice. Please contact St Anne Credit Union direct to find out about the requirements for a credit union auto loan, motorcycle loan or refinancing opportunity, as well as the latest interest rates in New Bedford for members.

Personal & Share Loans

A personal loan allows an individual to borrow between $500 and $10,000 for terms that range from one to four years. For amounts over $6,000, two signatures are required for the loan. St Anne Credit Union offers special loans and interest rates in New Bedford throughout the year. A share loan is a type of loan that is secured by the member’s Main Share Account. It is possible to borrow up to 100 percent of the balance in the account for three percent over the current share rate. The advantage is that members continue to earn interest on their savings and the maximum term is up to 48 months. Monthly payments that include principal and interest are required. Ask about additional opportunities, such as loans secured by certificate of deposit (CD) accounts, which allow the loan to mature on the same date as the CD securing it.

Mortgage Loans

In addition to New Bedford credit checking, savings, and credit union online banking, members can also apply for fixed rate home loans. Contact an agent for current information and interest rates in New Bedford for fixed rate mortgages as well as loan requirements. Equity loans may be available at up to 75 percent of the value of your home, less your first mortgage. Loans of up to $125,000 are available to members and the terms range between five and fifteen years. Closing costs include attorney fees, recording fees with the Registry of Deeds, a Flood Determination Certificate, and the Credit Report fee, all of which can be financed into the loan. There is a $350 appraisal fee, and equity loans are only available on owner-occupied properties. Speak with an agent about Equity Line of Credit Loans, which are similar to Equity Loans, but offer closing fees that are paid for by the credit union.

Interested in Getting a Credit Union Loan in New Bedford?

Whether you have questions about the New Bedford credit checking fees and process or if you would like to know more about options for credit union online banking for a credit union auto loan, home loan, or equity line of credit, contact our office directly by calling 508-993-0011. Our agents can answer any questions that you might have and help you get started on the application process or provide details about current interest rates in New Bedford for credit union members. Not a member of St Anne Credit Union yet? Speak with a representative or stop by our location on Union Street to join today!