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Loans
and Loan Rates
Summer Loan Special
First
Mortgage
Home Equity Loans
Loan Rates
Loans
are made to members at rates lower than most banks and other
financial institutions.
A loan
from Petroleum Associates Federal Credit Union can add on an extra
room, buy a car or a boat and just about anything that will
help make life "just a little easier." Make it a
habit to always check with your credit union first anytime
you're thinking about a major purchase or establishing a line
of credit. You'll find you come out ahead.
Any member
18 years of age or older may apply for a loan. Borrowing is
easy and convenient. Our applications make applying quick
and hassle-free. You receive prompt, courteous service with
the lowest possible rates and most flexible terms available.
Your loan will most likely be processed the same day.
Standard
repayment procedure is payroll deduction, but a cash pay schedule
is also available to members without access to deductions.
Additional payments, or total payoff of a loan may be made
at any time without any prepayment penalty. Interest is computed
only on the unpaid balance.
Petroleum
Associates Federal Credit Union calculates simple interest
based on a 365 day year base.
Take
the member's loan balance from last day of payment or day
of new loan, multiply times number of days, multiply times
interest rate (10% + .10), divide by 365 = current interest
due.
Example:
Member's last payment was 1/1/93, loan balance $5000.00, interest
rate is 10%, today's date is 2/25/93.
$5000 x 56 days x .10 ÷ 365 = $76.71 interest due
Summer Loan Special!
Beginning June 1, thru August 30, 2006, Petroleum Associates Federal Credit Union is offering a $3,000.00 loan to be paid back in 12 months at a rate of 6.99%. To qualify for this loan special, you must have excellent credit and debt ratios - no exceptions.
First
Mortgage
Our First
Time Home Buyer Loan offers a 3% down payment, which may be
borrowed from the credit union, and a 30 year fixed rate term.
Call 800-503-6855 for further details. Or, you can apply on-line by clicking the image below.
Home
Equity Loans
Our Home
Equity Loan Plan allows you to borrow against the equity you
already have in your home for any major purchase. This convenient
and affordable plan is the perfect way to turn your dream
purchase into a reality.
Petroleum
Associates Federal Credit Union Home Equity Loan Plan allows
you to borrow up to 80% of the appraised value of you home,
minus the First and all other Mortgage balances, if any. There
are no origination fees.
The floating rate is based on the prime and never rises above 18%. Rates are subject to change monthly with a maximum
repayment of fifteen years.
Loan
Rates Effective April 17, 2006
| Loan Type |
Maximum
Amount |
Annual Rate |
Maximum
Term |
Requirements |
| 1st
Mortgage (*1) |
Up to $1,000,000.00 |
For
current rates, and more info, call 1-800-503-6855 or (770)506-7476. |
30
years only
15 years only
7/23 years only
5/25 years only
Call Credit Union
|
Creditworthy
subject to terms of secondary mortgage market; call Credit
Union for an application |
| 2nd
Mortgage & Home Equity
(*5)
|
Based on Collateral |
Prime 7.50% |
15
years |
Creditworthy;
80% of appraised value minus mortgage balance |
| New:
Auto, Truck, RV, Camper, Boat, Motorcycle (*2,5,6) |
100%
of sticker price |
5.49% (*7) |
1-5
years (*6) Longer terms available Call Credit Union |
Title
Creditworthy |
| Used:
Auto, Truck, RV, Camper, Boat, Motorcycle (*2,3,5,6) |
100% of NADA retail value for no more than 3 years old. 85% for models older than 3 years old. |
5.49% (*7) |
1-5
years (*6) Longer terms available Call Credit Union |
Title
Creditworthy |
| Share
Secured |
Amount
of Shares |
Variable
Passbook Rate plus 1% |
5
years |
Shares |
| Signature
(*5) |
$7,500 |
1 year 11.00%
2 years 12.00%
3 years 13.00%
4 years 14.00%
5 years 15.00%
|
5
years |
Creditworthy;
past credit record; reviewed annually |
| VISA |
$10,000 |
13.56% |
Unpaid
Balance |
Creditworthy |
| CD
Secured |
100%
of CD face value |
1%
above rate on CD |
Terms
of CD |
Certificate |
*1. Conventional
mortgages up to 90% of appraised value with private mortgage
insurance. Loan amounts of $80,000 to $100,000 have discount,
origination and closing costs of 3.5% loan amounts of $100,000
to $159,000: 2%. Buy downs available. Call for details.
*2. PAFCU auto loans cannot be refinanced to get a lower rate.
*3. Refinanced auto loans are made at loan values in current
NADA book.
*4. Titles are accepted as collateral at NADA retail value
and stock at 80% of current value.
*5. Petroleum Associates Federal Credit Union will pay off any
new or used auto loan held with another financial institution.
Above rates would apply to refinancing in the absence of any
special loan promotion. Note: Auto loans currently held by
Petroleum AFCU not eligible for refinancing.
*6. Longer terms are available. Please call nearest office
for more details.
*7. Rates are based on individual credit worthiness at time of advance. Rates are
subject to change.
* For current first mortgage rates, please call 1-800-503-6855.
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