Loans
We attempt to provide prompt, convenient service when loan applications are submitted. Normally, loan requests can be approved within the same day that they are submitted. However, additional
information may be needed, or other circumstances may delay the approval process. Home Equity and First Mortgage loans will require more time. Loan applications are available at either location and
can be submitted in person, by fax, via e-mail or USPS. Loan applicants must be credit union members and must have proof of income. A current pay stub or 1099 tax form is required.
Loan Types & Terms:
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New Vehicle Loan:
A closed-end loan secured by the vehicle title, intended for the purchase of new automobiles, vans, and trucks no greater that 5 tons. These vehicles can not have been previously registered or have mileage
that exceeds 5,000 miles. Prior year vehicles that meet the above criteria may be refinanced as new (new car interest rate and term), the credit union will finance up to 100% of the purchase order price plus
tax.
Apply for a Pre-approved new vehicle loan and take care of the financing before you start shopping for a car. Pre-approvals are good for 30 days and there is no obligation until you choose a vehicle and sign
the final promissory note.
Used Vehicle Loan:
A closed-end loan secured by the vehicle title, intended for the purchase of automobiles, vans, and trucks that do not exceed 5 tons and have been previously titled. The credit union will finance the purchase
price or up to 100% of the retail value as listed in the NADA Official Used Car Guide, whichever is less. The credit union will not finance any vehicle that is more than 8 model years old. A letter of intent to sell,
available at the credit union office is required for purchases from a private party.
Signature Loan:
A closed-end, unsecured loan that may be used for any purpose or need that members may have. Signature loans may be made for up to $5,000 for a maximum of 48 months for qualified borrowers.
Share Secured Loans:
A closed-end loan secured by shares (savings) held in the credit union. The applicant can borrow up to 90% of the amount held in the credit union share account. The shares (savings) are frozen in the
credit union for the term of the loan.
Boat Loans:
Closed-end loan for purchase of a new or used watercraft. All boats must be titled (starting in 1997, all new boats were titled from the factory. All boats prior to 1997 that are sold through a dealership
must be titled.) Encumbrance and lien will be placed on the boat and the trailer. Insurance coverage must be maintained on boats held as collateral. We will finance up to 90% of the Fair Market Value - retail.
Values will be determined by the NADA Blue Book.
Motorcycles:
A closed-end loan secured by the vehicle title, intended for the purchase of motorcycles. The credit union will lend up to 90% of the purchase price on new motorcycles. On used motorcycles, the credit
union will finance the purchase price or up to 85% of the wholesale value as listed in the NADA Used Motorcycle guide, whichever is less. A letter of intent to sell, available at the credit union office is
required for all purchases from a private party.
Campers Loans:
A closed-end loan for the purchase of a recreational camper. The camper title will be encumbered by the credit union for collateral purposes. The credit union will finance 70% of the NADA value.
Certificate of Deposit Secured Loan:
A closed-end loan secured by the Certificate of Deposit held in the credit union. Loans will be granted at the fare amount of the certificate for the remaining maturity. The rate will be 3% above the certificate
amount.
First Mortgages:
A fixed rate loan that is made to purchase a new home or pay off an existing first mortgage. Loan amounts available are the lesser of $275,000 or 85% of the appraised value. There are no points to pay up
front, but closing costs are the responsibility of the borrower and must be paid in advance.
**Adjustable Rate Mortgages: A loan that is made to purchase a new home or pay off an existing first mortgage with an interest rate that may vary. Loan amounts available are the lesser of $275,000 or
85% of the appraised value. There are no points to pay up front, but closing costs are the responsibility of the borrower and must be paid in advance.
Home Equity Loan:
A loan that is secured by a lien on property and is close-end. Loan amounts are the lesser of $80,000 on 80% of the appraised value.
Visa Credit Cards:
An open-end credit card program with a low fixed rate of 10.9% APR. Valley 1st Community Visa Credit Cards can be used at thousands of merchant locations around the world for purchases and cash
advances. The card carries up to $10,000 credit limit for qualified borrowers.
If lost or stolen card please call 1800-433-0505.
CAUSE A LOSS POLICY:
It is the policy of Valley 1st Community FCU to deny future credit related services (e.g. Loans and Credit Cards) as well as ATM services, share draft privileges, dividends and pre-authorized transfers to any member
who has an existing credit obligation in default or has engaged in any transaction that has caused this Credit Union to suffer a pecuniary loss. If however, the credit obligation is reaffirmed or otherwise voluntarily
repaid or the member cures any loss or expense with respect to the matter, then, the member will remain eligible for credit related and other services as though the default or potential loss had not occurred.
Signed:
Board of Directors
Board of Directors
December 31, 2009
Federally Insured by NCUA