SELH
Federal Credit Union
Credit Union Members                  

car

Vehicle Loans for both new and used automobiles are availble for our members.

* We are now refinancing vehicles from other sources at 1/2 the APR charged but not less than 2% APR.

$10.00 automobile loan application fee

May 2021 rates

* Revised and Board approved: 05/18/2021

NOTICE

State law requires auto insurance and SELH Federal Credit Union requires auto insurance for the life of an auto loan.

Members sign a Borrowers Agreement to provide and maintain automobile insurance when they are granted an automobile loan with SELH Federal Credit Union. Members have been letting their auto insurance lapse or drop coverage all together.

  • Effective July 1, 2016, any member with an automobile loan who does not have current proof of insurance coverage will not be granted any new loans including walk-in loans. Insurance proof to be provided by member to be granted future loans. This notice approved by the Board of Directors on June 21, 2016.


Effective May 18, 2021 for qualifying members with no collections over $250.00, no record of bankruptcy, no unpaid charge offs, a debt ratio at 50% or lower and a credit score above 550- the following rates apply:

Vehicle Year APR %
2021-2020 
2.0
2019
4.9
2018-2017 
6.0
2016
8.0
2015
9.0
2014
10.0
2013-2010
11.0
2009-2008
12.0
2007-prior
13.0

Maximum financing is 7 years depending on price of vehicle.

***Note - Any loan that requires the spouse's income to be used to meet the debt ratio must have the spouse as co-signer. Co-signers must sign the application and all loan papers.

Loan Applications

Mandeville Office 238 LaFitte Street loan applications are taken Monday through Wednesday from 9am till 3:30pm.

Credit Problems

Automobile loans for members with "credit problems" (non-medical collections over $250.00, unpaid charge offs, or a record of bankruptcy) a credit score below 550. Debt ratio at 50% or below. The following rates apply:

2 years financing    12%

3 years financing    15%

 


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