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

Members with High Credit Scores

*Effective 1/1/18 - Members with a credit score of 720 and higher

  • Interest rate 5% lower
  • No waiting on membership date requirement
  • Must still qualify through debt ratio, no collections over $250, no record of bankruptcy on credit report and no unpaid charge offs

 

$10.00 automobile loan application fee

 

September 1, 2018 rates

 


* Revised and Board approved: 09/25/2018

 

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 September 1, 2015 for qualifying members with three years of membership, no collections over $250.00, no record of bankruptcy, no unpaid charge-offs, total indebtedness to the credit union not exceeding annual salary, and a debt ratio at 50% or lower and a credit score above 550 - the following rates apply:

Vehicle Year APR % Term
2019-2018 
7.9
36 months
2019-2018
8.3
48 months
2019-2018 
8.5
60 months
2017
9.9
54 months
2017
10.9
60 months
2016-2015 
11.0
48 months
2016-2015 
12.0
60 months
2014
13.0
36 months
2014
14.0
48 months
2013
13.0
36 months
2013
14.0
48 months
2012
15.0
24 months
2012
18.0
36 months
2011-2008
15.0
24 months
2011-2008
18.0
36 months
2007-2006
16.0
24 months
2007-2006
18.0
36 months
2005-prior
18.0
12 or 24 months

***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

For members with Credit Problems, any member with a credit score under 500, no matter how many years of membership, shall be limited to a maximum auto loan amount of $1,500 for qualifying loan applicants. Additional loan guidance is provided below:

Credit problems with three years and above membership

Automobile loans for members with “credit problems” (collections over $250.00, unpaid charge offs, and a record of bankruptcy), a three year membership requirement, maximum car loan upper limit of $3,000.00 plus GAP insurance $150.00 totaling ($3,150.00), total indebtedness to the credit union not exceeding the annual salary, and a debt ratio of 50% or below, or a credit score below 550.  The following rates apply:

Vehicle Year Classification APR % Term
2019-2018 
Code 41
12.0
24 months
2017-2014 
Code 42
15.0
24 months
2013-older 
Code 43
18.0
24 months

Credit problems with five years and above membership

Automobile loans for members with “credit problems” (collections over $250.00, unpaid charge offs, and a record of bankruptcy), a five year membership requirement, maximum car loan upper limit of $5,000 plus GAP insurance $150.00 totaling ($5,150), total indebtedness to the credit union not exceeding the annual salary, and a debt ratio of 50% or below, or a credit score below 550.  The following rates apply:

Vehicle Year Classification APR % Term
2019-2018 
Code 41
12.0
36 months
2017-2014 
Code 42
15.0
24 months
2013-older 
Code 43
18.0
24 months

Credit problems with ten years and above membership

Automobile loans for members with “credit problems” (collections over $250.00, unpaid charge offs, and a record of bankruptcy), a ten year membership requirement, total indebtedness to the credit union not exceeding the annual salary, and a debt ratio of 50% or below, or a credit score below 550 with a maximum loan amount of $10,000.00 plus GAP Insurance $150.00 totaling ($10,150.00).  The following rates apply:

Vehicle Year Classification APR % Term
2019-2018 
Code 41
12.0
60 months
2017-2014 
Code 42
15.0
48 months
2013-older 
Code 43
18.0
36 months


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