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Loan Rates
Vehicle Loans
| Product | Term | APR | Comments |
|---|---|---|---|
| New Vehicles | up to 36 months | as low as 4.24%1 | |
| New Vehicles | 37 to 60 months | as low as 4.49%1 | |
| New Vehicles | 61 to 72 months | as low as 5.14%1 | $20,000 minimum |
| Used Vehicles 2003 or newer | up to 36 months | as low as 4.64%1 | 120% financing of NADA retail value |
| Used Vehicles 2003 or newer | 37 to 60 months | as low as 4.94%1 | 120% financing of NADA retail value |
| Used Vehicles 2003 or newer | 61 to 72 months | as low as 5.44%1 | 120% financing of NADA value, $20,000 minimum |
| Used Vehicles 2002 or older | up to 60 months | as low as 9.19%1 | 100% financing of NADA retail value |
| New Recreational Vehicles/Boats | up to 144 months | as low as 7.49%1 | up to 90% financing |
| Used Recreational Vehicles/Boats 1998 or newer | up to 144 months | as low as 8.74%1 | up to 90% financing of NADA value |
Consumer Loans
| Product | Term | APR |
|---|---|---|
| Signature Loan | up to 60 months | as low as 11.65%1 |
| Debt Consolidation Loan | up to 60 months | as low as 12.65%1 |
| Education/Computer Loan | up to 60 months | as low as 8.80%1 |
Preferred Teacher Loans
| Product | Term | APR |
|---|---|---|
| Preferred Teacher Loan | up to 12 months | as low as 7.80%3 |
| Preferred Teacher First Time Vehicle Loan |
up to 36 months2 | as low as 4.24%1,4 |
Home Equity Loans
| Product | Term | APR | Comments |
|---|---|---|---|
| Equity Flex Loan | up to 60 months | as low as 6.75% | up to 75% financing up to $200,000 |
| Equity Flex Loan | 61 - 120 months | as low as 7.00% | up to 75% financing up to $200,000 |
| Equity Flex Loan | 121- 180 months | as low as 7.25% | up to 75% financing up to $200,000 |
| Equity Flex Loan | 181 -240 months | as low as 7.75% | up to 75% financing up to $200,000 |
Home Equity Line of Credit
| Product | APR | Comments |
|---|---|---|
| Equity Option HELOC --- No Closing Cost Option† | As low as Prime -0.50%, 4.99%5 | Up to 75% financing, up to $200,000 |
| Equity Option HELOC --- Intro Rate Option, 4.99% Intro Rate†† | As low as Prime -0.50%, 4.99%5 | Up to 75% financing, up to $200,000 , member pays closing cost |
| Equity Preferred HELOC --- 4.99% Intro Rate†† | As low as Prime -0.75%, 4.99%5 | Up to 75% financing, member pays closing cost |
Line of Credit Loans
| Product | APR |
|---|---|
| Line of Credit | as low as Prime + 5.50%, 10.50%5 |
Secured Loans
| Product | APR |
|---|---|
| Share Pledged Loans | 3.00% above regular savings rate (variable) |
| Certificate Pledged Loans | 3.00% above certificate rate |
LTV - Loan to Value
1 Rates shown reflect a .50% Level 5 Scholar Series discount.
2 Other terms are available for the Preferred Teacher First Time Vehicle Loan.
3 Only one loan per year, per member. Loan maximum of $2,500.
4 Must be in good standing with MCT and have no record of NSF activity. Proof of car insurance required at or prior to loan funding.
5 Consumer loan rates and HELOC rates are indexed to the Prime Rate as quoted by the Wall Street Journal as of two days prior to the beginning of the month. The Prime Rate was 5.00% as of May 29, 2008. Rates are based on applicant’s credit. Actual rate may vary. Minimum rate of 4.99%. Maximum rate of 18%. Homeowner’s insurance is required.
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Related Links
Resources for Students
MCT has financial education links for students.
