MCT Federal Credit Union

About Credit Union

MCT Federal Credit Union is a member-owned financial cooperative since 1960. We have all the services of the “big banks”, without the fees, hassles, or high rates. Bring your kids, bring your mom, you can even bring your dog.


Credit Union Services

Auto Center

  • Pre-Approval

As necessary as a car is in beautiful upstate New York, most of us are not crazy about haggling with car dealers. First, there’s the price of the vehicle, then the “add-ons”, then the financing portion, which can be the ultimate headache. You know what we’ve learned in over fifty years of car lending? We’ve learned that buyers with pre-approved auto loans have control of the negotiation, because they don’t have to quibble about anything. No dealing with “finance managers” who work to make cash for the dealership, no waiting to “see if you get approved”, no pushy sales people trying to put you into more car than you can afford. You walk in, point to the car you want, hand over your check, and drive away. Want to be the dealership’s “worst nightmare”? Visit us first. You’ll save money, time and a whole lot of aggravation.

  • GAP Insurance

Most people know that a new vehicle starts to depreciate the minute you drive it off the lot. So, what happens if your brand new Sport Ute gets T-boned by a minivan on the way home? You could be stuck paying off a car you can’t drive, and nobody wants that nightmare. The time will come when you owe more on your car than it’s worth. GAP – Guaranteed Asset Protection – pays the difference between what the insurance company pays and the amount you still owe, up to 125% of the vehicle’s value! We think that’s not only fair, it’s the right thing to do. Purchase GAP insurance at the time you close your loan. Our GAP policy is only $150, which we can add right to your loan. The difference in your payment is literally pennies, but the peace of mind is priceless. GAP is the smart and affordable choice to protect your investment.

  • Car Insurance

One the the best reasons to get a quote from TruStage is that they offer discounts for credit union members. We love that idea. 

  • How To Win The Car Buying Game

When you’re looking for a new car, your first priority is to get the best car at the best price.  To negotiate the best deal, it’s important to understand common car auto sales “tricks of the trade.” Once you know what they are, you are on your way to becoming the dealership’s worst nightmare—an educated consumer.

Negotiate one thing at a time. Car dealers like to combine the price, trade-in and financing into a lump. They usually do this by asking what you can afford to pay each month. Don’t answer that. They use this information to inflate the figures in their favor. You can avoid this by negotiating one thing at a time. Start with the price of the car. Negotiate the car price as if you were paying cash, with no trade-in. To get the best deal, negotiate the price of the car based not on the sticker price, but on dealer cost. Dealer invoice price is available online, but that usually isn’t the price the dealer paid. Dealers get “behind-the-scenes” incentives and holdbacks designed to give them more profit per vehicle. Knowing the dealer price gives you the most haggle room. The dealer price is the invoice price minus incentives, holdbacks or rebates. Make it clear to the salesperson that you want the lowest possible markup over this starting price.  Let the salesperson know that you are shopping several dealerships and will buy from the one that offers you the best deal.  Once you’ve settled on a price for the new vehicle, then discuss your trade. Trade-in values on used vehicles are available from sources like the NADA Book or Kelley Blue Book. Knowing what your trade is worth gives you more power when negotiation a price for your old car. If you like, we can help you find out the “book value” of your trade-in.

Financing Options – Dealers like to arrange the financing on your vehicle because they get paid commissions from banks as a reward for sending them business. A dealer may choose financing based on which lender is paying the highest commission to the dealership, instead of choosing the deal that is best for you. Financing through the dealer can end up costing you more.  Let’s be clear here: dealers are usually not acting in your best interest when they finance a vehicle. They often have “indirect lending” agreements with banks that pays them a “commission” (a percentage of the interest rate) on each loan.  Get your own loan and you will undoubtedly save money. If the dealer  financing sounds really good, ask us. Call us at 842-1840 and ask what our auto loan rates are. Chances are we will be lower—in some cases significantly so.  “Special financing” offers may sound good, but there are downsides that end up costing you money. For instance, “no down payment” means you’ll have to finance more, which makes your monthly payments higher and increases the amount of interest you pay. Keep in mind that most buyers do not qualify for “0%” or other advertised low rates. These are offered to get you in the door. Once you don’t qualify for the “special” rate, you are simply another buyer they can make money by financing. Getting pre-approved for your auto loan means you get the best rate for you. It also takes the financing out of the deal-making equation, tipping the balance of power in your favor.

Avoid “option-loading” – Salespeople try to increase the profit margin on your vehicle by talking you into a lot of optional equipment. Know which options you want and which you can live without. While some options can be purchased individually, most are offered only as part of an “option package,” designed to make you pay for things you don’t want to get the few you do. Option prices, too, are negotiable. The price on the sticker is not necessarily the price you must pay. Don’t be afraid to bargain on options. Dealerships profit from extra items like rust-proofing, fabric protection, paint sealing or etching vehicle VIN numbers on windows. Don’t waste your money. What costs the dealer about $90 can end up costing you $1,000 or more. Vehicles are already treated to protect against rust. Upholstery is treated at the factory. If you like, you can treat the upholstery yourself with a can of spray-on protectant. Paint sealants and waxes are available for under $15 from auto parts or department stores. No state requires VIN etching, but if you’d like your vehicle’s VIN number etched, do-it-yourself kits are available for about $25.  If “dealer prep” shows up on your bill of sale, ask for specifics. What specifically was done to “prep”  the vehicle? If pressed, the salesperson will usually list things like checking tire pressure, washing the vehicle, aiming headlights, etc. This should all be included in the vehicle sale price. If these ”dealer prep” fees appear on your bill of sale, refuse to pay for them.

Extended warranties – At some point during the buying process, the dealership will try to sell you an extended warranty, which can cost hundreds or even thousands of dollars. Consumer Reports recommends not purchasing an extended warranty unless you plan on keeping a trouble-prone vehicle for an extended period of time after the manufacturer’s warranty runs out. Most manufacturer’s warranties are sufficient, with bumper-to-bumper coverage of at least three years or 36,000 miles. Powertrain coverage often lasts longer. If you feel you must have an extended      warranty, those offered by the vehicle manufacturer are typically better than those offered by third parties.

We’re on your side – As an MCT Federal Credit Union member, you are an owner of the credit union. We work for you. You can trust us to get you the best possible rates, payments and advice when it comes to buying your next new or used car.


No matter what you need funds for, getting a loan with MCT Federal Credit Union is fast and easy. Whether you apply online or in person, your loan application is reviewed and processed in the same timely manner. In most cases, we can have your personal loan funds ready on the next business day. Check below for our current rates, and you can apply directly by simply clicking the button. Like we said – it’s fast and easy. And, as always, if you have any questions, we’re happy to take your call.

Boats, Bikes, RVs

New & Used


MCT will finance up to 100% of the List Price or book value. We offer a maximum term of 12 years on a new RV, or 10 years on pre-owned. Take a full 5 years on a new motorcycle and 4 years on used, and up to 8 years on a boat.


Auto Loans

New and Pre-Owned

2.09% - 5.99%

  • Rates depend on year of the vehicle financed and the term of the loan. Our rates begin as low as 1.84% APR on new autos. Call us for the rate on the vehicle you want.


Personal Loans

Unsecured loans for almost any use

6.95% - 8.99%

  • Unsecured loan rates are based on the term of the loan. Take up to seven years to pay.


Debt Consolidation

Pay off high interest debt

9.00% - 10.10% APR

  • Use this to pay off your higher interest debt with other creditors. Make one easy, low monthly payment and take up to seven years to pay.


Holiday Loan

Shop & Share


  • Available from October 1 through December 23, this unique loan lets you relax and enjoy the holidays knowing your gift-giving needs will be met.



Wanna get away?

10.75% APR

  • Another unique product designed to give our members the ability to pack up and go on a moment’s notice. Wanna get away? Use this fast, convenient loan!


Secured Loans

Rebuild credit


  • Designed for those with credit challenges, this loan can help you rebuild your credit standing. Secured by either a Savings Certificate (at 4% above the CD rate) or your Share Savings account (5% APR), you can use this to bounce back from a bump in your credit road.


Checking Line of Credit

Overdraft protection

15% APR

  • This is a great way to prevent a check “bounce”.  Attach this to your checking account and forget your worries.

Home Equity Packet

What is a Home Equity Loan?
A home equity loan is a loan secured by a lien on currently owned real estate that is the principal residence of the Member.

How much can I borrow?
At MCT Federal Credit Union, Members may borrow up to 85% of the market value, less any outstanding mortgage value, to a maximum of $150,000.00.

What is the minimum amount I can borrow?
The minimum amount for a home equity loan is $10,000.00.

How long a term can I get? 
The maximum term is 15 years, but the actual term is determined by the amount you borrow.

What is used as collateral for a home equity loan?
Security for a home equity loan will be evidenced by a properly recorded mortgage against the principal residence of the Member.

What kind of insurance coverage must I keep on my home?
Fire insurance coverage must be provided in an amount at least equal to the amount of the credit union Home Equity loan plus all higher priority liens against the property. The credit union must be named as mortgagee on the property.

Are there any fees or closing costs?
There is a non-refundable $100.00 application fee. If the home equity loan is approved and processed, this $100.00 amount will be applied to your mortgage tax. MCT Federal Credit Union will absorb all third-party processing fees.

Do you offer Home Equity Lines of Credit?
Yes. Please call for more information.

Am I required to get an appraisal to determine the value of my real estate? 
The credit union will order a Freddie Mac Home Value Explorer report to determine the value of your real estate. Associated costs for obtaining this report will be absorbed by the credit union. However, if you have a recent appraisal available, the credit union will take that appraisal into consideration as well.

What is required to process a home equity loan request?
You will need to complete a Home Equity Loan application and return it to MCT Federal Credit Union, along with your deed, verification of taxes paid for the prior year, your most current income tax return and all pay stubs.

Home Equity & HELOC Information

Minimum loan amount:    $10,000.00

Maximum loan amount: $150,000.00

Schedule of terms:

Closed end:

  • Up to $10,000.00                                    5 year maximum term
  • $10,0001.00 – $30,000.00                 10 year maximum term
  • $30,001.00 – $150,000.00                  15 year maximum term

Open end:

  • 5 year draw period
  • Repayment period based on balance due at end of draw period. See schedule above.
  • Minimum Line Of Credit is $20,000.00, with a minimum $10,000.00 draw at closing.

When returning completed application, please bring:

  1. Copy of deed
  2. Verification of taxes paid for prior year or copy of mortgage statement is taxes are paid through escrow.
  3. Verification of annual income – income tax return and current pay stub
  4. Application fee of $100.00 (non-refundable)

Please complete the following:

How much money would you like to borrow? $___________________________________

How long would you like to take the loan for? __________________________________ years (closed end only)

What will you use the proceeds of the loan for? Be specific: _________________________________

Call 518-842-1840 to schedule an appointment after completion of your application.



Address:39 Market Street, Amsterdam, NY 12010



  • What is MCT Federal Credit Union Routing Number?

MCT Federal Credit Union Routing Number is 221373422

  • MCT Federal Credit Union hours of operation?

Mon, Tues, Wed – 9 am – 4:30 pm
Thurs – 9 am – 5 pm
Fri – 9 am – 6 pm
Sat – 9 am – 12 noon (drive-thru)

  • MCT Federal Credit Union Customer Service

Phone: 518-842-1840


  • MCT Federal Credit Union Online Banking

User Logon MCT Federal Credit Union Online Banking