New
Vehicle
Loans |
As a service to our members, EPB Employees Credit Union provides
loans to purchase cars, trucks, motorcycles, boats, etc. Since
these loans are somewhat similar, the following description of
requirements and features will apply to most new vehicles (NV).
NV's are vehicles classified as "new" per the dealer's invoice.
Demonstrator models may qualify as "new" depending on actual
mileage/use. A vehicle can have up to 15,000 miles and still
qualify for a new car rate. A perfected title shall be required as security on
all vehicle loans. |
Look
in the
book!
Buy it
now!
|
We recommend that you call or come by the Credit Union before
shopping for two reasons:
- The Credit Union has available The Original New Car
Cost Guide book that is published once every two
months by the Automobile Invoice Service (AIS). This book lists options
and costs of most all the new vehicles and may save you both time
and money.
- We can "pre-qualify" you. Then, you can just write a check
to the dealer and we will cover that check the next business
day!
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| 95% Loan |
On new vehicles, the amount of money the Credit Union will lend
is based on 95% of dealers cost plus taxes, warranty and
transportation. The following minimum requirements must be met
also:
- LOANLINER Application on file (no more than 3
years old).
- LOANLINER Credit Agreement on file (no more than 3 years old).
- LOANLINER Advance Request Voucher and Security Agreement per
each disbursement (long form).
- Payback term not to exceed 72 months.
- Current credit report that is acceptable.
- Debt-to-income ratio not to exceed 50%.
- Borrower must have proven stability of employment. EPB
employees’ income can be verified by phone; non-EPB employee
borrowers must have income verified in writing.
|
100%
Loan |
Upon special request, credit worthy members may be granted
100% financing based on the AIS New Car Cost Guide.
The following minimum requirements must be met:
- LOANLINER Application (new per each disbursement).
- LOANLINER Credit Agreement (new per each disbursement).
- LOANLINER Advance Request Voucher and Security Agreement
(per each disbursement).
- Payback term not to exceed 72 months.
- New credit report with no ratings of R3/I3 or worse, no
more than 3 disputed accounts allowed.
- Debt-to-income ratio not to exceed 50%.
- Borrower must have proven stability of employment. EPB
employees’ income can be verified by phone; non-EPB employee
borrowers must have income verified in writing.
- Financing at 100% shall be defined as follows: The total
purchase price of the vehicle less any dealer or manufacturer
discounts, rebates on incentives, but not to exceed suggested
retail price as stated in the AIS New Car Cost Guide,
plus destination charges, warranty-if any, sales tax and title
work.
- Any automobile used as collateral shall have proper and
adequate insurance to protect the credit union's interest and
the borrower must maintain this insurance throughout the term
of the note and have the credit union listed as "loss
payee" on the policy. If the member fails to provide proper
insurance, such coverage will be obtained through the CMCI
Collateral Protection program.
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