Building Picture EPB Employees Credit Union
Used Vehicle Secured Loans
Phone: (423) 648-3413, Fax: (423) 698-2912, Email: epbecu@epbecu.org
Home Services Loan Information New Vehicle Loans Current Loan Rates
Used
Vehicle
Loans

On used vehicles, the amount of money the credit union will lend is based on the latest NADA Official Used Car Guide averaged "Trade-In" value. The following minimum requirements must be met:

  1. LOANLINER Application on file (no more than 3 years old).
  2. LOANLINER Credit Agreement on file (no more than 3 years old).
  3. LOANLINER Advance Request Voucher and Security Agreement per each disbursement (long form).
  4. Payback term not to exceed the following terms:
  1. Vehicle model years 2007-2003 - maximum loan term: 72 months if vehicle has up to 15,000 miles.
  2. Vehicle model years 2007-2003 - maximum loan term: 60 months if vehicle has 15,000 miles or more.
  3. Vehicle model years 2002-1999 - maximum loan term: 60 months.
  4. Vehicle model years 1998 and older - maximum loan term: 36 months.
  5. Current credit report that is acceptable.
  6. Debt-to-income ratio not to exceed 50%.
  7. 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.
  8. 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.
  9. Antique automobiles shall be considered provided the loan meets certain criteria, such as updated bonafide appraisal, proper insurance coverage, and title recording. This type of loan will be subject to the approval of the loan committee.
  10. Used vehicles shall be inspected by a member of the credit union staff and documented with a proper signature in the member's file.

Rates used in the table below are for borrowers with credit scores of 750 and better.

On Models 2007 - 2003
Years (APR) $ 1,000 $ 5,000 $10,000 $15,000 $20,000 $25,000 $30,000
5 (6.25%)
6 (6.50%)
 $ 19.45
$ 16.81
 $ 97.25
$ 84.05
 $194.50
$168.10
 $291.75
$252.15
 $389.00
$336.20
 $486.25
$420.25
 $583.50
$504.30

On Models 2002 - 1999
Years (APR) $ 1,000 $ 5,000 $10,000 $15,000 $20,000 $25,000 $30,000
5 (6.50%) $ 19.57 $ 97.85 $195.70 $293.55 $391.40 $489.25 $587.10

On Models 1998 - 1995
Years (APR) $ 1,000 $ 5,000 $10,000 $15,000 $20,000 $25,000 $30,000
3 (7.50%) $ 31.11 $155.55 $311.10 $466.65 $622.20 $777.75 $933.30

On Models 1994 and Older
Years (APR) $ 1,000 $ 5,000 $10,000 $15,000 $20,000 $25,000 $30,000
3 (8.00%) $ 31.34 $156.70 $313.40 $470.10 $626.80 $783.50 $940.20