Loan Type |
Term |
APR* |
1 Vehicle Loans |
||
Automobiles up to 5 years old |
up to 48 months |
5.75% – 15.75% |
49-60 months |
5.75% – 15.75% |
|
61-72 months |
6.25% – 16.25% |
|
73-84 months*** |
7.25% – 17.25% |
|
6 year old vehicles |
up to 48 months |
6.75% – 16.75% |
49-60 months |
7.00% – 17.00% |
|
7 year old vehicles |
up to 48 months |
7.50% – 17.50% |
Recreational Vehicles (Campers, Jet Skis, Dirt Bikes, Motorcycles, ATV’s, Boats, and Farm Equipment) |
||
up to 5 years old |
up to 48 months |
6.75% – 16.75% |
49-60 months |
6.75% – 16.75% |
|
61-72 months |
7.25% – 17.25% |
|
73-84 months*** |
8.25% – 18.00% |
|
up to 6 years old |
up to 48 months |
7.75% – 17.75% |
49-60 months |
8.00% – 18.00% |
|
up to 7 years old |
up to 48 months |
8.50% – 18.00% |
2 Signature Loans |
||
up to 48 months |
9.00% – 18.00% |
|
CASHLINE |
||
Signature Secured |
12.00% |
|
Share Secured |
7.00% |
|
Share Secured Loans |
||
36 months |
3.00% |
|
36+ to 60 months |
3.50% |
|
60+ to 120 months |
5.00% |
|
3 Real Estate Secured (primary residence)** |
||
Fixed Rate |
5 years |
6.00% – 13.25% |
Fixed Rate |
10 years |
6.00% – 13.25% |
Fixed Rate |
15 years |
6.00% – 13.25% |
4 Home Equity Line of Credit(variable rate)**** |
12 years |
7.50%(current rate) |
Automatic Payment: You will receive a discount of 0.25% on your Annual Percentage Rate (APR)* if you make your payments automatically from a Salem VA Credit Union Checking or Savings account.** If you discontinue making your payments automatically, your APR may be increased to the current rate. Automatic payment discount does not apply to Real Estate loans.
1Approximate loan payment is $384.42 on a $20,000 auto loan at 5.75% and a 60 month term.
2Approximate loan payment is $373.39 on a $15,000 signature loan at 9.00% and a 48 month term.
3Approximate loan payment is $844.15 on a $100,000 home loan at 6.00% and a 180 month term.
* APR is Annual Percentage Rate.
** Real Estate loans may not exceed 80% of the value. Automatic payment discounts are excluded from real estate secured loans.
*** 73-84 month term requires minimum loan of $15,000
**** HELOC rates are based on prime +1% APR and are subject to change quarterly. HELOC Rates will not exceed 18%. Repayment term is 12 years. Advances can be taken for 15 years. Minimum of $5,000 and maximum of $750,000 can be taken, but may not exceed 80% of the value.
4Approximate loan payment is $1055.67 on a $100,000 Home Equity loan at 7.50% and a 144 month term.
All rates are subject to change without notice. The rate will be based on creditworthiness, term of the loan, and value of collateral offered to the amount of the loan. Payment estimates do not include taxes or insurance and may be higher. Property insurance may be required with real estate loans.
