Loans

Auto Loans

We offer flexible financing options and terms with competitive rates. We have a reputation for offering some of the lowest auto loan rates in town.

CECU Financing Options

Dealer Financing
CECU Auto financing is available to our members at almost all auto dealers in Knox and surrounding counties. If you decide to finance at the dealer then you can request a CECU loan. You are limited to one rate at the dealer which is the rate that will give you the lowest payment. Indirect or dealer financing gives you the lowest payment for the longest term. More and more of our members have been using dealership financing, so CECU added this option for our members who prefer to finance at the dealer.

Direct Financing
Direct loans give you the option of choosing a shorter term with a lower rate. You can also come into our office prior to purchasing your car and a get a direct loan or get pre-approved for a dollar amount that allows you to shop and negotiate your deal as if you where paying cash.

Current Rates

Auto Buying Tips

Before shopping determine how high a payment you can afford based on your current net income and outgoing bills. Don’t forget to consider insurance cost on your new vehicle. Our lending staff can help you determine your payment range and loan amount. You can also use the Loan calculator. Then you will be ready to shop.

Below are tips to help you negotiate with dealers:
1. Zero percent financing vs. rebate. Take the rebate and use credit union financing. Auto makers raised the price of the autos when they started 0% financing. By negotiating and taking the rebate you will come out better. Rebate calculator, 0% is normally limited to certain models and loan terms. Also, some dealers will claim your credit score is higher than it actually is and tell you that you only qualify for a higher interest rate.

2. Another scenario is a dealer says you can drive the auto home today and get a great rate. A few days later the dealer calls and says you did not qualify for the rate and your payment will increase. The fine print on the contract says “subject to financing approval.” You can not get out of this contract and your old car has already been sold.

3. Never tell a dealer how much you can afford a month, they will use it against you in negotiations. Negotiate the price first, on a cash paying basis, then calculate the payment.

4. Mandatory credit checks are not allowed unless you are financing with a dealer. Do not give them your social security or drivers license numbers. They simply use the information to find out as much about you during negotiations.

5. Protection package fees pre-printed on the deal sheet are not required and are negotiable. These fees usually amount to 100% markup for things already done at the factory such as fabric protection and rust proofing.

6. Do not purchase from a dealer who requires you to sign a mandatory arbitration clause, this protects the dealer, not you, and limits your recourse.

RV and Boat Loans

 Thinking about a new boat or RV? We can handle the financing. We offer flexible financing terms and competitive rates. We finance up to 90% of the value of a new or used boat or RV. Our financing extends to seven years depending on the amount financed. Contact our loan department for more details.

Home Mortgage Loans

Your largest single life investment is the purchase of a home. Whatever home you decide to buy, we can help you with a mortgage loan. Our rates are great and our mortgage professionals are even better at matching your needs, from pre-qualification to closing. We offer both fixed and variable rates with terms from ten to twenty years. We also partner with Huntington Mortgages to allow longer terms up to 30 years. Our agreement with Huntington allows for your mortgage servicing always to remain at Huntington.

Home Buying Tips

Before shopping, determine how high of a payment you can afford based on your current net income and outgoing bills. A good starting point is one week of your take home pay.  Don’t forget to consider that insurance and escrow cost will be added to your monthly payment. Our lending staff can help you determine your payment range and loan amount. You can also use the Loan calculator. Then you will be ready to shop. You can also find more information under our Financial Resources link on this website.

Contact our Mortgage Loan Officer, Kerry Lett  NMLS# 637375 at extension 206 with any questions you may have.

Current Rates

Home Equity Line of Credit

We also have Home Equity Lines of Credit up to $50,000 with interest rates tied to the prime rate. These loans have zero closing cost and you can access your limit with a Visa card or convenience checks. These loans are great for home improvements, purchasing autos, college expenses, etc. because once you have the limit set up, you can draw against it for five years. Plus, during the draw period you are only required to pay the interest due on the loan.

In most cases the interest you pay on a Home Equity loan is tax deductible, however you need to consult your tax advisor to be sure. To determine the amount of equity you have in your home, first start with the current value of your home. You can use your tax assessment as a starting point. Then subtract the current balance on your mortgage. The difference is the amount of equity.

Requirements

  • Member must be on title
  • Must be primary residence
  • Property must be free and clear of any tax liens or abstract judgements

Additional Items Needed to Expedite Processing

  • Current deeds of existing lien holders
  • Verification of Income (Current paystubs, W-2, or 2 years of complete tax returns
  • Most recent property tax statement
  • Evidence of Homeowners Insurance Coverage

City Employees Credit Union must be shown as Loss Payee prior to releasing funds.

Contact our Mortgage Loan Officer, Kerry Lett  NMLS# 637375 at extension 206 with any questions you may have.

Fixed Rate Home Equity Loan

City Employees Credit Union’s Home Equity Loan is a nice option for our members. Our fixed rate loan has zero closing cost with terms up to fifteen years.  We do Home Equity loans for amounts up to $200,000 depending on the value of your home. If you are thinking of refinancing your first mortgage or doing some home improvement, today’s rates make considering a CECU Home Equity Loan a great option.

Borrow up to $200,000 with a 70% Loan To Value (LTV)

Borrow up to $175,000 with an 80% LTV

Current Rates

Requirements

  • Member must be on title
  • Must be primary residence
  • Property must be free and clear of any tax liens or abstract judgements

Additional Items Needed to Expedite Processing

  • Current deeds of existing lien holders
  • Verification of Income (Current paystubs, W-2, or 2 years of complete tax returns)
  • Most recent property tax statement
  • Evidence of Homeowners Insurance Coverage

City Employees Credit Union must be shown as Mortgagee on the home owner’s insurance prior to releasing funds.

Contact our Mortgage Loan Officer, Kerry Lett  NMLS# 637375 at extension 206 with any questions you may have.

Visa Credit Card

Discover the convenience and worldwide acceptance of our Visa Platinum credit cards. With our low rates and no annual fees, a Visa card from City Employees Credit Union is an ideal way to pay for purchases and travel expenses.

Other Features of our Platinum Visa Program:

You can now view your CECU Platinum Visa activity on-line at CECUONLINE.COM. Just log in and click the blue link that says “View Visa Account.” This link is located above your account balances on the Account Balance Screen.

If you do not want this access on your Visa account, contact any of our offices and we will turn off your online access.

Online Access along with the other features that make our Visa card the only card you need:

  • The interest rate is based on the cardholders credit score. CECU Visa Accounts will have one of five possible rates ranging from 9.50% to 13.50%. We will review your account annually and each May adjust your Periodic Rate and APR, either up or down, based on changes in your credit score.
  • You can earn rewards by using our Visa Credit Card! Every time you make a qualifying purchase, you earn points toward exciting prizes, gift cards, or travel. You can find out what your points can purchase by clicking on the following CU Rewards website link www.CURewards.com.
  • Our credit card program is Platinum! Your current card now carries all the features that come with a Platinum program.

With these new features plus no annual fee, why carry any other card? If you do not have a CECU Visa, contact one of our offices to apply.

Current Rates

Click and complete the following Visa Application, and then print it and fax, email, mail, or drop it by any location. Visa Application

If your CECU Visa card is lost or stolen, you need to call (800) 449-7728. For cardholder service call (866) 820-5865.

Signature Loans

City Employees Credit Union makes unsecured loans for a variety of needs such as vacation, Christmas, auto repairs, home repairs, etc.  Depending on your loan qualifications, we can loan up to 4 times your monthly income on unsecured loans in any combination of Signature loan, Line of Credit, and Visa as long as the total of this mixture does not exceed $20,000.  All of our Signature loan rates are fixed, and they all are very competitive. Contact one of our offices for more details. 

Current Rates

Personal Line of Credit

A personal line of credit allows you to have money available when needed.  Interest is only charged when you have a balance.  By having an approved limit, you avoid having to apply each time you need a signature loan.  You can access your line through overdraft protection, withdrawal, or transfer to your checking account.  You can use it to automatically transfer the necessary funds to your checking account to cover your overdrafts.

A line of credit tied to a checking account can be very convenient.  You can advance from your line of credit to your checking account and use your CECU check card for purchases.  Also, for convenience, you can have your line of credit setup for automatic payment or payroll deduction.

Loans Share/Certificate Secured Loans

Need money but you do not want to touch your savings? A share or certificate secured loan allows you to pledge your deposits as collateral on a loan. The best part is your interest rate is only 2% higher than the deposit rate you are receiving.

Business Loan Products

CECU does Business loans that range from Small Business loans, loans around $200,000 or less to  large commercial loans.  CECU is a member of Cooperative Business Services. This is a group of credit unions that work together to fund large Business and Commercial loans. These are loans usually over $250,000. This allows us to compete with larger commercial banks. This partnership can also do SBA 504 loans. SBA 504 loans are secured by real estate and range from $250,000 to $5 million. If you have a question about this service you can contact Larry Pressley, our CEO, and he will put you in contact with our Business Development Officer.

Credit Starter Loan

The Credit Starter Loan is for our young members who have no credit record and want to establish credit. The loan rewards the borrower, who makes all of their required payments on time, by returning all of the loan interest to them when the loan is paid off.

Conditions:

  • The maximum loan amount is $500.00. The minimum monthly payment is $25.00.
  • Applicant cannot have more than one credit reference on their credit bureau file.
  • Applicant must have been working for a minimum of six months and meet debt ratio requirements. Applicants without six months employment will require a co-maker.
  •  Loan will be reported to the credit bureau to build credit for the member.
  • Once the loan is paid off, if the member pays the loan on time with no late payments and meets all agreed upon terms, all interest on the loan will be rebated back to the member. 

The interest rate is 10% or 9.75% if put on auto payments transfer.

 Credit Repair Loan

The Credit Repair Loan is for someone who has seen their credit score decline but is now in the position to begin repairing their credit. This loan is not for someone who needs to borrow money. This loan helps a member rebuild their credit and their savings at the same time. The maximum loan is $2,000.

For more details on the Credit Repair Loan and the requirements contact any of our offices.

Salary Advance Loan

We offer an alternative to borrowing from Payday Lenders and help you break the cycle of using Payday Lenders. The Salary Advance loan is made for $300 with 0% interest. There is an application fee of $10. You must put $25 of the advance into a Pay Yourself First Savings Account each time you make one of these loans. Over time your savings will increase so you can borrow against your savings at a much lower cost. You must be a member in good standing for at least 90 days and have Direct Deposit from payroll with the net amount in excess of $300.00, and a positive balance in all CECU accounts.

Loan Protection

Debt Protection
Debt protection for Death and Disability is available with most loans. These are optional coverages. Please ask your CECU loan officer for details.

GAP Insurance
GAP Insurance protects you when your vehicle is totaled in an accident or stolen. It pays the difference between what your insurance company pays you and the balance on your loan. It covers the gap in your protection.

Mechanical Repair Coverage
Mechanical Repair Coverage can help you limit the cost of covered vehicle breakdowns. For more information, call or visit the credit union.

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