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New Auto • Used Auto • Home Equity • Recreational Merchandise • Personal • Cosigned • Loan Eligibility
Dividend Rates • Share Certificates
RATES / DIVIDENDS INFO.
Simply put, rates are what you pay us: interest on loans. Dividends are what we pay you: money for your money. All information listed below current as of 07/21/10.
LOAN INFORMATION
At Eastern Michigan University Credit Union, there are never any application or paperwork fees on the loan products described on this page. Nor will you ever pay any sort of penalty for paying your loan off early for these loans. Get pre-approved today for your vehicle purchase of tomorrow, as pre-approvals are good for up to 30 days!
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NEW PROPERTY RATES
Property eligible for this program includes autos, trucks, motorcycles, boats, and other recreational merchandise. Recreational merchandise may qualify for extended terms. Click here for program information.
New property is that which has never been titled and has 7,500 miles or fewer on the odometer. Refinances of "New Auto" loans from other institutions may qualify under these guidelines. Please click here for more information.
The Credit Union can finance at least 90% of the purchase agreement price (all borrowers). Well qualified borrowers may be eligible for Zero-Down financing (purchase of an EMU CU GAP insurance policy required - other restrictions may apply). Dealer rebates, incentives, trade-ins & special pricing plans can be applied towards your 10% required down payment if the agreement is written to reflect this.
*The maximum term is impacted by the MSRP of the vehicle being financed. Please call us at (734) 487-1033 or click here for more specific information.
**This rate is based on a credit score of 720 or higher. Please note, posted rates may be discounted up to 0.50% for member relationships. Please call us at (734) 487-1033 or click here to request more information. |
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USED PROPERTY RATES
Property eligible for this program includes autos, trucks, motorcycles, boats, and other recreational merchandise. Recreational merchandise may qualify for extended terms. Please click here for more information.
The Credit Union will finance up to 90% of the NADA book value on any given make or model vehicle regardless of the purchase price. Well qualified borrowers may be eligible for Zero-Down financing (purchase of an EMU CU GAP insurance policy required - other restrictions may apply).
Please note, the value of a given vehicle from a web-based calculator should only be used by members as a tool to determine approximate value. For financing purposes, the figure calculated by credit union staff will be the value used to determine loan value.
*The maximum term is impacted by the value of the vehicle being financed, as determined by EMU Credit Union. Please call us at (734) 487-1033 or click here for more specific information.
**This rate is based on a credit score of 720 or higher. Please note, posted rates may be discounted up to 0.50% for member relationships. Please call us at (734) 487-1033 or click here to request more information. |
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HOME EQUITY RATES
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TYPE |
APR |
PYMT INFO |
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Line of Credit |
As Low As 4.75%** |
Minimum pymt = 1% of principal balance
or $25.00, whichever is greater |
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Fixed Rate |
As Low As 4.75%** |
Paymt Calculator |
Please click here for detailed program information.
**This rate is based on a credit score of 720 or higher. Please note, posted rates may be discounted up to 0.50% for member relationships. Please call us at (734) 487-1033 or click here to request more information. |
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RECREATIONAL MERCHANDISE
Qualifying recreational merchandise includes watercraft, motor homes, and RVs. Other items may be considered on a case-by-case basis. Please inquire at (734) 487-1033 or click here.
The Credit Union will finance up to 90% of the NADA book value on any given make or model vehicle regardless of the purchase price. Borrowers may be eligible for Zero-Down financing (purchase of an EMU CU GAP insurance policy required - other restrictions may apply).
Please note, the value of a given vehicle from a web-based calculator should only be used by members as a tool to determine approximate value. For financing purposes, the figure calculated by credit union staff will be the value used to determine loan value.
*If the loan qualifies and closes under the defined parameters for new/used property above, the rate for that program will be extended to the borrower. The maximum term is impacted by the value of the recreational merchandise being financed, as determined by EMU Credit Union. Please call us at (734) 487-1033 or click here for more specific information.
**The lowest disclosed rate is based on a credit score of 720 or higher. Please note, posted rates may be discounted up to 0.50% for member relationships. Please call us at (734) 487-1033 or click here to request more information. |
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The Credit Union also offers signature, more commonly called personal, loans. These loans can be any amount from $1-$10,000 based upon credit worthiness as determined by the credit union for individual borrowers. Joint applicants may qualify for amounts ranging from $1-$20,000 based upon credit worthiness as determined by the credit union. Payment terms range from 12 to 72 months (depending on the credit limit established), with a minimum payment amount of $20.00. The APR may be as low as 7%* on personal loans!
*The lowest disclosed rate is based upon a credit score of 720 or higher.
For applicants who do not qualify for a signature loan, the Credit Union offers a co-signed loan. Co-signed loans have a maximum amount of $2,000 and 24 month repayment term. Co-signers must meet the same credit eligibilty criteria as the member. Members will pay an APR of 12% on co-signed loans. For example, 24 monthly payments of $47.50 per $1,000 borrowed will apply to a co-signed loan.
For specific payment information, visit the Financial Calculators section of our web site now!
So you've decided our rates are too good to pass up?!?
Just a few more details... Qualified applicants will: a) be members of the credit union, or be eligible for membership in the credit union; b) have the ability to repay the loan (aka: income) and will have completed their employer's probationary period (often 90+ days or 180+ days for temporary employees), or have a retirement status (medical or otherwise); c) be able to provide documented proof of stated income; and d) be legally able to enter into a binding contract. New applicants will be required to fill out a loan application. Returning applicants will be required to complete an application at least once every 3 years. Want to apply? We know you've made the right choice! Click now to apply online.
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DIVIDEND RATES
Regular Share Accounts - 0.25% / APY* of 0.25% (Minimum balance of $5.00 applies)
Christmas Club Accounts - 0.00%
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SHARE CERTIFICATE RATES
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TERM |
RATE |
APY* |
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Six (6) Month |
0.50% |
0.50% |
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One Year |
0.75% |
0.75% |
The above must be opened with a minimum deposit of $500.00. Interest will be paid at maturity of certificate.
The above must be opened with a minimum deposit of $500.00. Interest will be compounded semi-annually.
The above must be opened with a minimum deposit of $1,000.00. Interest will be compounded quarterly.
The above must be opened with a minimum deposit of $10,000.00. Interest will be compounded quarterly.
*APY = Annual Percentage Yield |
Share Certificates are what are more commonly thought of as Certificates of Deposit or Timed Deposits. For early withdrawl of a Share Certificate, the credit union requires 14 days written notice. A penalty may be imposed for early withdrawl of funds in a Share Certificate. Please click here for our full Truth in Savings disclosure. For more information on EMU Credit Union's policies regarding any of the above, please contact a member service representative at 734-487-1033 between 10 a.m. and 5 p.m. Monday through Friday Eastern Time or click here.
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Eastern Michigan University CU
761 Jenness St
Ypsilanti, Michigan
48197
(734) 487-1033
Fax: (734) 487-1951
credit.union@emich.edu
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