Today is the last day to get approved for a Fall Vehicle Special Loan at the St. Thomas Employee Federal Credit Union.

The requirement for approval on this loan is a Beacon (credit) score of 700 or more (no exceptions). The loan can be used to finance a new or used vehicle (including motorcycles), to refinance a vehicle on which a loan has been taken at another financial institution, or as a “vehicle equity” loan using the equity in your vehicle as collateral for a loan up to 90 percent of the NADA retail value of a vehicle you own free and clear. The funds from the “vehicle equity” loan can be used for any purpose.

The special base rate is 4 percent for a five-year loan on a vehicle that is a 2004 or newer. This rate can be adjusted as follows for the following conditions:

New vehicle:
4.25 percent for six years

2004 or newer:
3.75 percent for four years
3.50 percent for three years
3.25 percent for two years
3.00 percent for one year

2003 or older:
5.75 percent for four years
5.50 percent for three years
5.25 percent for two years
5.00 percent for one year

Any of the above rates can be decreased by another 1 percent if the vehicle is a hybrid.

Salvage vehicles cannot be financed at the credit union, and funds from the Special cannot be used to pay off an existing loan at the St. Thomas credit union. There is a $40,000 limit on loans to any one member of the credit union.

A loan can be applied for and approved before shopping for a vehicle. Any approval given through today will hold the above rates for you when you do find a vehicle, for up to several months from now.

More information on the credit union and on its other loan offerings (some “special,” some not), can be obtained by viewing the credit union website, e-mailing the credit union, or calling (651) 962-6660.