This is Central Coast Federal Credit Union Loans guide for Autos, Real Estate, Credit Card and Personal Loans applicants. Central Coast Federal Credit Union Mobile Banking allows you to perform online transactions. You can download their mobile app to check balances, pay bills, view transaction history, transfer funds, deposit checks etc. It also helps to transfer funds, deposit checks, make loan payments and more on the go!
AUTO LOANS
The CCFCU otherwise known as Central Coast Federal Credit Union offers competitive rates and terms to users on both new and used vehicles, including motorcycles. But most vehicles will be considered as a new one if its a current model. Furthermore, any 3 year previous model year car or bike in your possession for less than 90 days is also considered as new.
However, if the vehicle has been in your custody for more than 90 days, financing the loan is available up to 110% of the value. Note that all these vehicles may be financed for up to 84 months, plus sales tax. Additionally, DMV registration fees and up to $4,500.00 for dealer extended warranty and Guaranteed Asset Protection coverage may be considered too.
Car Loans – (Truck, Van, Bus)
Second hand vehicles (otherwise known as Tokumbo) are considered to be 5th model year up to 10th model year of production. According to law, if the vehicle has been in your possession more than 90 days, financing is available up to 110 percentage value. Do not forget that all these vehicles may be given funding for up to 84 months, including plus sales tax as well as DMV registration fees. In addition, up to $4,500.00 can be given for dealer extended warranty and Guaranteed Asset Protection coverage. Be aware that some borrowers may require up to 10 percent down payment for new & used vehicles. Note that Debt Protection coverage is also available on all car purchases / refinances.
Motorcycle Loans (Bikes, Tricycles)
The Central Coast Federal Credit Union will finance total 100% of the dealer invoice for new motorcycles 750 cc’s or higher. Sales tax can also undergo financing. The definition of new motorcycles are ones which has been in your possession for less than 90 days. The motorbike must not have been previously titled. CCFCU will only finance used motorcycles 750 cc’s or higher. However, the total amount financed cannot exceed 80% of dealer invoice.
The 80% does not include tax and license. If you did not buy the motorcycle from a dealership, Central Coast Federal Credit Union will require a valuation of the motorcycle from a licensed dealership. Officially, the maximum terms on new motorcycles are up to 72 months. It can also be 60 months for used motorcycles on 750 cc’s or higher (based on quality). More importantly, note that the CCFCU will only finance motorcycles if titled in California. Lastly, they also offer valuable yet affordable member payment protection on motorcycle loans.
REAL ESTATE LOANS
1st Deed of Trust Mortgages
Central Coast Federal Credit Union helps people with mortgage loans. Now, whether you are buying a new house or require funds to renovate / refinancing your existing home, you can approach CCFCU. This credit union has a variety of first deed of trust mortgage products designed to meet your every mortgage needs. They officially offer fixed-rate mortgages with terms of ten or thirty years. The union can finance up to 80 percent of the appraised value of your property. Lastly, the home must be located in the State of California, USA.
Investment Credit Lines – Non Owner Occupied
The credit union investment credit line program is much like an home equity line of credit program. It comes with great loan interest rates and terms with no manoeuvre and fast turn-around time on processing your loan application. As an applicant, you may borrow funds of up to 70% of the appraised value of any property you own on a first lien. On the other hand, you can get up to 70% on a second lien (less what you owe on the first lien). Note that the property (house) must be located in the State of California, USA. The term of this type of loan is 30 years with a ten year draw period.
Home Equity Lines of Credit – Owner Occupied
CCFCU’s Home Equity Line of Credit Loans have been among the fastest growing Mortgage Product for one reason. Their interest rates, terms and conditions are about the best on the entire West Coast! No manoeuvre, no tricks and no hidden charges. All they give out is just low closing costs, low rates (no teaser rates here that shoot up after 6 months).
There’s also a fast turn-around time on processing your loan application. Successful applicants can borrow up to 80% of the appraised value of their home to use any way you want. (This is usually less what you owe on your first deed of trust). Basically, the term of the loan is outrightly 30 years, with a draw period of ten years max. Lastly, the interest may be tax deductible whether it is for a new car, college tuition expenses, renovation, a vacation. (**please consult a qualified advisor in tax matters).
Rental Property Loans – Non Owner Occupied
First, let me ask; have you ever thought of investing in rental property business? Credit union can help with their residential rental property loan program. It can be a one to four family properties located within the State of California, United States. Going by this; for first deed of trust loans, you may borrow up to 70 percent of the estimated value of the property. Finally, for further details on CCFCU policies or to receive an application, please call the Loan Department at (831) 393-3480 during regular business hours.
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CREDIT CARDS
Click here to learn more and/or to apply for a Credit Card.
Click here to see which card provides you the greatest reward based on your spending and point redemption preference.
For existing Members click here to manage your credit card.
PERSONAL LOANS
Signature Loans
Think about all these that happens in your everyday life; Taxes are due! Your computer hard drive just crashed! You need a vacation with your loved one! But your budget says no… That’s what our Personal Loans are for. Your good credit and signature is all the collateral we require to get you the funds you need quickly. We grant Personal Loans for any provident purpose. The maximum loan amount is up to $30,000.00 (depending on qualifications); all personal loans are scheduled to be repaid within three years. We offer valuable yet affordable member payment protection on Personal Loans.
Debt Consolidation Loans
Debt Consolidation may be just the answer to rescue you from that never-ending stream of bills. Consider this…if you max out a $3000 credit card at 17% APR and make only the minimum payment it could take as long as 15 years to pay off that single debt and your total finance charges could be more than DOUBLE the original $3000 balance. With a debt consolidation loan from Central Coast FCU that same debt can be paid in full in as little as three years.
We’ll combine all your personal debts into one loan scheduled to pay off in three years. Loans are available up to our policy limit of $30,000.00- the actual amount we will loan depends on your qualifications. We only ask that the credit lines we are paying off be closed and remain closed for the term of your loan. We also offer valuable yet affordable member payment protection on Debt Consolidation Loans.
Share and Certificate Secured Loans
It is on record that some members may wish to borrow against their own funds held in their credit union account to enjoy the benefits of even lower rates and more flexible terms. Most of these members may borrow up to 100% of the available balance in their account for share secured loans. But 90% of the available balance in their term share certificate for certificate secured loans. The maximum term on a share secured loan is ten years. On a certificate secured loan, the term is that of the certificate- however you may roll over the loan on a renewed certificate. For either loan type, the minimum monthly payment due is $50.00.
In conclusion, all rates are quoted as Annual Percentage Yields, or what a fixed amount would earn if on deposit for a period of one year. Note that “compounding” is factored in when determining Annual Percentage Yields! Rates and terms are subject to change; please call the Credit Union to verify the latest rates and terms. Note that on all Share Accounts, fees charged could reduce earnings. See the Schedule of Fees for all charges associated with Share Accounts (a one-page PDF file requiring Adobe Acrobat Reader ). Also available, is the Credit Union’s Electronic Funds Transfer Disclosure. Finally, additional disclosures can also be seen here.