Lending Rates  

.

Michigan Educational Credit Union offers its members some of the best lending rates around. Select an item from the menu or just scroll down to see some of our great rates. Unless noted otherwise, rates are effective 7/1/2008 and are subject to change at any time. 

REVOLVING CREDIT PERSONAL LOANS  *9.95%*

Minimum Revolving Credit Personal Loan advance is $50.  Repayment is set at $30 per $1000 borrowed with a minimum payment of $30.

* APR = Annual Percentage Rate

AUTO LENDING - OUR SPECIALTY !!!

2008 & 2007 AUTOMOBILES
100% Financing

Term APR*
24 Months 4.50%
36 Months 4.50%
48 Months 4.50%
60 Months 4.50%
72 Months 4.75%
84 Months 5.00% (Min $30,000.00 - 84 MO)

College Grad Discount - If you're an '07 or '08 graduate, ask our staff how you can save .25% off MECU's current new vehicle loan rates.

2006 & 2005 MODEL YEAR AUTOS
100% Financing
Term APR*
24 Months 4.50%
36 Months 4.50%
48 Months 4.50%
60 Months (Min $10,000) 4.50%

2004 & 2003 MODEL YEAR AUTOS
100% Financing
Term APR*
12 Months 4.50%
24 Months 4.50%
36 Months 4.50%
48 Months 4.50%

2002 & 2001 Model Year Vehicles
4.50% APR - Up to a 48 month maximum term 100% financing

2000 & Older Model Year Vehicles
9.95% APR - Up to a 36 month maximum term 100% financing

Classic Cars (25 years and older)
7.50% - 36 months
7.50% - 48 months (minimum $10,000)
 

HOME MORTGAGES & MORTGAGE REFINANCING
Effective 7-3-2008
30-year fixed 2 pts. 6.250%
0 pts. 6.625%
20-year fixed 2 pts. 6.250%
0 pts. 6.625%
15-year fixed 2 pts. 5.750%
0 pts. 6.250%
10-year fixed 2 pts. 5.750%
0 pts. 6.250%
3/1 ARM
* For cash-out transactions over 70% LTV		 0 pts. 7.000%
0 pts. 7.000%
5/1 ARM
* For cash-out transactions over 70% LTV		 0 pts. 7.000%
0 pts. 7.000%
7/1 ARM
* For cash-out transactions over 70% LTV		 0 pts. 7.000%
0 pts. 7.000%

  • 734-416-5076 (Plymouth)

  • 734 261-1050 ext. 4629 (Livonia)

  • 734-761-7505 (Ann Arbor)

  • 810-494-6000 (Brighton)

  • 248-399-7473 (Royal Oak)

  • 586-566-5599 (Macomb)

          *** Rates are subject to change at any time***

 

HOME EQUITY LOANS

Variable Rate Home Equity Loans

Maximum Loan-to-Value of 85% - Minimum Line of Credit of $10,000
$10,000 - $49,999.99 at a VARIABLE RATE of 4.75%
$50,000.00 and greater at a VARIABLE RATE of 4.50%

 

Fixed Rate Home Equity Loans

Fixed Rate
Term
 80% Loan/Value Rate APR* 85% Loan/Value
Rate APR*
60 Months 4.50% 5.25%
120 Months 5.00% 5.75%
180 Months* 5.50% 6.00%

*Minimum $30,000 for 180 months
**Any Home Equity loan over $100,000.00 can only be financed up to 80% LTV
** Maximum Home Equity loan amount $125,000.00

Apply for a Home Equity Loan Today!

   

        

HOME IMPROVEMENT LOANS              8.75% APR*
Amount
 Maximum Term
$1,000 - $5,000 60 Months
$5,000 - $10,000 84 Months
$10,000 - $25,000 108 Months
SPECIAL COMPUTER LOANS NOW AVAILABLE

Upgrade your existing personal computer or buy a new personal computer with MECU's special computer loan. You can borrow up to $5,000 for a maximum of 36 months at the low APR of 8.00%. Complete the loan application on this web site or call one of our loan officers at:

  • 734-455-9200 (Plymouth)
  • 734 261-1050 (Livonia)
  • 734-761-7505 (Ann Arbor)
  • 810-494-6000 (Brighton)
  • 248-399-7473 (Royal Oak)
  • 586-566-5599 (Macomb)

 

NEW & USED MOTOR HOMES & TRAVEL TRAILERS & BOATS & R.V.'S ($85,000.00 max) 20% down pmt required.
Maximum Term
 APR*
 Minimum Loan Amount
60 Months max 7.25% $0 - $9,999
84 Months max 7.00% $10,000 - $29,999
120 Months max 6.25% $30,000 - $39,999
120 Months max 6.25% $40,000 - $49,999
180 Months max 6.00% $50,000 - $85,000

NEW MOTORCYCLES, SNOWMOBILES, PERSONAL WATERCRAFT
(20% down pmt required) - 60 Month Finance Period

  • 7.50% APR*

USED MOTORCYCLES, SNOWMOBILES & PERSONAL WATERCRAFT
 (20% down pmt required) - 48 Month Finance Period

  • 8.00% APR*

SHARE PLEDGE LOANS

  • New Car Rate + 1.50%  60 Month Max.

VISA & MasterCard CREDIT CARDS

  • 11.90% APR*

Minimum payment of 3% of the unpaid balance or $10 whichever is greater.  Late payments will result in a fee of $15

VISA GOLD CREDIT CARD

  • 10.90% APR*

Minimum payment of 3% of the unpaid balance or $10 whichever is greater.  Late payments will result in a fee of $15

VISA Platinum CREDIT CARD

  • 9.90% APR*

Minimum payment of 3% of the unpaid balance or $10 whichever is greater.  Late payments will result in a fee of $15

Click here to apply for a MECU VISA, VISA Gold, Visa Platinum  or MasterCard

 
Except as noted above, rates are effective 7/1/2008. Rates are subject to change at any time.

* Annual Percentage Rate