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A wide variety of loan programs are available to qualified members. Please review the various loan programs and then use the "Loan Rates" link below to view our current loan rates. Payroll deduction, automatic payment transfers, and cash payment through coupon books are all available for loan repayments.
Members can obtain a PRINTABLE LOAN APPLICATION using the link at the bottom of this page. Completed applications can be faxed, mailed, or delivered to any of our four offices.
Secured loans are loans that the credit union obtains a security interest, or lien, on the collateral being used to secure the loan. These loans generally have a lower interest rate because of the risk. The value of the collateral offered must either meet or exceed the requested loan amount.Because the credit union has a security interest in the collateral, the member is generally required to maintain insurance to protect the collateral. FOR SECURED LOANS, PLEASE REFER TO THE "LOAN RATES" LINK ABOVE FOR REPAYMENT TERMS AND ANNUAL PERCENTAGE RATE INFORMATION.
Secured loans include the following;
VEHICLE LOANS: Vehicle models from 2000 to current year models are available for credit union financing. Financing is available whether the vehicle is being purchased, refinanced, or used as collateral for any worthwhile purpose. Members can finance up to 100% of the purchase price or MSRP, whichever is lower, on new vehicles, and up to 100% of the NADA retail value on used automobiles (2003-current year used models). 2000 - 2002 vehicles can be financed up to 90% of average retail value. Excessive mileage vehicles over 100,000 have reduced terms and financing amounts available. (Vehicle financing is limited to a 150,000 mileage cap). Members must maintain insurance with North Alabama Educators Credit Union named as lienholder on these loans.
REAL ESTATE LOANS: First Mortgage, Second Mortgage, Equity Loans, and Land Loans are available to qualified members. Maximum Loan to Value ratio on mortgage loans is 85% with the exceptions of (1) 50% for unimproved property; (2) 60% for non-owner occupied property; (3) 70% for recreational property; and (4) 90% for Easy Equity Mortgage Loans. All mortgage loans must be secured by property located in the state of Alabama. Title insurance, proof of fire and extended hazard insurance, flood insurance (if applicable), and termite bond coverage is required on most mortgage loans.
BOAT, MOTOR, AND TRAILER LOANS: All Boats must be financed with motor and trailer. New Boat, Motor, and Trailer can be financed up to 100% of the purchase price or MSRP, whichever is lower. Used models can be financed up to the NADA Average Retail Value. Members must maintain insurance with NAECU named as a lienholder on these loans.
CONSUMER APPLIANCE LOANS: These loans are for the purchase of new computers, furniture, washers, dryers, refrigerators, and other household appliances. Insurance is required if the item used as collateral exceeds $1,500.00.
MOTORCYCLE LOANS: New Motorcycle loans can be financed up to the purchase price or MSRP, whichever is lower. Used Motorcycles can be financed up to 75% of the purchase price. Members must maintain insurance with NAECU as the lienholder.
SHARES SECURED LOANS: Members can use their regular shares, super shares, or certificates of deposit as collateral for loans.
RECREATIONAL VEHICLES: Collateral available on these loans include campers, camper trailers, piggyback camper units, and motor homes. Members can finance up to 90% of the invoice price on new models, and up to 85% of the NADA retail value on used models. Insurance listing the credit union as lienholder is required.
UNSECURED LOANS have no collateral offered except a security interest on shares in the event of default. Interest rates are typically higher because of the added risk so members should consider using equity in collateral items listed above when available. PLEASE VIEW THE "LOAN RATES" LINK FOR TERMS AND CONDITIONS.
Unsecured Loans include;
EZ ACCESS LINE OF CREDIT: Limit is based upon income and credit worthiness. Member must have checking account for loan advances. Payment is 3% of unpaid balance or $25.00, whichever is greater. Advances available through Memberlink audio response.
OVERDRAFT LOANS: Provides overdraft protection for checking accounts. Maximum amount of $750.00 with monthly payments of $25.00.
ANY SEASON, ANY REASON LOANS: Reduced loan rates based upon shorter terms of 12 to 24 months. Maximum loan amounts are $5,000 for these loans. For an unsecured rate, this loan generally provides the lowest interest rate available.
NORTH ALABAMA EDUCATORS CREDIT UNION IS AN EQUAL CREDIT OPPORTUNITY AND EQUAL HOUSING LENDER.
A Printable Loan Application is now available!
Click Here for a Printable Loan Application.
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