Rates & Fees
Marketing sub-title for parent section.
Our highest interest is you
Loan Rates
Vehicle Loans
Rates effective as of February 1, 2020
APR=Annual Percentage Rate
The rates and terms listed apply to members with excellent credit histories. Other members may qualify but rates and terms may vary. Contact a loan officer at any branch for more detailed information.
Loan Loyalty Discount 0.25%
If a member has an open loan with OFCU, or has had a loan with OFCU within the past six months, a loan loyalty discount of 0.25% will be applied to the Annual Percentage Rate on the next collateral loan granted. This discount rate does not apply to real estate, share secured, OFCU repossessed vehicle loans, or the refinance of loans currently with OFCU.
NEW CARS, TRUCKS, AND PASSENGER VANS (Never been titled and less than 12,000 miles / a refinance from another lender within 90 days of purchase) Note: Based on calendar year, not model year. Special qualifications and minimum funding of $25,000 on loans over 75 months.
| Term | APR |
|---|---|
| 60 months | 3.49% |
| 75 months | 3.74% |
| 84 months | 4.24% |
MAXIMUM LOAN AMOUNT: Up to 125% of Manufacturer's suggested retail price including freight per the current new car pricing guide, plus premiums for credit life and credit disability insurance, extended warranty, GAP, state regulated documentation fee, license, and title registration.
NOTE: If a member wants to refinance from another lender, vehicle can be considered new if refinanced within 90 days of purchase.
If a member wants to refinance a vehicle loan, already financed in their name, the maximum amount is the net payoff not to exceed 125% of NADA retail, plus adds. If a vehicle is not listed in the NADA Used Car Guide and it becomes necessary to utilize the NADA guide for older cars, the maximum loan amount will be 100% of retail value. If a vehicle is too old to be listed in the NADA Older Used Car Guide and it is necessary to utilize the CPI Value Guide, the maximum loan amount should be determined by using CPI's "fair" category.
Loans for all OFCU repossessed vehicles being financed through Otero Federal Credit Union will have a base approval rate of 2.00% APR and a term of up to 75 months for all model years. Members who do not qualify for the base rate will be subject to rate tiering in accordance with current loan procedures.
The 84 month term will only be available for contractual amounts of $25,000 or more.
Used Cars, Trucks, and Passenger Vans - Special qualifications and minimum funding of $25,000 on loans over 75 months.
| Term | APR |
|---|---|
| Current calendar year Up to 3 years old | |
| 60 months | 3.49% |
| 75 months | 3.74% |
| 84 months | 4.24% |
| Four to ten years old | |
| 60 months | 3.99% |
| 75 months | 4.49% |
| Eleven years and older | |
| 60 months | 5.49% |
MAXIMUM LOAN AMOUNT: 125% of retail value per the NADA Used Car Guide plus options, mileage allowance and deductions, premiums for credit life and credit disability insurance, extended warranty, GAP, state regulated documentation fee, license, and title registration.
New Motorcycles, Jet Skis, and Snowmobiles
| Term | APR |
|---|---|
| 60 months | 6.50% |
| 75 months | 7.50% |
MAXIMUM LOAN AMOUNT: Up to 125% of Manufacturer's suggested retail price including freight, plus premiums for credit life and disability insurance, extended warranty, GAP and state regulated documentation fee, license, and title registration.
Used Motorcycles, Jet Skis, and Snowmobiles
| Term | APR |
|---|---|
| 60 months | 7.00% |
| 75 months | 7.50% |
MAXIMUM LOAN AMOUNT: 125% of retail value per the NADA Motorcycle Guide plus options, mileage allowance and deduction, premiums for credit life and credit disability insurance, extended warranty, GAP and state regulated documentation fee,license, and title registration.
New Travel Trailers, Camping Trailers, Fifth Wheels, Motor Homes
| Term | APR |
|---|---|
| Up to 72 months (Up to $19,999) | 5.50% |
| 73-84 months ($20,000 to $34,999) | 5.75% |
| 85-120 months ($35,000 - $59,000) | 6.00% |
| 121-144 months ($60,000 and over) | 6.50% |
MAXIMUM LOAN AMOUNT: Up to 100% of Manufacturer's suggested retail price plus premiums for credit life and disability insurance, extended warranty, GAP and state regulated documentation fee, license, and title registration.
Interest rate and term are conditional upon loan amount. Please call a loan officer for more information.
Used Travel Trailers, Camping Trailers, Fifth Wheels, Motor Homes
| Term | APR |
|---|---|
| Up to 72 months (Up to $19,999) | 6.00% |
| 73 -84 months ($20,000 to $34,999) | 6.25% |
| 85 - 120 months ($35,000 - $59,000) | 6.50% |
| 121 - 144 months ($60,000 and over) | 7.00% |
MAXIMUM LOAN AMOUNT: 100% of retail value per current NADA RV guide book plus premiums for credit life and disability insurance, extended warranty, GAP and state regulated documentation fee, license, and title registration. Interest rate and term are conditional upon loan amount. Please call a loan officer for more information.
New Boats, Motors and Trailers
| Term | APR |
|---|---|
| Up to 60 months | 5.50% |
| 61-72 months | 6.50% |
| 73-120 months | 7.50% |
MAXIMUM LOAN AMOUNT: Up to 100% of Manufacturer's suggested retail price including freight per the current Boat appraisal guide plus premiums for credit life and disability insurance, extended warranty, GAP, state regulated documentation fee, license, and title registration.
Used Boats, Motors and Trailers
| Term | APR |
|---|---|
| Up to 60 months | 6.50% |
| 61-72 months | 7.50% |
| 73-120 months | 8.50% |
MAXIMUM LOAN AMOUNT: 100% of retail value per the NADA Boat Appraisal Guide plus premiums for credit life and disability insurance, extended warranty, GAP, state regulated documentation fee, license and title registration.
Horse Trailers NEW/USED
| Term | APR |
|---|---|
| 60 months or less | 7.00% |
MAXIMUM LOAN AMOUNT: 100% of purchase price
NOTE: If a member wants to refinance a vehicle loan, already financed in their name, the maximum amount is the net payoff not to exceed 125% of NADA retail, plus adds. If a vehicle is not listed in the NADA Used Car Guide and it becomes necessary to utilize the NADA guide for older cars, the maximum loan amount will be 100% of retail value. If a vehicle is too old to be listed in the NADA Older Used Car Guide and it is necessary to utilize the CPI Value Guide, the maximum loan amount should be determined by using CPI's "fair" category.
Loans for all OFCU repossessed vehicles being financed through Otero Federal Credit Union will have a base approval rate of 2%APR and a term of up to 75 months for all model years. Members who do not qualify for the base rate will be subject to rate tiering in accordance with current loan procedures.
The 84 month term will only be available for contractual amounts of $25,000 or more.
The rates and terms listed apply to members with excellent credit histories. Other members may qualify but rates and terms may vary. Contact a loan officer at any branch for more detailed information.
| TYPE OF LOAN | MAXIMUM LOAN AMOUNT | MAXIMUM TERM | RATE\/POINTS |
|---|---|---|---|
| Utility Trailers New/Used | 100% of purchase price | 24 months | 10.00% |
| Shares Pledged | 100% of regular shares, share drafts or money market shares pledged. | 60 months; The maturity of one payment share pledge loan cannot exceed 12 months. | 2.5% in excess of rate being paid on the certificate. |
| Share Certificates Pledged | 100% of OFCU share certificate(s) pledged. | Until the maturity date of the certificate pledged; The maturity of a one payment CD pledged loan may not exceed 12 months. | 2.5% in excess of rate being paid on the certificate |
| Signature (Unsecured) | $500 to $30,000. Each member's credit limit is evaluated on an individual basis depending on income, employment and credit history. | $3.00 per month per each $100 pr fraction of $100 of the unpaid balance | 9.99% |
| Signature (Unsecured) | $500 to $30,000. Each member's credit limit is evaluated on an individual basis depending on income, employment and credit history. | $3.00 per month per each $100 pr fraction of $100 of the unpaid balance | 9.99% |
| Unsecured Green Loan | Up to $30,000. Balance is evaluated on an individual basis depending on income, employment, and credit history. | Up to 120 months | 6.99% |
| Unsecured PAL (Payday Alternative Loan) | $200 - $1,000 - $20 application fee. Balance not to exceed net monthly paycheck amount. | 6 months | 28.00% |
| Visa Platinum, Share Secured Without Rewards | 100% of regular shares pledged | Minimum payment is 3% of the balance due as of the statement date | 14.96% |
| Note: This is a revolving account. There is NO ANNUAL FEE. There is a 25-day grace period in which to pay retail purchases during which no finance charge is assessed. Finance charges are assessed immediately on cash advances. | |||
| Visa Platinum ® (with rewards) | $500 TO $30,000 Each member's credit limit is evaluated on an individual basis depending on income, employment, and credit history. | Minimum payment is 3% of the balance due as of the statement date | 12.96% base rate with an Intro Rate of 2.99% for the first 6 months |
| Note: This is a revolving account. There is NO ANNUAL FEE. There is a 25-day grace period in which to pay retail purchases during which no finance charge is assessed. Finance charges are assessed immediately on cash advances. | |||
| Visa Platinum (no rewards) | $500 to $30,000 Each member's credit limit is evaluated on an individual basis depending on income, employment, credit history. | Minimum payment is 3% of the balance due as of the statement date | 11.96% base rate with an Intro Rate of 2.99% for the first 6 months (Tier 1 - 14.96%) (Tier 2 - 17.46%) |
| Note: This is a revolving account. There is NO ANNUAL FEE. There is a 25-day grace period in which to pay retail purchases during which no finance charge is assessed. Finance charges are assessed immediately on cash advances. | |||
| Home Equity Loan - Line of Credit | 80% of the AVM or appraised value (less than five years old), or 100% of the assessed value established by the county assessor, less the first mortgage encumbrance, if any, not to exceed a maximum loan balance of $75,000. | 180 months | Variable Interest Rate |
| Home Equity Loan - Closed End | 80% of the AVM or appraised value (less than five years old), or 100% of the assessed value established by the county assessor, less the first mortgage encumbrance, if any, not to exceed maximum loan balance of $75,000. | 180 months | Fixed Interest Rate |
| First Mortgage on real property located within Otero, Chaves, Lincoln, Eddy or Dona Ana Counties | $400,000.00 | 30 years | Contact OFCU's Mortgage Loan Officer for current rates and points |
| 1. Conventional - up to 80% loan to value without PMI* | $400,000.00 | 30 year | |
| 2. Conventional - up to 97% loan to value with PMI | $400,000.00 | 30 year | |
| 3. VA- loan to value determined by VA Guidelines (minimum of 25% of loan must be guaranteed by VA) | $400,000.00 | 30 year | |
| 4. First Time Home Buyers -97% LTV with $1,000 lender credit | $400,000.00 | 30 year | |
