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Savings/Checking 
Certificates
IRAs
Consumer Loans
Real Estate Loans
Important Lending Information
Savings/Checking Accounts
Effective 8/19/2008
| Type of Account |
Rate |
| *Regular Shares |
1.00% |
| *Christmas Club |
1.00% |
| *Special Savings |
1.00% |
| **Checking |
0% to 1.25%
(depending on the type of checking account) |
*$25.00 minimum to open.
**$100.00 minimum to open.
Certificates
Effective 8/19/2008
| Term of Certificate |
Rate (APY) |
Minimum to Open |
| 6 Month |
3.05% |
$2,000.00 |
| 12 Month |
3.10% |
$2,000.00 |
| 30 Month |
3.10% |
$2,000.00 |
| 60 Month |
3.50% |
$2,000.00 |
IRAs
Effective 8/19/2008
| Term of IRA |
Rate (APY) |
Minimum to Open |
| 12 Month |
3.10% |
$2,000.00 |
| 30 Month |
3.10% |
$2,000.00 |
| 60 Month |
3.50% |
$2,000.00 |
IRA accumulation account (rate determined by market variables) dividends paid quarterly.
Check for current rate. ($500.00 min.)
New Car Financing
Effective 8/19/08
| Term of Loan |
Under 80% of
Retail Value |
Over 80% of
Retail Value |
| 24 Months |
4.50% |
5.50% |
| 36 Months |
4.75% |
5.75% |
| 48 Months |
5.00% |
6.00% |
| 60 Months |
5.25% |
6.25% |
| 72 Months |
5.75% |
6.75% |
Used Cars Financing
Effective 8/19/08
| Term of Loan |
Loan Value or Under |
Retail |
| 24 Months |
5.75% |
6.25% |
| 36 Months |
6.00% |
6.50% |
| 48 Months |
6.25% |
6.75% |
| 60 Months |
6.50% |
7.00% |
| 72 Months |
7.00% |
7.50% |
Signature/Household Goods Loan
Effective 8/19/08
Share Secured Loans
Effective 8/19/08
| Maximum Term of Loan |
Formula |
Rate |
| 12 Months |
Shares/CD |
+2.00% above |
(any term longer will have to have a matching term CD)
Classic Automobile Loans
Effective 8/19/08
| Term of Loan |
Under 80% of
Retail Value |
Over 80% of
Retail Value |
| 24 Months |
5.75% |
6.75% |
| 36 Months |
6.00% |
7.00% |
| 48 Months |
6.25% |
7.25% |
| 60 Months |
6.50% |
7.50% |
Motorcycle Loans
Effective 8/19/08
| Term of Loan |
Under 80% of
Retail Value |
Over 80% of
Retail Value |
| 24 Months |
6.25% |
7.25% |
| 36 Months |
6.50% |
7.50% |
| 48 Months |
6.75% |
7.75% |
| 60 Months |
7.00% |
8.25% |
Boats, Motors & Trailer Loans
Effective 8/19/08
| Term of Loan |
New |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
6.75% |
| 48 Months |
7.25% |
| 60 Months |
7.75% |
| 72 Months |
8.25% |
| Term of Loan |
Used |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
7.00% |
| 48 Months |
7.75% |
| 60 Months |
8.50% |
Motor Home Loans
Effective 8/19/08
| Term of Loan |
New |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
6.50% |
| 48 Months |
7.00% |
| 60 Months |
7.50% |
| 72 Months |
8.00% |
| Term of Loan |
Used |
Rate |
| 12-36 Months |
Under 75% of
Retail Value |
6.75% |
| 48 Months |
7.25% |
| 60 Months |
8.00% |
RV/Camper Loans
Effective 8/19/08
| Term of Loan |
New |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
7.25% |
| 48 Months |
7.75% |
| 60 Months |
8.25% |
| Term of Loan |
Used |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
7.50% |
| 48 Months |
8.00% |
| 60 Months |
9.00% |
Tractor/Farm Equipment Loans
Effective 8/19/08
| Term of Loan |
New |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
7.00% |
| 48 Months |
7.50% |
| 60 Months |
8.00% |
| Term of Loan |
Used |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
7.25% |
| 48 Months |
7.75% |
| 60 Months |
8.25% |
Mobile Home Loans
Effective 8/19/08
| Term of Loan |
New |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
6.75% |
| 48 Months |
7.50% |
| 60 Months |
8.25% |
| 72 Months |
8.75% |
| Term of Loan |
Used |
Rate |
| 12-36 Months |
Under 80% of
Retail Value |
7.00% |
| 48 Months |
8.00% |
| 60 Months |
9.00% |
Real Estate Loans
Effective 9/11/2008
| Important Specifications for all Real Estate Loans |
| Maximum Mortgage Loan Amount |
$400,000 |
| Maximum Mortgage Loan Aggregate |
$500,000 |
| Maximum Mortgage Loan Term |
30 years |
| Minimum Monthly Payment |
$100 |
| Maximum D/I ratio |
45.00% |
| First Mortgages |
Rate |
| 30 year fixed |
6.25% |
| 20 year fixed |
6.00% |
| 15 year fixed |
5.75% |
| 10 year fixed |
5.50% |
| 5 year fixed |
5.25% |
| Second Mortgages |
Rate |
| Fixed Rate (maximum - 10 years) |
8.50% |
Members with first mortgages with the credit union may be eligible for a second mortgage at a rate of 1% higher that the current first mortgage rates (see current table) with no appraisal. |
| Unimproved Property |
Rate |
| Fixed Rate (maximum - 10 years) |
9.00% |
No origination fee or points will be charged on mortgage loans.
Members with less than excellent credit, with higher debt to income ration than above, may qualify for a loan up to 80% of the appraised value of property at a higher rate of interest.
Important Lending Information
All consumer loan rates, except share and CD secured, apply to members with excellent credit and a debt/income ratio of 49% or less and a beacon score of 700 and over.
For beacon scores lower than 700 see the chart below to determine the percentage to be added:
| Beacon Score |
++Add++ |
| 680 - 709 |
1.00% |
| 650 - 679 |
2.00% |
| 620 - 649 |
3.00% |
| 590 - 619 |
4.00% |
| 560 - 589 |
6.00% |
| Under 560 |
8.00% |
Bankruptcy - add 5% to beacon score rate unless the member has always paid on time and has reaffirmed or kept the credit union out of the bankruptcy plan. This additional 5% may be waived by management.
Maximum rate is 18%. Management can match rates, terms and/or payments.
New automobile rates apply to any vehicle not greater than 2 years old and less than 25,000 miles. A member must purchase GAP insurance on any vehicle when financing more than 80% of retail price. The credit union offers GAP insurance, however, the member is not required to purchase this insurance from the credit union. If the member purchases GAP insurance from another source, the member must provide the credit union with proof of purchase.
Mobile home loans may only be made to members owning the property where the mobile home is to be placed.
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© Copyright 2007 Chattanooga First Federal Credit Union All rights reserved.