Secured Loans (new and used)
We offer a 0.25% discount for an automatic payment from a VCCU account and a 0.25% discount.
|Unsecured Loans (Signature Loans)|
|Home Equity Loans|
VCCU offers both fixed and variable rate Home Equity Loans.
What is the difference?
Home Equity Loan - You get a lump sum at the time of the loan. You have a fixed payment and a fixed interest rate for the duration of the loan. Once you get the money, you can not borrow further from the same loan without refinancing. A home equity loan works very similar to an auto loan but has your home as collateral. It is perfect when you know how much you need to borrow at the time of the loan and do not anticipate to borrow more in the near future. You can use this to refinance your home for a lower interest rate, pay off your home before retirement, home improvements, and debt consolidation. Consult you tax advisor for tax deductibility.
Home Equity Line of Credit – A flexible option that allows you to access the equity in your home when you need it. A Home Equity Line of credit has a variable rate and the ability to access the money from the same loan more than once. Once you pay down a balance, you can borrow again. It works similar to a credit card with your home as collateral. It is perfect for the project where you will need to withdraw money more than once, have different cash flow needs at different times, or do not know the final cost of a project at the time of the loan. Home renovations are a great example of when to use a Home Equity Line of Credit. Consult your tax advisor for tax deductibility.
Please call our office for rates.
We now offer student loans!