Consumer Loans
Rates Accurate as of March 20, 2023
New Auto Loan | APR* | Maximum Term** | Payment/$1,000 |
---|---|---|---|
5.875% | 3 Years | $30.37 | |
6.000% | 4 Years | $23.49 | |
6.250% | 5 Years | $19.45 |
Apply Online Download Application
Rates reflect a .25% discount for automatic payment from a Mechanics Cooperative Bank Checking Account. Add .25% to the new auto loan rates if automatic payment is not taken from a Mechanics Cooperative Bank Checking Account. Maximum of 100% of purchase price of vehicle not previously registered. The down payment must bring the loan amount to a value not to exceed NADA Retail Value. A purchase order must be submitted with all vehicle loan applications. Non-title security (U.C.C., etc.) will be considered at a rate of 0.50% higher than the above title vehicle rates. Insurance binder is required on all vehicle financing before loan proceeds are disbursed.
Used Auto Loan | APR* | Maximum Term** | Payment/$1,000 |
---|---|---|---|
6.500% | 3 Years | $30.65 | |
6.750% | 4 Years | $23.83 | |
6.990% | 5 Years | $19.80 |
Apply Online Download Application
Available for autos no more than 5 years old. Rates reflect a .25% discount for automatic payment from a Mechanics Cooperative Bank Checking Account. Add .25% to the used auto loan rates if automatic payment is not taken from a Mechanics Cooperative Bank Checking Account. The down payment must bring the loan amount to a value not to exceed NADA Retail Value. A purchase order must be submitted with all vehicle loan applications. Non-title security (U.C.C., etc.) will be considered at a rate of 0.50% higher than the above title vehicle rates. Insurance binder is required on all vehicle financing before loan proceeds are disbursed.
*Annual Percentage Rate (APR)
** 3 years equals 36 fixed monthly payments. 4 years equals 48 fixed monthly payments and 5 years equals 60 fixed monthly payments (4 and 5 years for auto loans only). Product offers, rates and all terms and other information provided are subject to change without notice. Subject to credit approval.
Passbook Installment Loan | APR* | Maximum Term** | Payment/$1,000 |
---|---|---|---|
3.05% | 5 Years | $2.97 |
Apply Online Download Application
Only one loan is to be outstanding against any one passbook. Sample loan rate above will be 3.00% greater than the current rate of the deposit account. Loan amount should not exceed 90% of passbook balance. Minimum loan is $500.00. Rate may increase after consummation. Passbook secured loan rates are subject to increase if the deposit rate increases. Rate and payment indicated above are based on a passbook rate of .05% and interest only payments.
*Annual Percentage Rate (APR)
** 3 years equals 36 fixed monthly payments. 4 years equals 48 fixed monthly payments and 5 years equals 60 fixed monthly payments (4 and 5 years for auto loans only). Product offers, rates and all terms and other information provided are subject to change without notice. Subject to credit approval.
Overdraft Line of Credit |
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With our Choice Overdraft Protection Line of Credit, you’ll never have to worry about returned check fees or being embarrassed by an inadvertent overdraft. Overdraft Protection up to $2,500 is available to qualified applicants. Subject to credit approval. $25 annual fee. $15 minimum monthly payment. |
Apply Online Download Application
Heat Loans | Loan Amount | Maximum Term |
---|---|---|
$500.00 – $2000.00 | 24 Months | |
$2001.00 – $15,000 | 60 Months | |
$15,001 – $25,000 | 84 Months |
Manufactured Homes | Model Year | Maximum Term |
---|---|---|
2003-2015 | 180 Months | |
2016 and Newer | 240 Months |