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Your rate and terms will depend on the type of loan, your credit score, term of the loan (number of months), for vehicle loans, the age of the vehicle and other factors listed in this schedule.

See the credit union for all details.

Click HERE For Information on Mortgage Loans Available to Credit Union Members



** All rates are based on an evaluation of credit history, so your rate may differ.

New Auto Loans (including used autos current and previous model years) as low as** 3.03% APR

Model years 2015-2014. APR=Annual Percentage Rate. Minimum credit score (Beacon 5.0) 720+ required. Maximum term 84 months. QPAFCU refinances do not apply. 

Example: Loan in the amount of $20,000 36 month term - APR as low as** 3.03%, 36 monthly payments of $581.92.

Example: Loan in the amount of $25,000 48 month term - APR as low as** 3.02%, 48 monthly payments of $553.60.

Example: Loan in the amount of $30,000 60 month term - APR as low as** 3.51%, 60 monthly payments of $545.94.

Example: Loan in the amount of $35,000 72 month term - APR as low as** 4.01%, 60 monthly payments of $547.74.

Example: Loan in the amount of $40,000 84 month term - APR as low as** 4.51%, 60 monthly payments of $635.12.

Used Auto Loans (2, 3 or 4 years old) as low as** 3.53% APR

Model years 2011-2013. APR=Annual Percentage Rate. Minimum credit score (Beacon 5.0) 720+ required. Maximum term 72 months. QPAFCU refinances do not apply. 

Example: Loan in the amount of $20,000 36 month term - APR as low as** 3.53%, 36 monthly payments of $586.34.

Example: Loan in the amount of $25,000 48 month term - APR as low as** 3.52%, 48 monthly payments of $559.13.

Example: Loan in the amount of $30,000 60 month term - APR as low as** 4.01%, 60 monthly payments of $552.68.

Most credit union loans will have the interest rate set by the applicant’s “Equifax Beacon 5.0 Credit Score”. This score is based on the borrower’s credit record and is commonly used in credit decisions. For most loans, there will be 4 rates: Stellar (lowest rate), Preferred, Standard and Rebuilder (highest rate). In the case of joint borrowers, the score of the joint borrower with the higher income will be used. If a borrower does not have a “Beacon Credit Score”, the Standard rate will be used. If the borrower wishes to request a lower rate, based on an improved “Beacon Credit Score”, a fee of $5.00 must be paid with the request (allowed after 12 months). If qualified, the rate would be lowered to the rate in effect at the time the request is made for the original type of loan.

The following Equifax Beacon 5.0 score ranges will be used in determining the rate tier: Stellar: 720 -818; Preferred: 660-719; Standard: 580 – 659; Rebuilder: 334-579

Loan Type Stellar
Rate  
Preferred Rate Standard Rate  Rebuilder Rate  Maximum Loan ($)Maximum Term (months) 
-----------------------------------------------------------------
Personal,5.50 %7.50 %9.50 %12.00 %$ 12,00012 months
Individual6.508.5010.5013.00   12,00024 months
Member7.509.5011.5014.00   12,00036 months
8.5010.5012.5015.00   12,00072 months
--------
Personal, Joint or with ComakerSame Rates, Terms asIndividual$  24,000same as above
-----------------------------------------------------------------
Share SecuredN/A  N/A2.50  N/A   60,00024 months
(Regular Shares orN/A  N/A3.00  N/A   60,00036 months
Club)N/A  N/A3.50  N/A   60,00072 months
--------
Share SecuredN/A  N/A3.00  N/A   60,00024 months
(Certificates)N/A  N/A3.75  N/A   60,00036 months
N/A  N/A4.00  N/A   60,00048 months
N/A  N/A4.25  N/A   60,00060 months
-----------------------------------------------------------------
New Auto, OR3.004.006.509.50   60,00036 months
Used Auto Current OR3.004.507.0010.00   60,00048 months
Previous model year3.505.007.5010.50   60,00060 months
4.005.508.0011.00   60,00072 months
4.506.008.5011.50   60,00084 months
-----------------------------------------------------------------
Used Auto, model year3.504.507.0010.00   60,00036 months
is 2,3,or 4 years prior3.505.007.5010.50   60,00048 months
to current calendar year4.005.508.0011.00   60,00060 months
4.506.008.5011.50   60,00072 months
-----------------------------------------------------------------
Used Auto, model year4.005.007.5010.50   60,00036 months
is over 4 years prior4.005.508.0011.00   60,00048 months
to current calendar year4.506.008.5011.50   60,00060 months
-----------------------------------------------------------------

Motorcycles, Campers, RVs, larger trucks, and highly customized vehicles:

The "Auto Category applies to automobiles, minivans (not heavily customized), small vans, SUVs and light trucks. The category for "Other Vehicles" (motorcycles, campers, RVs, etc.) is the same rate categories, but the interest rate is 1.00% (8.00% v. 7.00%, for example) higher in all categories. There may be some added requirements for down payments, term of the loan, etc., based on the vehicle involved.

Used Vehicles: In 2015, 2014-2015 used cars would be in the first category; 2011, 2012 and 2013 used cars in the second; and pre-2011 cars in the third category.

* APR is Annual Percentage Rate

Additional terms:

1. No one person may be indebted to the credit union for more than $60,000 (Not including loans fully secured by shares in this credit union, in which case the amount is $60,000 above the amount fully secured by shares. The separate, share secured limit, is $60,000)

2. The credit union does not pay for life insurance or disability insurance on member loans. Single life insurance or (for joint borrowers) joint life insurance is available for purchase by the borrower(s). Disability insurance is also available for purchase on the primary borrower. If the borrower(s) purchase life and/or disability insurance the term of the loan may be extended for the number of months that would pay off the loan at the payment without the insurance.

3. A late charge of five (5) per cent of the regular payment due applies for payments received more than ten (10) days past due.

4. For used vehicles, the amount financed can be up to 105% of the NADA or Kelley Blue Book retail value, not to exceed the limits listed here. The used vehicle rate is not applicable to vehicles with a book value under $2,000.

5. There may be some restrictions on loans to members outside of the Arlington, Virginia area. Contact the credit union for details.

6. For vehicle loans, 'salvage' titles and 'lemon law' titles are not normally acceptable as collateral on vehicle loans. Exceptions may be made only with the specific approval of a loan officer.

7. A $10.00 Loan Processing fee will apply for all loans disbursed, except the Payday Alternative Loan.

8. See the Credit Union for additional details on loans.


For members who need up to $600 and whose credit may not allow them to qualify for one of the normal credit union loans, we now offer Special "Grace" loans without a credit report. These are the requirements for a "Grace" loan:

The maximum "Grace" Loan is $600.

An application fee of $10 is charged and an interest rate of 28.00% Annual Percentage Rate (APR) is charged.

An applicant must be a member of the credit union for 4 months when the application is made. The member must have the minimum share amount of $25.00 when the application is made.

The applicant must show proof of current employment or regular source of income, such as pension, with at least a gross income of $1,000 per month. This proof can be recent pay stub (less than one month old), or similar document.

The applicant must have EITHER an open checking account (demonstrate by showing statement less than 40 days prior to application OR a payroll deduction (or automatic transfer from other account) in effect at the time of application to pay the loan payments, that is not obligated to pay another loan at the credit union.

Only one payday loan can be outstanding at one time per member. Only four such loans will be made in 12 calendar months. A loan must be fully paid off before another is issued. A "Grace" loan will not be issued if the member is past due on any other loan with this credit union.

The payments can be scheduled every two weeks, twice a month or monthly in equal payments. The first payment must be scheduled in one month or less. The final payment must be scheduled in no more than 3 calendar months, although payments can be made early. The late fee is the same as other loans.

A share balance of $100.00 must be maintained until the loan is completely paid off. This is $75 more than the minimum. BOTH the application fee and the $100.00 share balance can be paid from the loan proceeds.

A "Grace" Loan may not be granted if a previous "Grace" Loan was not paid on time.

Approved by the Credit Union Board September 20, 2015. Schedule subject to change by Board action.

 
   
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