Loans are available on new and used automobiles.
Requirements:
Loan application must be submitted accompanied by a purchase agreement (contract), including:
- Year of vehicle
- Make & model of vehicle
- Vehicle identification number
- Name, phone number and complete address of seller
Ukrainian National Federal Credit Union is to be listed as first lien-holder on title and title must be kept on file at the Credit Union until the loan is paid in full. Must show proof of insurance coverage prior to issuing of loan check. Must have full insurance coverage, including fire, theft, comprehensive, and collision, with the Credit Union listed as loss payee on the policy. The loss payee clause of the insurance policy must be sent to the Credit Union office. Depending on the type of loan taken, there is a non-refundable fee required upon submitting paperwork for processing.
The member must submit a copy of each of the following:
- Last pay stub
- Driver's license
- Most recent telephone or utility bill (electric, gas, cable, etc.)
A minimum of $100.00 must be maintained in the member's share account until the loan is paid in full.
New cars will be financed up to 90% of purchase price of the vehicle excluding taxes and registration fees.
Used cars will be financed up to 85% of book value of the vehicle.
Members must reside in either the New York metropolitan area or New Jersey.
New Car Loans
| Term | Rate As Low As | Comments |
|---|---|---|
| Up to 5 years | 4.50% ** | 10% down payment |
| 7 years (Minimum loan balance of $40,000.00) | 5.99% ** | 10% down payment |
Used Car Loans (Maximum age of car - Last 5 Model Years)
| Term | Rate As Low As | Comments |
|---|---|---|
| Up to 5 years | 5.50% ** | 15% down payment |
Commercial Vehicles
| Term | Rate As Low As | Comments |
|---|---|---|
| Up to 4 years (Maximun loan amount - $45,000.00) - New | 9.50% | 25% down payment |
| Up to 4 years (Maximun loan amount - $45,000.00) - Used | 11.50% | 25% down payment |
* Rates as of October 06, 2024. Rates are subject to change without prior notice.
** Rates are based on creditworthiness, loan-to-value (LTV) and loan purpose, so your rate and terms may differ. All loans are subject to credit approval.