North East Welch Federal Credit Union

Vehicle Loans (Cars, Trucks, & Motorcycles)

  1. NEW OR NEVER TITLED VEHICLES (Includes Used Vehicles 1 year old) 
    1. 7 year maximum term
    2. Maximum amount financed - MSRP plus tax, title, document fees, disability & life insurance, GAP, & warranty
    3. A Dealer’s invoice is required for all new vehicles
  1. NEW –ORIGINAL FINANCING AT ANOTHER INSTITUTION WITHIN THE LAST 6 MONTHS
    1. 7 year maximum term if less than 3 months since original financing
    2. 7 years minus # of months since original financing if less than 6 months since original financing
  1. USED VEHICLES
    1. 6 year maximum term (4 years old or newer)
    2. 5 year maximum term (5 to 10 years old) 
    3. Maximum amount financed - 100% of either NADA retail value or the appraised value plus tax, title, document fees, disability & life insurance, GAP & warranty
    4. A used vehicle appraisal is required for autos purchased from an individual, refinanced from another institution, or currently owned by the borrower and given as collateral
    5. A Dealer’s invoice is required for used vehicles purchased from a dealer
  1. USED VEHICLES, OVER 10 YEARS OLD (Only vehicle years listed in the NADA Used Car Guide or the NADA Older Used Car Guide will be financed. Antique or Classic Autos will be financed with an appraisal)
    1. 4 year maximum term
    2. Maximum amount financed on a used vehicle will be 80% of either the NADA retail value or the appraised value plus tax, title, document fees, disability & life insurance, GAP & warranty
    3. A used vehicle appraisal will be required for autos purchased from an individual, refinanced from another institution, or currently owned by the borrower
    4. A Dealer’s invoice is required for used vehicles purchased from a dealer

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