Loans

At River Valley Credit Union, we realize that all of our members will have to borrow at some point in their lives so we try to make the process simple and fast with a wide range of low cost loan programs that our members have requested. Consumer Loans, Mortgage and Home Equity Loan applications are available in person, by mail, or you can download and print your own loan application form then drop it off at any River Valley Credit Union location. You can also apply online for Consumer Loans and Mortgages!

Our members may select from the following Consumer loan types:

Kim Gouger, VP Consumer Loans

AUTOMOBILE LOANS
New automobiles or used, you will find us competitive with any other financial institution.

For NEW CARS, we will lend up to 110% of the MSRP for a maximum of 72 months. Program cars are treated as new cars as long as a new car warranty is available.

For USED CARS up to six model years old, we lend according to the NADA retail value. We subscribe to the NADA automobile valuation system and will be happy to supply you with average retail and trade-in costs of the vehicle you are interested in.

SHARE-SECURED LOANS
Share-secured loans are the least expensive way to borrow. You may use the amount in your base savings account as collateral for a loan. Since the loan is fully collateralized, we charge an extremely low rate of interest.

OVERDRAFT LOANS
Overdraft protection is a line of credit that is attached to your checking account. You may use the credit line at any time by simply writing a check for more than you have in your checking account. We will honor the check for up to the maximum of your credit limit. What a wonderful way to write your own loan any time you need it! There is no service fee for overdraft protection. You only pay interest on any outstanding loan balance.

OTHER LOANS

We have a number of other secured loan types available:

  • Mobile Home loans (Must have land included. No rented lots or parks accepted.)
  • Motor Home loans
  • Motorcycle loans
  • RV loans
  • Boat loans

Our members may select from the following Home loan types:

HOME MORTGAGE LOANS
We engage in a correspondent home mortgage program with other lenders, for fixed rate products. You will find our rates and closing cost to be very competitive. PLUS—our credit union mortgage officer will assist you through the paperwork jungle in a caring and credit union way. Let us do the worrying for you! We’re here to assist you. River Valley Credit Union is an equal housing lender.

HOME EQUITY LOANS
For members who already own a home, you may qualify for a low interest, low cost, variable rate home equity loan. The loan is secured by the equity in your home. A maximum credit line is established and you may draw funds as you desire. Usually, the interest on a Home Equity Loan is tax deductible but check with your tax advisor to be sure. Funds may be used for any purpose such as a new car, college tuition, bill consolidation, home improvements and more.

Based on your creditworthiness your rates and terms may vary, see RVCU for all the details.

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