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SFCU offers loans to qualified borrowers for almost everything: new or used vehicles, home improvements, and just about any other prudent purpose. We have competitive terms and rates. Repayment can be through ACH or payroll deduction, automatic from shares or share draft, or with a payment book. There is no prepayment penalty.

We can grant loans only to members who are least 18 years old. Whether a loan is approved or rejected depends on several factors, the most important being affordability and credit history. We also have income guidelines to which we must adhere with regard to unsecured debt. Depending on the situation, a cosigner may be required. We require proof of income and verify employment with each application. There is a nominal application fee which varies depending on the type of loan requested. A member must have $100 in shares before the proceeds can be disbursed. This money must remain in the account until the loan is paid off. Life and disability insurance on the loans can be purchased by the member. There are age restrictions in both cases. We offer the following loan types:

• Signature

• New & Used Vehicle (includes motorcycle)

• Home Equity

• Recreational Vehicles

• Mobile Homes

• Share Secured

• Overdraft Protection (with personal share draft accounts): maximum amount is $1,500. Interest rate is 15%. Loans are advanced in increments of $5.

Signature Loans

These are unsecured loans. The maximum amount is $20,000 with up to six years to repay. A member must be in a certain income bracket to be approved for the maximum. We also offer open-end loans which are unsecured lines of credit to qualified members. The interest rate is based on the payback period and member's credit history. The minimum payment is $40 per month and the minimum loan granted is $200.


New and Used Vehicle or Motorcyle Loans

We will lend up to 100% of the dealer invoice including taxes, tags and warranties for a new vehicle. We require proof of full coverage insurance before the funds are disbursed. Note that a vehicle is considered new regardless of the model year only if the mileage does not exceed 5,000. For a used vehicle, we will lend 100% of the retail value as determined by the NADA book. This also includes taxes, tags and warranties. The maximum term is determined by the model year of the vehicle. Proof of full coverage insurance is also required. On new and used vehicle loans, the maximum term is seven years and the minimum payment is $125.00 per month. Here are some links you may find helpful when vehicle shopping:

• CarFax. Each year, automakers buy back thousands of vehicles deemed irreparable - then resell many to unsuspecting customers. But CarFax, the vehicle history service, uncovers problems such as buybacks, salvages, odometer rollbacks and flood damage. SFCU members can order instant vehicle history reports at discounted prices.

• Enterprise Car Inventory Online. Members may shop online 24/7 for Enterprise cars and finance them through SFCU. Cars can be delivered to a location that is convenient to you.
  

Motor Vehicle Certification Program

Seaford Federal Credit Union is always trying to provide the best in services and benefits to our members. That is why we offer the services of the Motor Vehicle Certification Program. MVCP offers consumer protection that will help you save money and time when you are in the market for a new or used vehicle. Call an MVCP Consumer Advisor at 1-800-345-0990, or click here to visit their web site.

Your Car Insurance Does Not Cover Everything

Seaford Federal Credit Union has done it again! Not only do we have very competitive rates and terms on new and used vehicle loans, we also offer Guaranteed Auto Protection (GAP). Purchasing this coverage at the dealership can cost up to $600.00. However, we offer it to our members for less than $300.00 which can be added to your loan.

If your vehicle is wrecked or stolen and deemed a total loss, your insurance policy will only cover the Actual Cash or Market Value of your vehicle. This amount could be significantly less than the amount you owe to the credit union. The result is a financial GAP. This means that you must make up the difference which could be thousands of dollars out of your pocket. You can avoid this potential serious loss by purchasing GAP insurance when you purchase or refinance the vehicle. Call Mary at ext. 18 today for more information.

Home Equity

We offer both home equity lines of credit and fixed rate equity loans. We grant these loans in Delaware and Maryland, usually on primary residences only. We will lend up to 90% of the appraised value less any outstanding mortgages, with terms from 10 to 20 years. There is a $175 nonrefundable application and appraisal fee at the time the application is received, which covers a "curb side" appraisal. Closing costs are paid by SFCU with a minimum loan of $15,000 (new money). If the loan is paid off within the first year, however, the member is responsible for reimbursing the credit union for the amount they paid at time of closing. To set up an appointment, please contact Gwen at (302)629-7852, ext. 16.

Recreational Vehicles

We lend 90% of the retail value of new or used boats (includes motor and trailer), travel trailers and campers. We require proof of insurance with SFCU as loss payee before the funds are disbursed. The member is also responsible for paying UCC fees. Loans over $12,000 can be financed for a maximum of 7 years; loans under $12,000 can be financed for a maximum of 5 years.

Mobile Homes

A $25 application fee is required. The interest rate depends on the model year of the mobile home, the amount of down payment, and the member's credit history. The maximum term is 15 years, and the minimum is five years or a monthly payment of $150. We require an appraisal of used mobile homes; we require the dealer's invoice for a new one. Insurance must be provided before the funds are disbursed.

Share Secured

A member can borrow up to 100% of their shares as collateral for a loan. The interest rate is 3% above the dividend rate being paid on the shares that are pledged. The minimum rate is 5.5% APR while the minimum loan amount is $200.


To Apply For A Loan

All applicants must be a Seaford Federal Credit Union member. Download an application, or call or stop by our office.

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