| Type of Loan |
Term |
APR |
2007 and 2008 Model Cars - NEW PURCHASE ONLY
(15,000 miles or less) |
60 months |
As low as 4.90% |
2007 and 2008 Model Cars
(15,000 miles or less)
72 month loans over $17,000.00 |
72 months |
As low as 6.750% |
2005 and 2006 Model Cars and older
(2005's over 15,000 miles) |
see below |
As low as 7.50% |
Loan rates are effective April 1, 2008 and are subject to change
Used car loans are subject to the following repayment schedules:
The Annual Percentage Rate or APR means that you are paying interest only on what you still owe each month (the declining balance.)
IEACU uses a risk based lending policy to determine a members interest rate on many of our loan products. In grading a loan application , the credit bureau provides IEACU with a calculated national risk score. Which is then matched to a letter score of A-E. Rates have been set according to a corresponding letter grade. The letter grade of A would receive the best rate while tiers B-E would each receive higher interest rate.
All loans are subject to qualification.