North East Welch Federal Credit Union

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Other Secured Loans

OTHER SECURED OVER $10,000 (UCC1)

  • 5 year maximum term
  • Maximum amount financed on NEW equipment – MSRP plus tax, title, document fees disability& life insurance, GAP, & warranty
  • Maximum amount financed on USED equipment – NADA retail value or the appraised value plus tax, title, document fees, disability & life insurance
  • An appraisal will be required on all vehicles not purchased from a dealer
  • A Dealer’s invoice must be submitted for all equipment purchased from a dealer
  • The loan limit per member for a farm equipment loan is an aggregate of $50,000.00

OTHER SECURED UNDER $10,000 (UCC1)

  • 4 year maximum term
  • Must provide copy of sales receipt or invoice
  • Must provide serial number of the item being purchased
  • Amount loaned will not affect the member’s signature loan limit

SHARE SECURED

  • 5 year maximum term
  • Maximum amount financed will be the member’s available share balance not to exceed 10% of the credit union’s total unimpaired capital & surplus

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