The Financial Plus Difference: A Look at Loan Interest Rates

Posted on March 30, 2020 at 12:00 AM by Megan Stelter

As a member of Financial Plus Credit Union, you enjoy the many benefits we offer, including personalized service; optimal convenience; a voice in the way your credit union operates; and higher general earnings on your savings.

One of the most significant advantages we offer our members is lower interest rates on loans. Our loans offer you the best of both worlds, with an easy application and qualification process, plus a quick turnaround from beginning to end. Most importantly, though, when you take out a loan through Financial Plus, you’ll enjoy more savings on the interest rates throughout the life of the loan. That means your loans cost you less.

Let’s take a look at some of the most popular loan categories and how the interest rates at credit unions differ from the industry average. (All data has been pulled from the NCUA’s annual analysis of credit union and bank interest rates.)

Auto Loans
Looking for a new set of wheels? Look no further than Financial Plus! You won’t be under pressure to overspend or make a rash decision like you might be at the dealer’s lot. Instead, speak with one of our loan officers who will be delighted to help you identify how much you can truly afford while in a relaxed and pressure-free environment. You’ll be working directly with the lender, so you won’t get duped into a deal that includes inflated rates that go directly toward someone’s commission. Most importantly, with rates that fall far below the industry average, you can sign with confidence, knowing you’re getting a fantastic deal.

Used Car Loan, 48 months: 

Average industry rate: 5.55%APR (Annual Percentage Rate)

Average credit union rate: 3.75%APR

Used Car Loan, 36 months: 

Average industry rate: 5.50%APR

Average credit union rate: 3.61%APR

New Car Loan, 60 months:

Average industry rate: 5.22%APR

Average credit union rate: 3.69%APR

New Car Loan, 48 months: 

Average industry rate: 5.10%APR

Average credit union rate: 3.57%APR

Here at Financial Plus, we offer new and used car loans beginning at a 1.99% APR. Message or call us or stop by the drive through today to speak to a representative about applying for an auto loan.

Credit Cards
Why pay steep interest rates on a new credit card when you can get one at a rate that’s nearly two points lower than the national average?

Average industry rate on new credit cards: 13.61%APR

Average credit union rate on new credit cards: 11.80%APR

Here at Financial Plus, we offer credit cards for our members with interest rates starting at 9.75% APR.

Home Equity Loans
Are you looking to fund a home renovation or expansion? Or, do you want to tap into your home’s equity and take out a secured loan you can use any way you’d like? Consider taking out a home equity loan or a home equity line of credit (HELOC) at Financial Plus.

Home Equity Loan, 5 years, up to 80% of the home’s value:

Average industry rate: 5.39%APR

Average credit union rate: 4.88%APR

Home Equity Line of Credit, up to 80% of the home’s value:

Average industry rate: 5.85%APR

Average credit union rate: 5.54%APR

Here at Financial Plus, we offer home equity loans for our members with interest rates starting at 3.00% APR.

Home Loans
When you apply for a home loan at Financial Plus, you’ll enjoy personalized attention throughout the loan process, quick, professional service, and interest rates that beat the industry average no matter what kind of mortgage you choose.

30-Year Fixed-Rate Mortgage: 

Average industry rate: 4.28%APR

Average credit union rate: 4.12%APR

15-Year Fixed-Rate Mortgage: 

Average industry rate: 3.84%APR

Average credit union rate: 3.63%APR

5/1 Year Adjustable Rate Mortgage (ARM):

Average industry rate: 4.11%APR

Average credit union rate: 3.65%APR

1 Year ARM:

Average industry rate: 4.05%APR

Average credit union rate: 3.65%APR

Here at Financial Plus, we offer mortgages beginning at a 3.00% APR. If you’re ready to get started on the home loan application process, message or call us or apply today!

There are more savings in store when you take out a home loan through your credit union. According to a report by CUNA, the closing fees for mortgages taken out through credit unions average $200 less than those taken out through banks. That’s $200 in your pocket at a time when you’ll need to cover all kinds of moving-related expenses, from new furniture, light fixtures and touch-ups on your new home to moving costs.

Personal Loans
When you need a bit of extra cash for a reason that doesn’t fit neatly into any other category, consider a personal loan at Financial Plus. The application process is quick and easy, and you can use the extra money any way you please, from funding a dream vacation to paying for wedding expenses to covering the costs of adopting a child. With modest interest rates, you’ll enjoy an affordable payback plan throughout the life of the loan.

Average industry interest rate on fixed 36-month personal/unsecured loans: 10.31%APR

Average credit union interest rate on fixed 36-month personal/unsecured: 9.46%APR

At Financial Plus, we offer fixed, 18-48 month personal loans beginning at 7.25% APR.

You’ll always benefit when you choose Financial Plus. As a not-for-profit, member-owned cooperative, our only goal is your financial wellness. Speak to an MSR or loan officer today about taking out a low-interest loan of any kind.

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