Most loans are eligible for a potential rebate of interest at year-end. Loan interest rebates are determined by the Board of Directors at the end of the year and are based on annual Credit Union earnings. While year-end rebates occur with great regularity, this additional Credit Union benefit is not guaranteed.
Below are examples of how the potential interest rebate could save you finance charges over the course of your loan:
Loan amount | $20,000 |
Term (in months) | 60 |
Interest Rate | 8.00% |
Interest Rebate | 7.50% |
Total finance charge over 60 months | $4,330.47 |
Dollar value of savings | $324.79 |
Effective interest rate | 7.40% |
Vehicle Loan Example #2
Assumes a constant interest rebate of 12.50%
each year for the length of the loan.
Loan amount | $20,000 |
Term (in months) | 60 |
Interest Rate | 8.00% |
Interest Rebate | 12.50% |
Total finance charge over 60 months | $4,330.47 |
Dollar value of savings | $541.31 |
Effective interest rate | 7.00% |
To learn more about the potential
interest rebate and how it can affect you, contact our Loan Department at
(989) 835-7794 or (800) 835-7794.
