Loan
Application
Loan Department | VISA | Loan
Rates
Mortgage & Home Equity
| Indirect
Financing
Loan Department
The Alpena Alcona Area Credit Union prides itself
in providing low-cost loans with flexible terms to its membership. Members
borrow from the Credit Union as an owner, which is a unique relationship
when compared to other financial institutions. There is no waiting period
between the time you open your account at the Credit Union and the time
you apply for a loan. Our professional staff will process all applications
quickly and confidentially. In many cases, a loan can be approved the
same day. We can even process your loan by mail or telephone. There are
no application fees and no processing fees (excluding mortgages and student
loans).
Loans available are: new and used auto, boat, recreational vehicles, debt
consolidation, home improvement, revolving, home equity, overdraft
protection, automobile,
mortgage, and many more. Also, available to our members are credit life
and credit disability insurance and Guaranteed Asset Protection (GAP).
Guaranteed Asset Protection (GAP) is insurance coverage that pays the difference between your primary insurer's settlement and the loan balance on items directly related to the purchase of the vehicle. GAP is low-cost coverage for a potentially high-cost expense. For just a few dollars a month, GAP can save you from making loan payments on a car, truck or other vehicle that's beyond repair, or stolen and not recovered. Ask a loan officer about GAP coverage for your next loan.
| Annual Percentage Rate for Purchases (APR) | Other APRs for | Grace Period for repayment of balance for purchases | Method of computing the balance for purchases | Annual Fee | Other Fees |
| 12.96% | 12.96% | 28 days | Average Daily Balance | $0 | Late Payment Fee: $20.00 |
Owning a AAACU VISA card couldn't be easier! Our card is equipped with today's latest technology and offers extensive fraud protection so you can use your card with confidence. We have a no-nonsense approach, with a non-variable rate and without the hassle of teaser rates. Our credit limits range from $500 to $10,000. Apply online today !!!
12.96% Annual Percentage Rate (APR)
No annual fee
No processing fee
28-day interest free grace period on purchases
Visa roadside dispatch - 1-800-visa-tow
Free $250,000 travel accident insurance
Payment protection availability
Advanced fraud protection
Personalized in-house service
Also, we are now able to offer shared-secured AAACU VISA cards. This is an excellent opportunity to establish or re-establish your credit history. The minimum credit limit is $250. The application process is easy, and if approved, you will receive your card within 7 to 10 business days.
Platinum VISA Card
| Annual Percentage Rate for Purchases (APR) | Other APRs for | Grace Period for repayment of balance for purchases | Method of computing the balance for purchases | Annual Fee | Other Fees |
| 10.96% | 10.96% | 28 days | Average Daily Balance (Including new Purchases) | $0 | Late Payment Fee: $20.00 |
Alpena Alcona Area Credit Union also offers Platinum VISA cards. A Platinum VISA offers a lower interest rate and higher credit limits. Along with the same friendly service you enjoy as a member of Alpena Alcona Area Credit Union, the Platinum VISA has many benefits including:
- 10.96% Annual Percentage Rate
- $500,000 travel accident insurance
- Warranty manager service - Warranty Registration Service and Extended Warranty Protection.
- Pre-trip assistance
- Auto rental insurance - Save up to $14 per day when you pay with your Platinum VISA card
- 24-hour a day/seven days a week assistance through VISA
- Payments may be available for use the same day
Minimum requirements: $30,000 annual income, 5 years or more in same profession, and 680 or higher credit score.
If you have just received your new AAACU VISA card, for security purposes it must be activated before it can be used. Please call 800-456-6870 to activate your card today.
If you happen to lose or misplace your Visa card, please call the credit union's Visa department or click here . If you realize your loss after the credit union's operating hours, contact the after hours number 1-800-991-4965.
If you would like to request a copy of our Credit Card Disclosure simply contact the VISA Department at 1-800-443-3577 extension 1542.
| Effective July 28, 2010 | |||
| (rates are subject to change) | |||
| New Motor Vehicles | APR | Monthly Payment | |
| 2010-2009 Models | Rates "As Low As"* | ||
| 24 Months | 4.50% | $43.65 | |
| 36 Months | 4.50% | $29.75 | |
| 48 Months | 4.50% | $22.81 | |
| 60 Months | 4.75% | $18.76 | |
| 72 Months for vehicles valued at $22,500 or more | 4.75% | $16.00 | |
| 78 Months for vehicles valued at $30,000 or more | 5.00% | $15.05 | |
| *** We will finance 105% of the suggested retail price including tax, title, license, warranty and GAP insurance. | |||
| Used Motor Vehicles | APR | Monthly Payment | |
| Rates "As Low As"* |
| ||
| 2010-2008 Models | Up to 66 Months | 5.25% | $17.48 |
| 2007-2005 Models | Up to 54 Months | 5.50% | $20.95 |
| 2004 Models | Up to 54 Months | 6.50% | $21.42 |
| 2003 Models | Up to 42 Months | 6.75% | $26.81 |
| 2002 Models | Up to 36 Months | 7.75% | $31.24 |
| 2001 and older Models | Up to 24 Months | 8.00% | $45.24 |
| New Motor Homes, Campers, Travel Trailers,Tractors and Boat Packages | |||
| Monthly Payment Per $1000 Financed | |||
| Costing less than $15,000 | 60 months | 5.50% | $19.11 |
| Costing more than $15,000 and less than $25,000 | 84 months | 5.50% | $14.38 |
| Costing more than $25,000 | 84 month balloon 180 Amortization | 5.50% | $8.18 |
| Used Motor Homes, Campers, Travel Trailers, and Boat Packages | |||
| Costing less than $15,000 | 60-months | 7.00% | $19.81 |
| Costing more than $15,000 and less than $25,000 | 84-months | 7.00% | $15.11 |
| Costing more than $25,000 | 84-month balloon 180 Amortization | 7.00% | $9.00 |
| New Wave Runner, Jet Ski, Snowmobile, ATV | |||
| 60 months | 5.50% | $19.11 | |
| Used Wave Runner, Jet Ski, Snowmobile, ATV | |||
| 48 months | 7.00% | $23.95 | |
*Please note: Loan rates listed above represent our best rate and are subject to change. Not all members qualify for the best rate. Interest rates are determined by credit score, thus quoted "As Low As".
- No application fee
- Fixed rate loans
- Variable rate line of credit
- Easy application process
- Affordable rates and terms
- Weekly, bi-weekly or monthly payments
*** All used vehicles financed will be based on 105% of NADA Book Retail Value ***
Alpena Alcona Area Credit Union has a professional and knowledgable lending staff waiting to assist you with your mortgage and home equity needs. We have some of the lowest closing costs around, and you will always find competitive rates and affordable terms. Alpena Alcona Area Credit Union services all mortgage loans directly, which means all your payments and questions will be handled at our office by people you've come to know and trust. Whether you would like to buy a new home, refinance your current mortgage, or build your dream home, start with Alpena Alcona Area Credit Union.
Fixed Rate Mortgages
If you would prefer a loan with an interest rate that never changes this would be the loan for you. The Credit Union offers fixed rate mortgage loans with up to a 30-year term. With a long term mortgage loan, you will find a lower monthly payment than with shorter term mortgage loans. This may be the friendliest loan for your monthly budget. The Credit Union also offers shorter term fixed rate mortgage loans, such as 15 and 20 year mortgage loans.
Balloon Mortgage
This mortgage program is for the buyer that may buy a home with plans to sell or payoff the loan within the next few years. The balloon mortgage is written for a 5 or 7 year term, but the monthly payment is based on a 30 year term. That means you pay a set payment each month, but at the end of the term the balloon payment must be paid in full. At that time, you can choose to re-write the loan for another balloon term at the current rate or with a maximum 3% cap, or you can rewrite into a fixed rate mortgage loan. Generally a balloon mortgage loan has a lower interest rate than a fixed rate mortgage.
First Time Buyers
The Credit Union may be able to help get you into your first home with a little or no down payment mortgage. The Credit Union offers mortgage loans with as little as 3 -5 % down, plus closing costs. The Credit Union also offers Rural Development loans. Please contact the Mortgage Department for further information at (989) 354-1515 or toll free 1 (800) 443-3577 ext. 1515.
Construction Loans
We can help you build that home you've been dreaming about. A construction loan from the Credit Union is quick and convenient. You apply and close only one time, and the funds for the construction project are deposited into your share account at the Credit Union. You will earn interest while your home is being built. To pay construction bills, simply bring in the invoices and we will disburse your funds. For additional details, please contact the Credit Union Mortgage Department.
Vacant Land Loans
Found that perfect spot to build your dream home? The Credit Union is able to offer loans for vacant land. Please contact the Mortgage Department for specific details at (989) 354-1515 or toll free 1 (800) 443-3577 ext. 1515.
Home Equity Loans
After being in your home for a period of time, you may have built up equity that you can use for any purpose, such as purchasing property, buying a second home, college education expenses, or debt consolidation. Our home equity program offers:
Contact our equity department for further details at (989) 351-1515 or toll free 1 (800) 443-3577 ext. 1515.
Payment Options
On most mortgage
and home equity loans, the Credit Union offers weekly, bi-weekly or monthly
payment options. Remember the more often you pay on your mortgage loan
the less interest you will pay over the life of the loan. Your payments
can be automatically deducted from your account upon your request for
any of the above payment methods.
Hit the road with your new vehicle in no time. When you're out shopping at the local dealerships, just tell them you're a member of Alpena Alcona Area Credit Union and they will handle the rest. They can help you with the loan application, get the approval and handle the closing right in their office. You won't have to stop by the credit union or make a single phone call. The participating dealers are as follows:
| Alcona Motors | Jim Wernig Chevrolet of Gaylord |
| Alpena Pontiac Buick GMC | Lewiston Motor Sports |
| Cliff Anschuetz Chevy Olds Cadillac | Lincoln Outdoor Center |
| D's Honda | Mike Lynch Ford Mercury |
| Dean Arbour Ford of Alpena | People's Used Cars |
| Dean Arbour Ford of Tawas | Rogers City Chevrolet Buick Pontiac |
| Dean Arbour Chevy of Tawas | Sports Unlimited |
| Don's Tractor & Equipment | Thelen Auto Group of Bay City |
| Hubbard Lake Marine | Thunder Bay Chrysler, Dodge, Jeep |
| Hudson Motor Sales | Wagar Motor Sales |
| Kadrich Used Autos | Wernig & Jones of Cheboygan |
For more information, call Laura at (989) 354-1534 or click here to e-mail our loan department.
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