Auto Loans
When you're ready to finance your next new or used vehicle,
come talk to us. Our low rates and flexible terms can help
you get the vehicle you want, with a monthly payment that
fits your budget. Have your loan pre-approved, then you'll
have "cash-in-hand" bargaining power. You can also
refinance your loan from another institution at our low rates
and save money instantly!
New Vehicles: We offer 100% financing for
up to 72 months. We also offer 90% financing for 84 months
if the loan amount is $30,000 or more.
Used Vehicles: We'll finance 100% of NADA retail
value for models that are seven years old or newer.
Auto Dealer Network: We have lending relationships
with a number of area auto dealers. When you shop at any
of these dealers,
you can apply on the spot for credit union financing.
Just identify yourself as a Merck Sharp & Dohme Federal
Credit Union member. We're adding dealers rapidly, so
keep watching for updates.
GAP Insurance Info: Guaranteed Asset Protection
(GAP) is a voluntary program that we offer for your new
or used vehicle loan. This financial protection covers
the difference in the balance on a car and its declared
value, as determined by your primary insurance carrier,
in the event that it is damaged beyond repair or stolen
and never recovered.
Real Estate Loans
First Mortgages: We offer fixed-rate and adjustable-rate loans. Terms of 15-, 20-, and 30-years are available for purchases and refinances. Jumbo loans are also available. For more information, contact Rich Haselbarth at (215) 996-3737 or e-mail him at rhaselbarth@msdfcu.org.
Fixed-Rate Mortgages
This type of loan keeps the same interest rate throughout the repayment period. Market changes will not affect your rate or payment. Insurance and taxes are the only variables that may affect your payment.
Adjustable-Rate Mortgages
This type of loan has an interest rate that may vary. The initial rate is typically lower than standard fixed rates, giving you lower payments and increasing your purchasing power. We offer adjustable-rate mortgages with a one-year step after the initial three, five or seven year term. The steps do have caps and there is a maximum rate for each type of adjustable-rate mortgage.
Jumbo Loans
This type of loan is for any home purchase expected to be greater than $417,000.
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Home Equity Line of Credit: Variable-rate loan based on the prime rate as published in the Wall Street Journal are available. Rate is subject to change quarterly. Loan amount is based on a loan-to-value ratio of up to 80%. Minimum monthly payment is based on a 15-year term, with a minimum payment of $100.
Home Equity Loans: Fixed-rate loans are available in 5-year, 7-year 10-year, 15-year, and 20-year terms. Loan amount is based on a loan-to-value ratio of up to 80%.
Home equity loans and lines of credit are subject to a $150 non refundable application fee.
Personal/Signature Loans
This is your all-purpose loan solution. Use it for vacations, furniture, a new computer, whatever you may want. Unsecured and secured loans are available. You can borrow up to $25,000 with repayment terms up to 60 months.
Easy-Access Personal Line of
Credit
This loan will cater to all of your borrowing needs. Borrow up to $25,000 and access it whenever you want through a variety of options! Also, our Easy Access Line of Credit can be tied to your checking account, so you'll never have to worry about bouncing a check again.
Student Loans
Two types of loans are available through our partnership
with American Education Services (AES): the Federal Stafford
Loan and the Federal PLUS Loan.
Federal Stafford Loan: Available to students who are enrolled at least
half-time at a participating school. Students may take up to 10 years to repay.
Repayment begins six months after the student ceases half-time enrollment. More
Information
Federal PLUS Loan: Available to parents of undergraduate students. Parents
may take up to 10 years to repay. Repayment begins no later than 60 days after
loan is disbursed. More
Information
For more information call AES at (800) 692-7392. To apply click
here. When applying, please note our lender code: 832674.
The Credit Union Student Choice private loan solution can help you fill the funding gaps that federal aid may leave behind. With low rates and fewer fees, you could save hundreds of dollars a year by choosing your credit union’s loan over other “alternative lenders.” More Information
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