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Loan Rates
Loan rates effective as of March 1st, 2008 through current date
APR = Annual Percentage Rate • APY = Annual Percentage Yield
Mortgage Loans
| FIXED RATE |
ANNUAL PERCENTAGE |
TERM |
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5% APR |
5 year |
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6% APR |
10 year |
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7% APR |
15 year |
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7.5% APR |
20 year |
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| HELOC (VARIABLE) |
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Minimum 5% to Maximum 12% APR adjusted quarterly |
Prime - 1% |
Vehicle Loans
Need help to determine your payment use our Calculators • Apply for a loan online Click Here • Read our disclosures
| YEAR |
ANNUAL PERCENTAGE RATE |
TERMS |
| New Vehicle |
5.75% APR |
24 - 84 Months |
| New Vehicle 10% or more down |
5.50% APR |
24 - 84 Months |
| Used Auto |
6.50% APR |
24 - 60 Months |
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NEW - ** Recreational Vehicles (ATV, Dirt Bikes, Snowmobiles, Jet Ski's, Motor Homes, Travel Trailers, Moped's) |
7.25% APR |
24 - 60 Months |
| USED ** Recreational Vehicles |
8.25% APR |
24 - 60 Months |
| Miscellaneous Secured NEW (Gators, Tractors, Lawn Mowers, Trailers, Golf Carts, Classic Auto, Farm Equipment) |
10.00% APR |
24 - 60 Months |
| Miscellaneous Secured USED |
11.00% APR |
24 - 60 Months |
| Share Secured by regular shares |
5.00% APR |
up to 60 Months |
| Money Saver Loan |
5.00% APR |
12 - 60 Months |
| Term Share secured rate + |
3.00% APR |
up to 60 Months |
| Co-Signer |
12.00% APR |
48 Months |
| One Payment Notes |
12.00% APR |
30, 60, 90, 180 Days |
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| Large Boat Loans $12,000 - $25,000 |
7.00% APR |
120 Months |
| Large Boat Loans $25,001 - $35,000 |
8.00% APR |
144 Months |
All loan payments 15 or more days late, will be charged 5% of the interest due, minimum $5.00.
| Loan |
ANNUAL PERCENTAGE RATE |
TERMS |
| $200 - $15, 000 |
5.00% - 13.00 % APR |
12 - 60 Months |
Collection Costs: Michigan: You promise to pay all costs of collecting the amount you owe under this Agreement to the extent permitted by state law.
More Rates
| Overdraft Protection Line of Credit |
13.50% APR |
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Overdraft Line of Credit: Payments are due on the 10th of each month. They will automatically be deducted from the share draft account at the end of the day. You may pay your balance in full at anytime without any penalties.
Overdraft Line of Credit Repayment Scale: 5% of balance or minimum of $25.00. Credit Limit $200 - $15,000
Dowagiac Area Federal Credit Union uses your Credit Scoring to determine your final interest rate. The rates listed are considered the base in determining your final rate. Below is the chart to determine what your rate may be:
Subject to change per Board approval.
| Score |
740 & higher |
Base minus .50% |
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680 - 739 |
Base |
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640 - 679 |
Base plus .50% |
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600 - 639 |
Base plus 2.00% |
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599 & below |
Base plus 4.00% |
Loans set up to have payments automatically transfered from their account with Dowagiac Area Federal Credit Union will receive an additional .25% APR off the posted rated
Need help to determine your payment use our Calculators!
Savings Rates
June 1, 2008 through June 30, 2008
APR = Annual Percentage Rate • APY = Annual Percentage Yield
| TYPE |
ANNUAL PERCENTAGE YIELD |
ANNUAL PERCENTAGE RATE |
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Share Draft |
0.75% APY |
0.75% APR |
| IRA Accounts |
1.71% APY |
1.70% APR |
| Shares |
1.00 % APY |
1.00% APR |
| Christmas Clubs |
0.50 % APY |
0.50% APR |
| Money Management |
1.71% APY through 3.45% APY |
1.70% APR through 3.40% APR |
Term Shares are quoted daily and the APY is displayed in the credit union lobby.
Dowagiac Area Federal Credit Union
473 E. Division Street
Dowagiac
, Michigan
49047
269.782.2410
Fax: 269.782.9870
dafcu@dafcu.net
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