Credit union offers discounted rates on new, used gas-electric hybrid vehicles

Credit union offers discounted rates on new, used gas-electric hybrid vehicles

From the St. Thomas Employee Federal Credit Union

The St. Thomas Employee Federal Credit Union is offering a one-half percent discount on all vehicle loan rates for the purchase of any new or used gas-electric hybrid vehicle. The special will run through Sept. 30.

Vehicles available include:

  • Ford Escape Hybrid SUV
  • Honda Civic Hybrid
  • Honda Accord Hybrid
  • Lexus 400h Hybrid SUV
  • Mazda Tribute compact SUV
  • Mercury Mariner Hybrid SUV
  • Nissan Altima
  • Saturn Aura Green Line sedan
  • Toyota Camry Hybrid
  • Toyota Highlander Hybrid SUV
  • Toyota Prius

The following are the base rates for hybrid loans. These rates, and all credit union loan rates, are further discounted depending on the applicant's credit (BEACON) score at the time of application:

Six-year New only 7.50 % Five-year New/used 7.25 % Four-year New/used 7.00 % Three-year New/used 6.75 % Two-year New/used 6.50 % One-year New/used 6.25 %

For an applicant with a BEACON score of 750, the rates would be further discounted 1.47 percent, resulting in a six-year new car rate of 6.03 percent, a five-year new or used car rate of 5.78 percent, etc. If your BEACON is higher than 750, your discount would be even higher; if you have a lower BEACON, the discount would be less.

New vehicles can be financed up to 100 percent (subject to $40,000 cumulative loan limit to any one member), and used vehicles can be financed up to 90 percent of the National Automobile Dealers Association retail value.

Any employee of UST or St. Thomas Academy, and immediate family members of those employees, is eligible to be a member of the credit union. Any credit union member is eligible to apply for a loan. Decision on a loan is based on credit history, using the BEACON score, and on debt-to-income ratio, including the new loan in the debt. The credit union must follow guidelines set down by the Federal Examiners and is responsible to all credit union members to lend prudently.

For more details, or to obtain a loan application, contact the credit union, (651) 962-6660, or stop by the credit union office, Room 209, Loras Hall, during open hours, which are 3 to 6 p.m. Mondays and 10 a.m. to 1 p.m. Tuesdays, Thursdays and Fridays.