Here's How You Step Into More Cash at
CoVantage Credit Union!

A CoVantage Home Equity Line of Credit is like having a license to print your own cash!

We’ve lowered our rates which start as low as 3.756% APR…and, for a limited time, closing costs are only $49! Whether you want to remodel your home, update your furniture, pay taxes, or consolidate debts, STEP INTO CASH with a home equity line of credit.

The annual percentage rate (APR) of 3.756% (rate of 3.75%) is for a revolving loan with less than 50% loan to value. Rate is based on the prime rate of 5.25%. Maximum rate 16%. Monthly payment on a line of credit is $15.00 per thousand. $25 annual fee if borrower does not have checking with CVCU. Rate may change the first day of each quarter. Other rates and terms available. APR accurate as of 4/1/08. Closing costs offer for $49 expires 5/31/08 and is only available on new loans to eligible borrowers who meet CVCU credit requirements. If an appraisal is required, there may be an additional fee of approximately $300; however, most HELOCs do not require an appraisal.

Click here to check all of our home equity rates now!

Automobile loan rates have sunk down like the Titanic at CoVantage Credit Union!

Loan rates have never sunk so low, so quickly. If you want to make your feet feel like fudgcicles, step into some cold hard cash, with an automobile loan rate as low as 3.70% APR.

The annual percentage rate (APR) of 3.70% is based on Tier 1 credit for new money for a new or used vehicle, 36 month term, 50% down, using automatic payments, and is accurate as of 4/2/08. Estimated payment per thousand is $29.40. To lower the rate or rewrite an existing CVCU loan, other rates may apply. Please contact a CVCU loan officer.

Click here to check all of our automobile loan rates now!

Save over $87,000 by converting a 30-year mortgage into
a 10-year loan!

Here’s an example of how rewriting a 30-year mortgage into a 10-year loan with CoVantage Credit Union has the potential to result in huge savings in interest paid.

On a typical 30-year mortgage for $90,000 at a rate of 6.75% (6.798 APR), the payment would be $584 per month, or $146 per week. In this scenario, over the term of the mortgage, total interest paid would amount to $120,204.  If this loan were taken out in February 2008, the loan would not be paid in full until the year 2038!

If the above $90,000 mortgage were rewritten over a 10-year term, with weekly payments at CoVantage Credit Union’s current rate of 5.95% (5.981 APR), the payment amount would be $249 a week. Yes, an extra $100 per week can be tough to manage financially.  But consider this. Total interest paid over the term of this loan will amount to $29,637…or a total of $90,567 less interest than the above 30-year scenario. Further, the 10-year loan will be paid off in the year 2018 instead of 2038.

Think of what you could with the $90,567 you could save in interest!  And wouldn’t it be great to be mortgage payment free 20 years before you may have anticipated!

To find out your savings potential by rewriting your current 30-year mortgage (or even a 20-year mortgage) into a 10-year term, contact a Mortgage Officer at any CoVantage location today!  Your savings could make it well worth the trip!

CoVantage Credit Union is an Equal Housing Opportunity lender.

Above example is based on an average mortgage rate of 6.75%, which may not be available.  The 10-year mortgage rate of 5.95% is accurate at CoVantage Credit Union as of 2/27/08.  See the mortgage rate page for complete details on rates, terms and down payments that may be required.

Cash Happens...With an Auto Draft Loan

Get pre-approved for an Auto Draft loan prior to shopping for your next vehicle and you could save thousands of dollars. Here’s how:

• Getting pre-approved for an Auto Draft ensures you’re getting the best possible interest rate from your credit union from people you know and trust.
• You’ll automatically get a rebate from CoVantage, for 1% of the Auto Draft check that you write. Use an Auto draft for $20,000 and you’ll get a rebate check in the mail (within a few days of writing the draft) for $200!
• Auto Draft loans are also eligible for a second rebate at the end of each year you pay interest on your loan. This is the CoVantage loan interest rebate. Earlier this year, we refunded over $1.2 million back to members who had loans with us during 2006. We expect a similar rebate will be paid for members who had loans with us during 2007.

Here’s how to get your Auto Draft loan:

• Visit a loan officer at any CoVantage location and ask to be pre-approved for an Auto Draft loan. They’ll give you a “blank check” that can be written to any licensed car dealer, up to the amount for which you’ve been approved. You have 60 days from the date you’ve been approved, to use the Auto Draft.
• When visiting a car dealer with an Auto Draft in hand, you can focus on getting the best price for the vehicle you’ve selected, as well as ensuring you get the most value for your trade-in. It’s like having cash in hand to negotiate price, and allows you to avoid having to finance your vehicle through the dealership.
• Once you’ve agreed upon a price for your vehicle, just write out your Auto Draft. It can be made payable to any dealer, for the exact purchase price. If you don’t need the full amount, it’s not a problem. Your loan at CoVantage will be activated only after the check has cleared, for the exact amount of the check you’ve written. Interest does not accrue until the check has cleared.
• Call or visit CoVantage today to get approved for your Auto Draft today. Or click here to apply online now!
  

 Call Center: 715-627-4336 or
toll-free 1-800-398-2667

Please email us with questions or comments.

PRIVACY POLICY

 

Here’s an example of how making more frequent, smaller payments on any loan can save the borrower a significant amount of interest.

If the same home loan of $100,000 at 6.50% interest, with a 30-year term were repaid with 26 biweekly payments of $316.25 each year, total interest on the loan will amount to approximately $97,399.  In this example, paying bi-weekly would save the borrower $30,299.  Plus, this loan will be repaid in approximately 24 years or 72 months before the loan with monthly payments.  (Note this example is for illustrative purposes only and actual savings may vary with each loan.)

Interest savings can be even more significant if payments are made on a weekly basis.

Bi-weekly or weekly pyments are only available on in-house mortgage loans.

With a loan or credit card from CoVantage Credit Union, you could even get a big fat rebate check back in the mail!

For 26 consecutive years, CoVantage Credit Union has paid a loan interest rebate to reward members for having their loans at CoVantage. For 2007 the rebate put a record $1.4 million back into the pockets of members by returning 5.00% of interest paid on loans and credit cards the previous year. Rebate checks are mailed to members in January. The only qualifiers to receive a rebate check are: The member must have paid interest on a loan at CoVantage during the previous year, loan payments must be current as of December 31st, the rebate check must total at least $5.00.

Here's an example of how the rebate works: If a member paid $5,000 interest on a home loan in 2007, they would get a $250 rebate check back in the mail. In effect, this rebate reduces the effective rate paid on loans. CoVantage is very proud of our history of providing this member benefit especially considering CoVantage loan rates and fees are already some of the most competitive in the market!

It is important to note the rebate is not guaranteed every year. It is declared only after CoVantage Credit Union's Board of Directors has determined the credit union has sufficient annual income to meet capital needs.

The value that members of CoVantage Credit Union receive through the Loan Interest Rebate Program represents money most other financial institutions would have absorbed as profit or paid to stockholders. Your credit union is one of only a handful of financial institutions across the country that returns their profits to their member-owners using this unique rebate program.