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Loans
Our loans are available for members and include secured or unsecured (open end line of credit) with some of the best rates in the area. If you have a loan at another financial institution, check with Butch Pregler, he can usually find a lower payment plan.
For payroll deductions the interest rate is reduced by .25%.
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Applications can be obtained from Butch Pregler at the Credit Union office or they can be downloaded by clicking the links on this page. All loan applications will be reviewed by the Credit Committee and the Administrator of the Credit Union of Iowa. The process takes a maximum of 48 hours.
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The Credit Union will not lend money for the following purposes:
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House Trailer
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Home
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Small Business
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Commercial Uses
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Vehicle Loans
Vehicle loans are available for new or used vehicles; cars, trucks, SUVs, boats, motorcycles, RVs or ATVs.
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DPECU Vehicle Loan Rates
Effective October 1, 2024
New Car, Truck or SUV
Model years 2020 to 2025
Length of Loan Interest Rate
24-36 months 5.00%
48 months 5.25%
60 months 5.40%
72 months 5.55%
84 months 5.65%
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Used Car, Truck or SUV
Model years 2013 to 2019
Length of Loan Interest Rate
24-36 months 5.30%
48 months 5.50%
60 months 5.70%
72 months 6.00%
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Used Car, Truck or SUV
Model year 2012 and older
Length of Loan Interest Rate
24 months 6.50%
36 months 6.75%
48 months 7.25%
60 months 7.50%
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New ATV, Boat, RV or Motorcycle
Model year 2020-2024
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Length of Loan Interest Rate
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24-36 months 6.00%
48 months 6.25%
60 months 6.50%
72 months 6.75%
84 months 7.25%
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Used ATV, Boat, RV or Motorcycle
Model year 2013-2019
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Length of Loan Interest Rate
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24 months 6.50%
36 months 6.50%
48 months 7.00%
60 months 7.25%
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Used ATV, Boat, RV or Motorcycle
Model year 2012 and older
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Length of Loan Interest Rate
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24 months 7.50%
36 months 7.75%
48 months 8.00%
60 months 8.25%
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* Interest rates are subject to change at any time and are risk based.
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Share Secured Loans
A share secured loan is a personal loan. The loan rate is 2.00% for any length of term up to 60 months.
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Unsecured Loans
An unsecured loan is a personal loan and requires a co-signer. The total amount of unsecured loans from DPECU can not exceed $8,000. Currently, the Unsecured Loan rate is up to $8000 at 7.50% for 24-36 months, 7.75% for 48 months, 8.00% for 60 months and based on credit score. Call Butch for more details at 563-582-9515.
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Determining Rates
When determining the interest rate for a loan, the credit union will observe the following criteria: If the loan has joint signers, the credit bureau score used will be based on the primary wage earner.
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Scoring: Scoring models will be used as tools in the decision making process. Scoring will help determine the level of lending authority required to approve a loan and will establish what rate to charge, if the loan is approved. Deviations from this policy require approval by at least three credit committee members. Loan rates are subject to change.
DPECU RISK BASED LENDING
Level Credit Score Loan Rate
A+ 710 - up Base
A 680 - 709 Base + .25%
B 640 - 679 Base + 1.00%
C 600 - 639 Base + 2.50%
D 550 - 599 Base + 5.00%
E 549 or less Base + 10.00%
* No Credit Score—Use Level C
* Payroll Deduction or Auto Pay subtract .25%
* $15 Late Payment Charge (10 or more days)
* $25 returned check charge
Download a Loan Application Form (page 1) (page 2)
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Download a Credit Report Authorization Form (here)
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