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%.

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.

The Credit Union will not lend money for the following purposes:

  • House Trailer

  • Home

  • Small Business

  • Commercial Uses

 

Vehicle Loans

Vehicle loans are available for new or used vehicles; cars, trucks, SUVs, boats, motorcycles, RVs or ATVs.

DPECU Vehicle Loan Rates
Effective August 1, 2022

 

New Car, Truck or SUV
Model years 2019 to 2023

Length of Loan                       Interest Rate
24-36 months                         3.75%
48 months                                 4.00%
60 months                                 4.25%
72 months                                 4.30%
84 months                                 4.40%

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Used Car, Truck or SUV
Model years 2014 to 2018

Length of Loan                       Interest Rate

24-36 months                          4.25%
48 months                                  4.50%
60 months                                  4.75%
72 months                                  5.00%

 

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Used Car, Truck or SUV
Model year 2013 and older

Length of Loan                       Interest Rate

24 months                                 5.25%
36 months                                 5.50%
48 months                                 5.75%
60 months                                 6.00%

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New ATV, Boat, RV or Motorcycle

Model year 2019-2023

Length of Loan                       Interest Rate

24-36 months                         4.00%

48 months                                 4.25%

60 months                                 4.50%

72 months                                 4.75%

84 months                                 5.00%

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Used ATV, Boat, RV or Motorcycle

Model year 2014-2018

Length of Loan                       Interest Rate

24 months                                 4.50%

36 months                                 4.75%

48 months                                 5.00%

60 months                                 5.25%

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Used ATV, Boat, RV or Motorcycle

Model year 2013 and older

Length of Loan                       Interest Rate

24 months                                 5.75%

36 months                                 6.00%

48 months                                 6.25%

60 months                                 6.50%

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*  Interest rates are subject to change at any time and are risk based.

Share Secured Loans

A share secured loan is a personal loan. The loan rate is 2.25% for any length of term up to 60 months.

 

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 $10,500. Currently, the Special Loan rate is up to $8000 at 6.00% for 72 months and based on credit score. Call Butch for more details at 563-582-9515.

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.

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)

Download a Credit Report Authorization Form (here)