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Loan Rates

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Loan Rates

The experienced consumer loan team at Merrimack Valley Credit Union and Bridgewater Credit Union, a division of Merrimack Valley Credit Union, are here to help you make the best financing decision on your next purchase, no matter how big or small. Compare our rates and then apply online for fast approval.

Auto Loans
Effective Date: Saturday, November 16th, 2019
Loan TypeAPR* as low as Loan Term in MonthsMonthly Payment per $1,000

Model Years 2019- 2013

2.74% Up to 36 $28.97
  2.74% 37 to 48 $22.02
  2.74% 49 to 60 $17.85
  2.74% 61 to 72 $15.08
  5.14% 73 to 84 $14.20
*APR is Annual Percentage Rate. Offer not valid on current MVCU / BCU financed loans. Additional Rates and terms may apply. Offer subject to change without prior notice. The 2.74% advertised rate includes a rate discount of .25% for MVCU / BCU Free Checking or Interest Checking members. Offer applies to model years 2013 or newer with a maximum financing term of 72 months. All advertised rates and terms are subject to individual credit worthiness. Offer Valid for New and Used Auto Loans with model years 2013 or newer. Payment example does not include available 90 day no payment option. Payment example: $17.85 for 60 months per $1000.00 borrowed.
84 month term available for model years 2016 or newer with minimum loan amount of $25,000.
Model Years 2012 and Older - add 2.00% to existing rates

Personal Unsecured Loans
Effective Date: Saturday, November 16th, 2019
Loan TypeAPR* as low asLoan Term in MonthsMonthly Payment per $1,000
Includes Debt Consolidation, Holiday & Vacation & PC Loans
  7.49* up to 60 $20.03

*With a Free Checking or Interest Checking relationship at the time the personal loan is opened.

Share Secured
  2.99% up to 60 $17.85

*With a Free Checking or Interest Checking relationship at the time the personal loan is opened.

Share Certificate Secured
  Add to Certificate 2.50% Up to Certificate Term  
Overdraft Line of Credit
$500 - $2,500 18.00% N/A  
Personal Line of Credit
$500 - $5,000 10.99% N/A  

For cash out or refinancing of existing MVCU or BCU secured loans, contact us for rates, terms, and conditions.

Leisure Vehicles (Motorcycles, ATVs, Jet Ski, Snowmobiles, etc.)
Effective Date: Saturday, November 16th, 2019
Loan TypeAPR* as low asLoan Term in MonthsMonthly Payment per $1,000
Model Years 2019 - 2013 6.24% up to 36 $30.53
  6.54% 37 to 48 $23.73
  6.84% 49 to 60 $19.73
New Only ($15,000 Min.) 7.44% 61 to 72 $17.26
Model Years 2012 and Older - add 2.00% to existing rates

Boats and RV Loans
Effective Date: Saturday, November 16th, 2019
Loan TypeAPR* as low asLoan Term in MonthsMonthly Payment per $1,000
Model Years 2019 - 2013    6.24% up to 60 $19.44
  6.54% 61 to 72 $16.83
  6.84% 73 to 84 $15.01
($15,000 Min.) 8.24% 85 to 120 $12.26
($20,000 Min.) 9.64% 121 to 144 $11.74
($25,000 Min.) 10.64% 145 to 180 $11.14
Model Years 2012 and Older - add 2.00% to existing rates

Home Equity Loans - Primary and Secondary residences only
Effective Date: Saturday, November 16th, 2019
Home Equity Loans up to 90% LTV Fixed Rate
ProgramMaxRateMax LTVAPR as low asMarginIndexMonthly Payment per $1,000
Up to 5 Years $250,000 3.875% 80% 3.875% - - $18.36
  $250,000 4.875% 90% 4.875% - - $18.81
  $250,000 6.125% 100% 6.125%     $19.39
10 Years $250,000 4.375% 80% 4.375% - - $10.30
  $250,000 5.375% 90% 5.375% - - $10.79
  $250,000 6.625% 100% 6.625%     $11.42
15 Years $250,000 4.875% 80% 4.875% - - $7.84
  $250,000 5.875% 90% 5.875% - - $8.37
  $250,000 7.125% 100% 7.125%     $9.06

The APR is an estimate and could be higher, based on the date of closing and the number of days interest collected at consummation.  APR may change without notice. Minimum loan amount is $10,000. There WILL be an appraisal fee for applications $250,000 and over which can range from $485. - $780.

Home Equity Lines of Credit (HELOC) - Adjustable Rate
Effective Date: Saturday, November 16th, 2019
ProgramMaxIntro RateMax LTVAPR as low asMarginIndex

90% LTV

$500,000 4.750% 90% 4.750% VARIES 4.75%

100% LTV

$250,000 7.750% 100% 7.750% VARIES 4.75%

Minimum Home Equity amount is $10,000. Maximum interest rate for Home Equity Lines of Credit is 18.00%. The maximum annual percentage rate that can apply is 18%. There is an appraisal fee for loan applications over $250,000 which can range from $485 - $780. The interest rate is based on the Wall Street Journal Prime Rate and may vary monthly. An early termination fee may apply if closed within the first 12 months. Must meet eligibility guidelines.  APR may change without notice.

Mortgage Rates

APR is based on $10,000 financed, except for 73-84 month term Auto which is based on the $35,000 minimum loan amount. APR and term are determined by the evaluation of applicant's credit history and the actual rate and/or term may vary. We use risk-based pricing to determine the interest rate and/or term (see below).

 

What is Risk-Based Pricing?
Risk-based pricing is a system that evaluates the risk factors of your loan application and credit profile and adjusts the interest rate and/or term up or down based on this risk evaluation.

 

What Factors Can Affect My Loan Pricing?
We will obtain a credit report that shows the amount of debt you have outstanding and how you have historically paid on your debt. The credit report will also contain a "credit score" that ranks your credit history. Credit scores look at five main kinds of credit information, namely: payment history; amount owed; length of credit history; new credit; and types of credit in use. Generally, if you have had any history of nonpayment or late payments on any loans or debt, this may lower your credit score and increase your interest rate and costs. People with high credit scores consistently pay their debts on time, keep balances low on credit cards and other revolving loans, and apply for and open new credit accounts as needed.

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