General Information

• Our loan rates are very competitive, especially for those with good credit.
  You may apply by phone during regular business hours, through our "Secure Loan Application" , by fax or in person. Wage verification is not required for those with good, established credit.
• Consumer loan applications that meet our lending requirements are typically approved in less than 60 minutes.
• Credit pre-approval is available to vehicle shoppers, eliminating the hassle of arranging last minute financing. For dealer purchases, you may complete your purchase with an Autodraft, a pre-approved check given to you by the Credit Union which you complete and give to the dealer.
• New loans are disbursed by Federal Express (at no charge!) or in person.
• Repay your loan through convenient payroll deductions (from any employer), automatic transfer from a LMFCU account, or through the mail. Auto, truck, boat, RV and personal loans receive a .25% rate discount for automatic repayment.

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New Auto & Truck Loans

We do more than financing!  Check out our complete Auto Center!

A LM Federal New Auto or Truck Loan can be used to finance a new car or truck, or to refinance a new car or truck purchased within the last six months. Rates, down payment and terms vary depending on past credit history. Repayment terms of up to 84 months are available, depending on your credit and the vehicle cost. Loans with 0% down are available to those with good credit. Rate discounts are available for larger down payments and shorter repayment terms. The maximum loan amount available is $60,000. Credit pre-approval is available to vehicle shoppers, eliminating the hassle of arranging last minute financing. For dealer purchases, you may complete your purchase with an Autodraft, a pre-approved check given to you by the Credit Union which you complete and give to the dealer.

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Used Auto & Truck Loans      

We do more than financing!  Check out our complete Auto Center!

Vehicles through the 2002 model year may be financed (from a dealer or private party) or refinanced with a Used Auto or Truck Loan. Loans for vehicles back through the 1996 model year are available for those with good credit, provided the vehicle has a value of $10,000 or greater. Repayment terms up to 72 months are available, depending on your credit, the vehicle value and mileage. Loans with 0% down are available to those with a good credit history. Rate discounts are available for larger down payments and shorter repayment terms. The maximum loan amount available is $60,000. Credit pre-approval is available to vehicle shoppers, eliminating the hassle of arranging last minute financing. For dealer purchases, you may complete your purchase with an Autodraft, a pre-approved check given to you by the Credit Union which you complete and give to the dealer.  
Thinking of purchasing a used vehicle?  Use CarFax to make it a smart purchase!Discounted reports available by speaking to a loan specialist.  PLUS, We'll refund the fee of up to 3 reports if you finance a vehicle with us!

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Boat, Personal Watercraft & Recreational Vehicle (RV) Loans

Boat and Recreational Vehicle Loans can be used to finance the purchase or refinance of a new or used boat, motor home, travel trailer (standard or 5th wheel) or camper. Boats of any age are eligible; a hull survey or inspection may be required. Personal watercraft (jet skis, waverunners) are also eligible if they are titled. Boats may be titled in your state of residence or documented with the U.S. Coast Guard. RVs up to 8 years old are eligible. Repayment terms to 15 years are available (depending on value). A minimum of 10% down payment in cash or valid trade-in credit is required (depending on credit). The maximum loan available is $70,000. Additional rate discounts are available for larger down payments and shorter repayment terms. You may apply for credit pre-approval, eliminating the hassle of arranging last minute financing. Loan pre-approval requests are processed within 24 hours. Call the Credit Union and speak to a loan representative to get a value on a used boat, RV or personal watercraft or click on the appropriate link below.

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Personal And Home Improvement Loans

These fixed-rate, unsecured loans are designed for members with good or even less than perfect credit histories. Those with good credit and finances will receive our lowest interest rate, but loans are also available to those with little or no established credit history. The maximum loan may be as high as 17% of your annual income, based on your credit. The maximum loan available is $20,000; the minimum loan required is only $300. Repayment terms of up to 4 1/2 years are available (depending on the loan amount). There are no pre-payment penalties.

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Quick Cash Line of Credit

LM Federal offers an unsecured signature line for members with good established credit. Rates are tied to the Wall Street Journal Prime rate and are as low as Prime plus 1.9%. The maximum loan available is 17% of annual wages, up to $20,000. The minimum monthly payment due is only 2% of the of the original loan balance. After the loan is setup, future advances may be initiated by calling the Credit Union. Advances are issued by check, transferred to a LM Federal account, or electronically transferred to your account with another financial institution.

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Motorcycle Loans

Purchase or refinance a new or used motorcycle (up to six years old) with a LM Federal Motorcycle Loan. Repayment terms of up to 66 months are available, with a maximum loan amount of $25,000. Loans are available with as little as 10% down payment required (depending on credit). Applicants must have a good credit history. Dealer and private party purchases as well as refinances of loans currently with another lender are available. Loan pre-approvals are available and encouraged.

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Share & Certificate Loans

These loan options allow you to borrow against the funds in your credit union Share (Savings) Account or regular Certificate Account. You may borrow up to the available balance of your Share (Savings) Account and up to 95% of the balance of your Certificate Account. The minimum loan is only $500.00.  The maximum loan is $100,000.00.  No credit check is performed for Share or Certificate Loans.
A share loan is a great way to establish your credit history as the Credit Union reports share loans to the Credit Bureau.
Note: Individual Retirement Accounts may not be used as the basis of a Certificate Loan because of their tax-deferred status.

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Rediline Checking Overdraft Loan

A Rediline Checking Overdraft Loan is an overdraft line of credit that is tied to your LM Federal Checking Account. Funds are advanced in $100 increments and transferred to your Checking Account when an overdraft occurs. The maximum line available is $5,000 and the minimum payment is the greater of $25 or 4% of the end-of-month loan balance.  Certain fees may apply.  See our fee schedule for details.

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GAP-Guaranteed Auto Protection

Will your insurance pay off your loan if your car is totaled?  GAP protects you financially if your vehicle is totaled or stolen.

Most People Learn About GAP Risk the Hard Way!  Most people believe that if their vehicle is totaled or stolen, their primary insurance will pay off their loan balances.  Well, think again!  If your vehicle is totaled or stolen, your primary insurance carrier will usually pay only the actual cash value (current market value) of your vehicle less your deductible.  This amount could be substantially lower than your loan balance.  The final result is a financial GAP where you must pay the difference between your loan balance and your insurance settlement, which could mean thousands of dollars out of your pocket.  That's why many owners have chosen GAP (Guaranteed Auto Protection).  GAP coverage eliminates the out-of-pocket expense you would incur to pay off your loan should your vehicle be stolen or totaled. 

Car-Shopping or Refinancing? Speak to one of our loan specialists about purchasing GAP by calling 800-410-0501 (option 2) or by email (loans@lmfcu.com). The current cost for GAP for LM Federal members is only $229 and can be financed in your auto loan.  We dare you to ask the dealer what they charge for GAP!  Most dealers charge between $400-$700 for the same coverage!

CREDIT REPORTS:  Find out more about your score

Knowing what's on your credit report is very important, particularly if you are about to apply for a loan or in some cases even a job.  It is important to know what your credit report says about you and the way you handle your financial obligations.  You need to know what's on there so any mistakes can be corrected.  It can also help you quickly find and prevent actions that may mean an identity take-over.  

Don't forget that you are entitled to one free copy of your credit report per year from each credit bureau.  Your credit bureau report may be retrieved online and does not contain the FICO credit score.  However, it will list any credit inquiries and any accounts opened with your name and social security number and how to dispute any incorrect information.  To request your free copy, visit annualcreditreport.com or contact each credit bureau at:

Equifax PO Box 740241 Atlanta, GA 30374 800-685-1111 www.equifax.com

Experian PO Box 949 Allen, TX 75013 888-397-3742 www.experian.com

Trans Union 760 W. Sproul Rd. PO Box 390 Springfield, PA 19064 800-888-4213 www.transunion.com

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