Loan Rates & Additional Information


Loan Rates

Rates are quoted as our Preferred Rates.
**Other rates are available and may apply based on our underwriting guidelines.
Effective 01-01-2013.
Rates subject to change without prior notice.
Call Loan Dept at ext. 2 for current rates.
Loan Description
Approximate Term
Savings Secured 100%
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4 years
5.74%
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5 years
6.24%
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6 years
6.49%
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7 years
6.74%
Share Certificate and Certificate of Deposit (non-IRA) 100%
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6 years
Index + 2.74%
Home Equity Fixed Rate*** (0 pts.)
Loan Amount
60-months
120-months
180-months
240-months
$10,000.00 - $24,999.99
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$25,000.00 - $49,999.99
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$50,000.00 - $99,999.99
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$100,000.00 +
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Application fee of $99 (non-refundable)
Car
3 years
1.99%**
4 years
2.40%**
5 years
2.90%**
6 years
(new car)
3.49%**
Stock Loan
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4 years
7.24% - 16.99%**
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6 years
7.74% - 17.49%**
Boat/RV 2005 and newer
up to $29,999.99
5 years
8.74% - 18.00%**
over $30,000.00
10 years
8.99% - 18.00%**
Motorcycle 2005 and newer
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4 years
4.99% - 18.00%**
Overdraft Loan
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5 years
N/A
All Other Secured & Unsecured Loans
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3 years
6.09%**
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5 years
7.09%**
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6 years
8.09%**
Check Credit Line
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5 years
N/A

*Preferred rate with automatic payment with payroll deduction.

** Rates quoted above are the lowest rates for qualified applicants. The above rates could be higher based on your Fair Isaac score that we receive from the credit bureau. (Learn more about Fair Issac scoring)

*** All Home Equity Loans carry an appraisal fee of $100 that will be refunded at settlement closing.


Loan Information

Preferred Rate

You will qualify for the Preferred Rate if you pay your loan by payroll deduction, EFT deposit of net pay, pension or Social Security with Automatic Transfer, otherwise your loan rate will increase by 0.50%.

Share Certificate and Certificate of Deposit in Garden State FCU (Non-IRA) Secured

All Share Certificate and Certificate of Deposit in Garden State FCU (Non-IRA) Secured Loans are adjustable rate. The index is the APR of a Share Certificate and Certificate of Deposit in Garden State FCU (Non-IRA) being used as collateral. The index and monthly payment is subject to change each time a Certificate matures. If more than one Share Certificate and Certificate of Deposit in Garden State FCU (Non-IRA) is put up as collateral, the index will be the average weighted rate of the Share Certificate and Certificate of Deposit in Garden State FCU (Non-IRA).


Home Equity Loans

Secured by Mortgage (Fixed Rate): Up to 20 Years.

Secured by Mortgage (Adjustable Rate): Is a open line-of-credit is for 20 years. The interest rate is based on the Prime Rate published in The Wall Street Journal on the last business day of the month minus 0.25 for payroll deduction with automatic payment, if there is more than one rate publised, the interest rate will be the average of all the posted rates. For non-payroll deduction with automatic payment, your interest rate will be higher.The interest rate is subject to change monthly.

1st Mortgages

Call the office at 1-800-713-2274 and ask for Michael or press extension 110.


Stock Loans

The following stocks can be used as collateral: AT&T, AT&T Wireless, Lucent Technology, Verizion, all Bell telephone companies and their divisions, PECO Energy, Conectiv, and PSE&G.


Administrative Requirements

1. The minimum payment on Check Credit Line and Overdraft loans is $40.00 or 2.00% of the monthly balance, whichever is greater.

2. All auto, RV, and Boats, or other types of Collateral Loans, must list the Credit Union as mortgage/lien holder on the insurance policy, with a deductible amount more than $500.00. If title is required as collateral, it must show an encumbrance in favor of GARDEN STATE FCU. The Credit Corporate code for the New Jersey Motor Vehicle Commission (New Jersey MVC) is 38783 03380 80570. A signature loan can't be combined with a car loan. Title and insurance must be received before any other loans can be approved.

3. A credit check and debt ratio analysis will be done on all loan applications (except Shares and/or Certificate Secured) and advances. FHA lending standards will generally apply to all loans.

4. The Credit Union will determine the Annual Percentage Rate (APR) for each advance based on approximate loan term and Fair Isaac score* received from the credit reporting agency currently used by the Credit Union. The member has the right to know which credit union reporting agency the Credit Union used.

*Learn more about Fair Issac scoring.