Secured Loan, New and Used Collateral

Offered at highly competitive rates, this product provides real value to members purchasing a new or used vehicle, refinancing a higher rate loan from another financial or consolidating debt. Eligible security includes cars, trucks, motorcycles, boats, campers, motor homes, etc., or even funds in your Credit Union savings account. Maximum financing is up to 100% of the purchase price or up to the current Black Book "clean" retail value. Not all loan requests are eligible for maximum financing. Various terms are available.

Certificate Secured Loan

Another option is to borrow funds secured by your Mayo Employees Federal Credit Union certificate. You pay only 2 percent over the rate your certificate is earning.

Personal Line of Credit

The line of credit loan is easily accessed to allow money for any personal situation. Although it has a maximum limit of $10,000, each member's limit is tailored to the person's financial situation. The line of credit can also be linked to your checking account for overdraft protection. Money will be deposited in $200 increments, as needed. Payments will be deducted from your checking account on the 15th of each month.