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Loan Options

Our rates are low and our people are here to help you! We offer discounted rates when you sign up for automatic payments from your CVFCU account or apply for your loan online. And we can provide pre-approvals for most loans with a simple phone call to our Call Center.

If you have a loan with someone else, give us a chance to beat that rate. There are no application fees, so we start saving you money before you even get the loan!

Secured Loans

Use Your Money to Qualify for a Great Loan Rate!
Borrow against money you have on deposit in your Savings, Money Market, or Certificate accounts for a great loan rate!

*Loan rate = 3.0% above the deposit rate on your account
as long as your deposits are greater than the amount you want to borrow.
 

Debt Consolidation

Consolidating Debt Can Make Your Future Bright!
Sometimes it’s hard to get by and managing your bills can be difficult. In times of financial trouble, bankruptcy can be a costly mistake. Let us help you help yourself!
 
Your Community Credit Union can help you manage your debt by combining high interest credit cards and loans into one affordable payment with a reasonable rate of interest. Let one of our loan staff assist you in person at one of our branches or by phoning the Call Center at (434) 528-9016 or (800) 335-0069.

Or contact our partner, GreenPath Financial Wellness, for free one-on-one counseling.
 

Term Notes

A great short term borrowing option!
Term Notes are short-term loans that mature in less than one year. These loans can be useful to cover an emergency expense or finance a purchase that you can pay back quickly.

Select the term that best suits your loan needs!
  • 30 Days
  • 60 Days
  • 90 Days
With a variety of options you can select the one that suits your borrowing needs best! There are also options to refinance for up to one year depending on the circumstances.
 

First Time Borrowers

New to borrowing? That’s okay…. We’ve done this a few (thousand) times so we know how to help! You can get the cash you need and start establishing credit with our loan program for first-time borrowers.
 
  • Need a loan…but have never borrowed before?
  • Want to start establishing a positive credit history?

The First Time Borrower Program is designed for any CVFCU member who has no borrowing history and meet financial qualifications. You must be 18 years or older to apply.

With a first-time loan and on-time payments, you’ll be on your way to establishing a strong credit history. Your Community Credit Union believes it’s important to help our members get off on the right foot from the very start!
 

Discount Insurance

You deserve quality coverage at affordable rates. Contact Liberty Mutual Insurance or Nationwide Insurance to enjoy your credit union discount on auto and homeowner’s insurance!


Extended Warranty

Protect yourself from unexpected expenses with affordable warranty protection that covers more than the manufacturer’s coverage and lasts as long as you need it.

The miles can add up but the repair costs don’t have to!
MEMBER’S CHOICE® Mechanical Repair Coverage can help deflect some risk of costly repairs keeping your vehicle running extra miles and extra years. With different coverage levels and deductibles to choose, there’s a plan to fit your family’s budget.

Whether you depend on your vehicle for work or getting your family to school and activities, you need transportation that’s safe and reliable. The older your vehicle, the more it takes to keep it in good working order. Not making small repairs can lead to even more expensive repairs and ignoring other repairs can be dangerous.

Benefits of the program*:
  • Good at any authorized repair facility in the U.S. or Canada
  • Rental reimbursement: up to $35 per day for 5 days (or 10 days for a parts delay) from day one.
  • 24-hour emergency roadside assistance: up to $100 per occurrence. Includes towing, battery jump start, fluid delivery, flat tire assistance and lock-out service.
  • Travel expense reimbursement: up to $500 for lodging, food and rental expense when a covered breakdown occurs more than 100 miles from home.
  • Transferable: if you sell your vehicle privately, the coverage can be transferred for a fee, adding resale value and appeal.
  • Cancelable: receive a full refund within the first 60 days or a pro-rated refund thereafter less an administrative fee.
  • No out of pocket expense at time of mechanical repair: (except for any deductible and any repairs not covered by the policy)–the covered repair is paid directly to the authorized repair facility by the plan.
  • Ask about deductible options

*Program details may vary by state. Ask your loan officer for details or get a quote by calling 434-528-9016 or 800-335-0069 today!

MEMBER’S CHOICE® Mechanical Repair Coverage is administered by Consumer Program Administrators, Inc. in all states except AK and CA, where coverage is administered by Virginia Surety Company, Inc., in WA, where coverage is administered by Automotive Warranty Services, Inc., in FL, LA , OK and WI, where coverage is administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023) and in AZ, where the Obligor and Administrator is Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago Illinois 60604, 1-800-752-6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as insurance (form MCCU-001-MBI) it is underwritten by Virginia Surety Company, Inc. MRC-1113-712C, © CUNA Mutual Group 201
 

Guaranteed Asset Protection

If your car is stolen or declared a total loss, GAP coverage can "fill the gap" between what your insurance pays and what you owe on your loan. Most new vehicles depreciate faster than the balance that is owed on your loan, especially during the first two years of the vehicle’s life. If the unthinkable happens and your vehicle is declared a total loss or unrecovered theft loss, you may be responsible for the difference between the cash value that your insurance company pays for the vehicle and the balance due on your loan.

That’s where GAP (Guaranteed Asset Protection) can kick in. GAP coverage will help cancel the difference between the primary insurance settlement and what you may still owe.

To learn more, please contact your loan officer today at (434) 528-9016 or (800) 335-0069.

Your purchase of MEMBER’S CHOICE Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.
 

Payment Protection

Available with all loans from CVFCU, this protection will make your loan payments while you are out of work under a doctor’s care. In case of death, your loan will be paid in full. Choose the coverage that works for your situation:
  • Involuntary Unemployment, Disability and Loss of Life Coverage
  • Disability and Loss of Life Coverage
  • Loss of Life Coverage
The Credit Union will disclose the cost of this voluntary coverage to you. A separate election form which discloses the terms and conditions must be signed for coverage to become effective.
 
Whether you’re borrowing to make home improvements or buy a vehicle, it can be a financial gamble because…life happens. You’re betting you can pay back your debt and won’t lose your job (due to no fault of your own), become disabled (due to injury or illness), or pass away—leaving your family responsible for your balance.
Payment Protection* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. And simple eligibility requirements ease the enrollment process.

If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Payment Protection will cancel or reduce repayment of your loan debt—helping to reduce your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. See your loan officer for complete details.

*Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid. DPGAP-0313-230B
 
 
 

If you are a first time home buyer, take time to visit our Resources section for information to help you start the home buying process. Be sure to check out our calculators which will help guide you through some important calculations.

Am I Financially Prepared?

Before you consider buying a home you must be financially ready. Some things you should consider:
  • Have you saved for a down payment – at least 5% of the purchase price of the home?
  • Is your credit record healthy?
  • Can you afford the property taxes?
  • Can you make the monthly mortgage payments?
  • Do you have money set aside for home emergencies such as a new furnace or hot water heater?

Does it Make Sense to Buy?

Be sure to think about your future plans, consider questions such as:
  • How settled am I?
  • Is a job transfer likely?
  • Would I like a change of scenery sometime in the near future?

If you’re not going to be in the same location for the next 3 to 7 years, you may not want to buy a house. After only a few years, you won’t make enough on the house sale to at least break even.

How Much “Home” Can I Afford?

You want to start looking for your dream house but you’re not sure just how much “home” you can afford. That’s where we can help. We can help you calculate what you can afford, explain our mortgage loan options and get you into a house you’ve been dreaming of – while helping to keep the costs well within your budget.

So you’re ready to buy? What do you need for mortgage application?

When applying for a mortgage loan, lenders require several pieces of personal information and documents. To help speed up the process and ensure you are prepared, we have compiled a list of items you’ll need to review and make sure you have ready for your mortgage consultation.

Personal Information To Have Ready

  • Property information including address, legal description of property and the year the residence was built
  • Social Security number(s) of applicant(s)
  • Employment information for the previous two years
  • Income information – including salary, overtime, bonuses, commissions, dividends, interest, retirement and any other source of ongoing income
  • Present rent or mortgage payment information – including payments, taxes, dues and insurance
  • Liquid assets – including name of financial institution, account type and balance including retirement and investment statements
  • Amount of cash deposit towards purchase
  • Property owned – including current residence, retirement funds, businesses owned, automobiles and a value estimate of remaining personal property
  • Liabilities for all open accounts – including account number, names, complete mailing addresses, balances and minimum monthly payments
  • Child support or alimony funds
  • Schedule of real estate owned

Documents We Will Need

  • Most current pay stub and W-2 for the last year
  • Statements for all non-CVFCU accounts for the previous two months
  • If renting, the name, address and telephone number of any landlord(s) for the previous two years
  • Purchase contract and copy of the canceled binder check if the earnest money deposit is over $1,000
  • If retired, an annuity statement or awards letter
  • Separation documents and divorce decree, if applicable
  • If child support or alimony is used as income, the most recent twelve-month history of receipt is required

If you are self-employed:

  • and file a Schedule C or receive income from rental property, bonuses or commissions, or own 25% of your company, you must provide the last two years’ tax returns with new original signatures and a current date- including all schedules, a current balance sheet and a current profit and loss statement
  • and file partnership, S-corp. or corporate returns, you must provide the previous two calendar years’ business tax returns along with your personal returns and a profit and loss statement and balance sheet through the end of the last month