The Credit Union Difference – A Look at Loan Interest Rates
One of the most beneficial advantages we offer our members here at Olean Area Federal Credit Union is lower interest rates on loans. Let’s take a look at some of the most popular loan types and how the rates at credit unions differ from the industry average.
Auto loans
Looking for a new set of wheels? Look no further than Olean Area Federal Credit Union! With rates that fall far below the industry average, you can sign confidently, knowing you’re getting a fantastic deal.
Used Car Loan, 48 months:
Average industry rate: 5.44%APR (Annual Percentage Rate)
Average credit union rate: 3.50%APR
Used Car Loan, 36 months:
Average industry rate: 5.39%APR
Average credit union rate: 3.37%APR
New Car Loan, 60 months:
Average industry rate: 5.10%APR
Average credit union rate: 3.45%APR
New Car Loan, 48 months:
Average industry rate: 4.99%APR
Average credit union rate: 3.32%APR
You can explore current Auto Loan Rates at Olean Area FCU by clicking here.
Credit Cards
Why pay a steep interest rate on a new credit card when you can get one at Olean Area Federal Credit Union at a rate that’s nearly two points lower than the national average?
Average industry rate on new credit cards: 13.15%APR
Average credit union rate on new credit cards: 11.54%APR
Click here to discover current credit card rates offered by Olean Area FCU!
Home Equity Loans
Looking to fund a home renovation or expansion? Consider a home equity loan, or a home equity line of credit (HELOC) at Olean Area Federal Credit Union.
Home Equity Loan, 5 years, up to 80% of the home’s value:
Average industry rate: 5.21%APR
Average credit union rate: 4.65%APR
Home Equity Line of Credit, up to 80% of the home’s value:
Average industry rate: 5.05%APR
Average credit union rate 4.56%APR
Home Loans
When you apply for a home loan at Olean Area Federal Credit Union, you’ll enjoy personalized attention throughout the loan process, quick, professional service and interest rates that beat the industry average no matter what kind of mortgage you choose.
30-Year Fixed-Rate Mortgage:
Average industry rate: 3.79%APR
Average credit union rate: 3.71%APR
15-Year Fixed-Rate Mortgage:
Average industry rate: 3.36%APR
Average credit union rate: 3.23%APR
5/1 Year Adjustable Rate Mortgage (ARM):
Average industry rate: 3.79%APR
Average credit union rate: 3.28%APR
3/1 Year ARM:
Average industry rate: 3.74%APR
Average credit union rate: 3.26%APR
1 Year ARM:
Average industry rate: 3.61%APR
Average credit union rate: 3.48%APR
Discover current mortgage rates offered by Olean Area FCU by clicking here.
Unsecured loans
When you need a bit of extra cash for a reason that doesn’t fit neatly into any other category, consider taking out an unsecured loan at Olean Area Federal Credit Union.
Average industry interest rate on fixed 36-month personal/unsecured loans: 10.21%APR
Average credit union interest rate on fixed 36-month personal/unsecured: 9.28%APR
You can find out about your unsecured loan options by calling an Olean Area FCU lender at (716) 372-6607, or by filling out the “Contact Us” form.
