SEFCU Loan Calculator: If you’re considering applying for a loan from SEFCU, using their online loan calculator is a great way to get an estimate of what your monthly payments would be. SEFCU offers a variety of loan products, including auto loans, personal loans, home equity loans, and lines of credit. The loan calculator allows you to input details like the loan amount, term length, and interest rate to see estimated payment information.
How to Use the SEFCU Loan Calculator?
Using the SEFCU loan calculator is easy and only takes a few minutes. Here are the steps:
- Go to sefcu.com and click on the “Borrow” tab.
- Under “Apply Online” click on “Calculate Payments.” This will open the loan calculator.
- Select the type of loan you want by clicking the dropdown menu. Options include auto loans, personal loans, home equity loans, and home equity lines of credit.
- Enter the loan amount you wish to borrow.
- Select the term of the loan, such as 12 months, 24 months, etc. The options will vary based on loan type.
- Enter the anticipated interest rate. Interest rates vary by loan type, credit score, and other factors. Enter your best estimate.
- Click “Calculate.” This will provide monthly payment estimates along with total interest paid over the life of the loan.
- To get estimates for different loan amounts, terms, or rates, simply update the fields and click “Calculate” again.
That’s all there is to it! Within seconds you can see multiple payment scenarios to help estimate what is affordable based on your specific loan details.
Loan Types Available from SEFCU
SEFCU offers a variety of consumer lending products to choose from. Here is an overview of the main loan types you can get payment estimates for using their calculator:
- Available for new or used vehicle purchases and refinancing existing auto loans
- Terms up to 72 months
- Fixed interest rates competitive with other lenders
- No prepayment penalties
- Borrow up to $25,000 for any purpose (consolidating debt, home improvements, etc.)
- 12 to 60-month terms
- Fixed rates from 7.99% to 17.95% APR based on creditworthiness
Home Equity Loans
- Borrow against the available equity in your home
- Terms up to 240 months
- Fixed rates from 3.99% to 16.00% APR
- Loan amounts up to 80% loan-to-value
Home Equity Line of Credit
- Revolving line of credit using home as collateral
- 10 or 15-year draw period then converts to repayment
- Variable interest rate tied to Prime Rate
- Up to 80% loan-to-value
As you can see, SEFCU offers loan solutions for a wide variety of needs. The online loan calculator provides an easy way to get an initial idea of estimated payments for each product.
Loan Calculator Tips
When using the SEFCU loan calculator, keep the following tips in mind:
- Interest rates shown are estimates only – your actual rate will depend on your credit score, income, collateral, and other factors if approved.
- Play around with different loan amounts, terms, and interest rates to see the impact they have on monthly payments.
- Be realistic about the interest rate you are likely to receive based on your credit score.
- If needed, adjust the loan amount until the payments fit within your budget.
- For auto loans, remember to include taxes and fees in the total loan amount.
- For home equity products, remember that loan-to-value ratios cannot exceed 80%.
- Contact a SEFCU loan officer if you need help estimating your interest rate or loan eligibility.
Using the loan calculator is just the first step. The next step is to apply for financing and allow SEFCU to evaluate your application including factors like income, credit score, and property appraisal if applicable.
SEFCU Loan Calculator FAQ
Here are answers to some frequently asked questions about using the SEFCU loan calculator:
How accurate is the loan calculator?
The calculator provides close payment estimates, but your actual loan offer, rate, payment amount, and fees may vary. Apply for firm pricing.
Are there any fees for using the calculator?
No, the SEFCU loan calculator is free to use as many times as you want.
Can I save the calculation results?
Unfortunately, there is no way to save and retrieve calculation results in the system. You have to re-enter information each time.
What credit score is needed for the best rates?
SEFCU does not publish minimum credit scores. In general excellent credit in the 700s or higher will qualify you for the lower end of advertised rates.
What debt-to-income ratio is required?
SEFCU requires a maximum debt-to-income ratio of 50% or less for loan approval. Lower is better for qualifying.
Can I adjust loan terms like 36, 48, or 60 months?
Yes, the calculator allows you to choose loan repayment terms from 12 to 240 months depending on the product.
Can I calculate home equity loan payments?
Yes, the calculator can estimate payments for both fixed-rate home equity loans and home equity lines of credit.
What fees are not included in estimates?
The calculator does not include closing costs, appraisal fees, or insurance premiums in the estimates.
We hope this loan calculator FAQ helps provide answers to common questions about using this useful tool. Please contact SEFCU directly if you have any other questions.
Faizan Ahmad is a financial analyst and writer who specializes in investments, banking, and corporate finance. He has over 7 years of experience working in the finance industry in various roles.
He leverages his strong financial modeling and data analysis skills to provide insightful commentary on business, markets, and economic trends.
At Ventures Money, Faizan covers topics including Credit Card Reviews, Loans, Insurance, and Mutual Funds in the banking sector. He provides in-depth analysis of the latest news and trends to help readers make smart investment decisions.
Outside of writing, Faizan enjoys following the stock market, rooting for his favorite sports teams, and spending time with his family.