Now, go to www.ncsecu.org which is the website of the North Carolina State Emplo

ID: 2763759 • Letter: N

Question

Now, go to www.ncsecu.org which is the website of the North Carolina State Employees Credit Union (SECU). At the top of the page you will see a drop-down menu for Loans. In this menu, go to the Vehicle Loans page. Interest rates charged by SECU change periodically, so the rates charged last year may not be the same rates charged today or next month.

a) What is the maximum amount (%) that SECU will finance for a new vehicle? This is the amount they’re willing to finance, not to be confused with their APR (interest rate).

b) What is the maximum amount you can borrow for the new car you chose?

c) What is the maximum length of a new vehicle loan from SECU?

d) What is the interest rate for a new vehicle loan for 36 months, assuming you use a Payroll Deduction?

e) What is the interest rate for a new vehicle loan for 60 months, assuming you use a Payroll Deduction?

f) What is the interest rate for a new vehicle loan for 72 months, assuming you use a Payroll Deduction?

Explanation / Answer

Q a) What is the maximum amount (%) that SECU will finance for a new vehicle? This is the amount they’re willing to finance, not to be confused with their APR (interest rate).

Ans- Maximum amount is Upto 110% of the vehicle,for example if vehich cost is $10,000, upto $11,000 can be financed.

Qb) What is the maximum amount you can borrow for the new car you chose?

Ans Maximum amount that can be borrowed is $ 25000

Qc) What is the maximum length of a new vehicle loan from SECU?

Ans- It can be upto 120 months of 10 years.

Qd) What is the interest rate for a new vehicle loan for 36 months, assuming you use a Payroll Deduction?

Ans It will be having interest rate (APR) of 1.75%

Qe) What is the interest rate for a new vehicle loan for 60 months, assuming you use a Payroll Deduction?

Ans- It will be having interest rate (APR) of 2.75%

Qf) What is the interest rate for a new vehicle loan for 72 months, assuming you use a Payroll Deduction?

Ans It will be having interest rate (APR) of 3.75%

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