Loans for any reason
Whether you’re buying a car, applying for a mortgage, or looking to buy something you need right now, we’re your source for money when you need it.
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The benefits of borrowing from MIT Federal Credit Union
- Competitive low rates
- Various terms and options
- Easy application, quick approval process
- Flexible and convenient payment options
- No processing fees for most loan types
Loan Rates
Unsecured Loans
Effective Date: Friday, June 9th, 2023
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| Personal Loan + Co-Application/Guarantor Loan | 12 Months | 7.75% | $86.87 |
| 24 Months | 8.00% | $45.23 | |
| 36 Months | 8.25% | $31.46 | |
| 48 Months | 8.50% | $24.65 | |
| 60 Months | 9.00% | $20.76 | |
| Tuition Assistance Loan** | 12 Months | 7.25% | $86.62 |
| Overdraft Protection Line of Credit^ | Line of Credit | 10.00% | $87.88 |
| Fuel Assistance Loan | 12 Months | 6.50% | $86.29 |
Auto Loans
Effective Date: Friday, June 9th, 2023
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| New Auto | Up to 36 Months | 5.75% | $30.32 |
| New Auto | 48 Months | 6.00% | $23.49 |
| New Auto | 60 Months | 6.25% | $19.46 |
| New Auto | 72 Months | 6.75% | $16.94 |
| New Auto | 84 Months | 7.75% | $15.47 |
| Used Auto | Up to 36 Months | 5.75% | $30.32 |
| Used Auto | 48 Months | 6.00% | $23.49 |
| Used Auto | 60 Months | 6.25% | $19.46 |
| Used Auto | 72 Months | 6.75% | $16.94 |
| Used Auto | 84 Months | 7.75% | $15.47 |
Other Vehicle Loans
Effective Date: Friday, June 9th, 2023
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| New & Used Motorcycles | 12-36 Months | 5.00% | $29.98 |
| 48 Months | 5.25% | $23.15 | |
| 60 Months | 5.50% | $19.11 | |
| 72 Months | 5.75% | $16.46 | |
| 84 Months | 6.00% | $14.62 | |
| New & Used Boats and RV's & Utility Trailers | 12-36 Months | 7.25% | $30.99 |
| 48 Months | 7.50% | $24.18 | |
| 60 Months | 7.75% | $20.16 | |
| 72 Months | 8.00% | $17.54 | |
| 84 Months | 8.25% | $15.72 | |
| 85-120 Months | 8.50% | $12.40 |
Secured Loans
Effective Date: Friday, June 9th, 2023
| Type of Loan | Term | APR* | Payment/$1000 |
|---|---|---|---|
| Share Secured (Frozen Share) | Up to 60 Months | 5.25% | $19.01 |
| Credit Builder Loan | Up to 12 Months | 6.75% | $86.39 |
| HEAT Loan, Micro ($500-$2,000) | Up to 24 Months | 0.00% | $41.67 |
| HEAT Loan, Expanded ($2,001-$25,000) | Up to 84 Months | 0.00% | $11.91 |
Solar Loans
Effective Date: Friday, June 9th, 2023
| Name | Term | APR* | Payment/$1000 |
|---|---|---|---|
| Solar Loan | 84 months | 5.75% | $19.22 |
eBike Loans
Effective Date: Friday, June 9th, 2023
| Name | Term | APR* | Payment/$1000 |
|---|---|---|---|
| eBikes | 36 months | 6.75% | $30.76 |
| 48 months | 7.00% | $23.95 | |
| 60 Months | 7.50% | $20.04 |