Toy loans use recreation equipment that can be secured by a VIN and Title as collateral, for example:

• Snowmobiles

• ATVs

• UTVs

• Personal watercrafts, like Jetskis

• Cargo Trailers

• Dirt Bikes, or motorcycles other than Street Bikes*  

 

* Street Bikes qualify under the rates for Automobiles if they are nine years old and newer.  If the street bike is older than nine years, then Toy Rates will apply.  (LTV rule for ½ add ons still applies) 

 

Don't forget the 2% add for:

• A credit file with less than 18 months history on at least 3 tradelines

• Bankruptcy discharged within last 3 years

• Collateral 20 years and older

​

Discounts can be allowed for:

• -.25% High Credit Discount for FICOs of 780+

• -.25% Equity Discount for LTV positions of 90% or less

• -1% I Have Connections Discount for existing members with checking account and direct deposit

​

Value Determinations / LTV’s:

• New Toy values will be determined using the Invoice or JD Power (NADA) clean retail value. The JD Power (NADA) Used Retail value will be used for new toy purchases whenever available or when an Invoice Value cannot be obtained. If no Invoice or JD Power (NADA) Retail value is available, the prior model year JD Power (NADA) Used Retail value plus 10% will be used. (½ of the add ons per JD Power (NADA)may be used for increased value.) 

• Collateral 9 years old and newer qualify for JD Power (NADA) Retail.

• Collateral 10 years old and older qualify for JD Power (NADA) Clean Trade-in. Borrowers with a 700 or high credit score qualify for JD Power (NADA) Retail.

• Collateral 20 years and older does not qualify for values over the lowest JD Power (NADA) value.

• If a JD Power (NADA) value cannot be determined, an appraisal from a registered dealership may be used in its place for value determination; the appraisal cannot however be from the same dealership as the unit is being purchased from.  

​

LTVs:

• A+ & A Borrowers (FICO’s 700+) can go up to 90% LTV*

• B Borrowers (FICO’s 660-699) can go up to 85% LTV*

• C Borrowers (FICO’s 625-659) can go up to 80% LTV*

• D Borrowers (FICO’s Lower than 625) can go up to 70% LTV

​

*LTV CAPS: over $50,000 = 85% LTV MAX

                    over $75,000 = 80% LTV MAX

                    over $90,000 = 75% LTV MAX & 700+ FICO

​

Terms for New - Nine Years Old:

• Less than $5,000 - up to 36 months

• $5,000 - $10,000 - up to 60 months

• Over $10,000 - up to 72 months

​

Terms for Older than 9 Years:

• Less than $5,000 - up to 36 months

• $5,000 - $10,000 - up to 48 months

• Over $10,000 - up to 60 months

​