It is recommended that you submit an application and get pre-approved before signing for the vehicle. This way, all that the dealer will need to do is fax (309-557-2419) the purchase agreement when the deal is complete. Once the final purchase price is established and documented, then the loan can be completed.
You can apply online at our website, www.iaacu.org, or call into our call center and do the application over the phone. For auto loans, this process should be completed before purchasing the vehicle.
Most cars depreciate by thousands of dollars as soon as they are purchased. Unfortunately, if your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, or the “gap” between your insurer’s settlement and your loan balance. That gap will come out of your pocket for a vehicle that, for all practical purposes, no longer exists.
Guaranteed Asset Protection (GAP) could save you thousands of dollars.
GAP is low-cost coverage that pays the potentially high-cost difference between your insurance settlement and your loan balance on items directly related to the purchase of your vehicle.
It’s easy to be covered.
You can sign up for GAP when you apply for your vehicle loan. There’s no underwriting, no red tape, no hassle. And for your convenience can be rolled into your monthly loan payment.
HELOC stands for Home Equity Line-of-Credit. It is a line-of-credit secured by the equity in your home.
We multiply the value of your home by 80 or 90% and then subtract the existing balance of your first mortgage. The result would be the maximum line-of-credit you would be eligible for.
Typically the only cost you will incur is the price of an appraisal if required.
The minimum advance amount is $250.00.
The annual percentage rate (APR) on this loan can change on the first day of each month. There is no limit on the amount by which the APR can change during any one period. The maximum APR is 18%.
Yes, both plans contain a fixed rate option. At any time during the draw period you may convert the interest rate on your balance to a fixed rate. The fixed rate will be based on the Wall Street Journal Prime Rate in effect on the date you elect the fixed rate option plus a margin. Your payment will be set to repay the balance at the fixed rate over a 10 year period.