A new or used vehicle, home improvements, a boat or motorcycle, personal expenses --- whatever your borrowing need might be, we're ready to help! One of our loan officers will be happy to put together a financing plan that fits your budget and helps you enjoy the finer things in life. Some pointers on applying for credit, as well as information on our most popular types of consumer loans, are provided below.
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Our conventional auto loans are the most popular way of financing or refinancing a vehicle. Loans are available for new and later-model used cars, trucks and RVs. We'll also consider loan requests for antique, classic and special interest vehicles. Benefits include a fixed rate of interest and repayment in convenient monthly installments. Our flexible terms enable you to stretch out payments over an extended term on new and near-new vehicles in order to fit your budget.
If you're a homeowner with sufficient equity (the difference between your home's value and the balance of any loans against it), you might want to consider the potential advantages of a tax-deductible auto loan. Like a conventional auto loan, it can be used to finance a new or late model used car, truck or SUV. However, because it's secured by the equity in your home rather than a vehicle, the interest may be deductible for tax purposes (be sure to ask your tax professional for details). While this option isn't for everyone, it might be worth considering, especially if you have another borrowing purpose in mind --- home improvements or another major purchase --- in addition to an auto loan. Talk to us. We'll help you figure things out.
Money that's spent at home stays at home. If you buy a vehicle from a dealer in the greater Muscatine and Wilton area, you're helping the local economy. What's more, odds are good that you can also get on-the-spot financing right at the dealership through Central State Bank. Nearly every local auto dealer has an agreement with us which enables them to take applications and make "indirect" loans on our behalf. Simply ask the finance officer to process your loan through Central State. After you've completed your purchase, we'll be in touch with you to handle the details of your repayment plan. You'll benefit from a great rate, and great local service, too!
A home equity loan enables you to borrow for a wide variety of purposes --- home improvements, an auto, major purchases, and more --- by using the equity in your home as collateral. The advantage is that unlike other types of consumer credit, the interest on a home equity loan is often deductible for tax purposes (consult your tax professional for details). Another plus: the interest rate is usually less than on other types of consumer loans. Put it all together and it means you'll save money because your overall cost of borrowing is less. In general, we'll lend a relatively high percentage of the value of a home, less the balance of any mortgages against the property. The interest rate is fixed, and repayment is in convenient monthly installments.
Our home equity credit line is a handy borrowing tool that puts you in the driver's seat. You apply only once, then you can borrow money anytime the need arises and in any amount up to your pre-established credit limit. You're in control when it comes to repayment, too. Only a small minimum payment is due monthly; you decide when and how much to pay against the principal balance. The interest rate is variable and is adjusted periodically based on changes in the prime rate. A monthly billing statement is provided for your convenience. It shows all account activity and the minimum payment due.
If you're considering making some improvements to your home and you're short on home equity, our Home Improvement Loan program can help. Interest rates are fixed, repayment is in convenient monthly installments, and terms of up to ten years are available to make things easy on your budget. Written estimates of the cost of your project, plus an estimate of the post-improvement value of your home, may be required to process your loan.