Student Loans

Borrow smart with LUSO Federal Credit Union.

Smart Start Auto/Truck Loan


    Buying your first car? Drive away happy with a Smart Start Auto/Truck loan.

    • For borrowers ages 18 to 25
    • $15,000 maximum loan
    • One- to five-year loan terms
    • Save 0.250% off interest rate with GAP Insurance; additional 0.125% rate reduction with Mechanical Repair Insurance
    • No processing fee

    Back to School Personal Line of Credit


      Need help with education-related expenses? Tap this special line of credit loan expressly designed for students.

      • $20,000 loan maximum
      • Revolving line of credit
      • No processing fee
      • No annual fee

      Education Loan


        A personal loan to cover educational expenses. Member benefits include:

        • $1,000 loan minimum; $20,000 loan maximum
        • Loan terms up to 7 years
        • No processing fee
        • No annual fee

        How Loans Work


          First, the why: Credit is important. Good credit will someday allow you to take out a mortgage to buy a home, one of the best paths to personal wealth. Borrowing helps you establish credit and afford essentials otherwise out of reach (like a car or truck). With every timely payment you make on an auto loan or line of credit loan, you increase your credit score.

          Now, the how: Take out a small loan and/or a personal line of credit to get started. Make regular monthly payments on the loan and pay it down over time. Make payments on the line only on the amount you use.

          How to get started: Review our rates and requirements and contact us with questions or to meet with a lending specialist.

          Compare your options
          ProductSmart Start Auto/Truck Loan1Back to School Personal Line of CreditEducation Loan
          Maximum Loan$15,000$20,000$20,000
          Maximum Term5 YearsRevolving line of credit7 Years
          Base Rate/APR20.125% off quoted auto loan rates for year and term selected

          Rates as low as 13.000% APR5,6

          Rates as low as 12.252% APR5,7

          Optional Rate Reduction0.125% with GAP Insurance, additional 0.125% with Mechanical Repair Insurancen/a0.125% with automatic loan payment from a LUSO share draft checking account

          90% of sales price, 10% down payment required3,4

          13.000% APR12.252% APR

            1Smart Start Auto/Truck Loan requires an active share draft checking account with automatic loan payment. Borrower must be between the ages of 18 and 25 and must have a minimum of one-month current employment history with proof of income; no previous auto loan; and no derogatory credit. Borrower may earn an additional 0.125% rate discount with a minimum 80% passing grade on the “Beginners Guide to Credit” Quiz.

            2APR: Annual Percentage Rate is based on a $5,000.00 loan amount, unless otherwise noted.

            3Financing is available up to a maximum of 90% of the vehicle sales price; Smart Start Auto Loans require a 10% cash down payment.

            4Maximum Payment-to-Income ratio equal to 25% (ratio includes P&I PYMT and Insurance PYMT); Maximum Debt-to-Income ratio equal to 35%. Tax, Title, and License Fee check is disbursed by the Credit Union to be submitted directly to the Registry by the borrower. REQUIRED $75.00 VSI Insurance fee on all vehicle loans. GAP Insurance available.

            5Rates and Annual Percentage Rates. Rates quoted require automatic payments from a LUSO Federal Credit Union share draft checking account. GAP Insurance discounts the rate by 0.125%, Mechanical Repair Insurance by an additional 0.125%. Borrowers who meet all requirements and elect GAP and Mechanical insurance can save up to 0.375%.

            6Minimum Payment: Your minimum monthly payment will be 2.00% of your daily outstanding balance plus the amount of any prior minimum payments that you have not made or $25.00, whichever greater. Loan proceeds must be used for educational purposes.

            7Loan proceeds must be used for educational purposes; financing is available up to a maximum of the full tuition amount. Tuition invoice must be presented t closing and payment is applied to the name on the invoice.

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