RALEIGH, .C. – Most people would like to drive a new, expensive car, but sometimes an expensive price tag isn't necessary or possible. For people like a new high school graduate, a college graduate and a new employee just starting out, all that's needed is a car to get them to and from part-time jobs, interviews or a new full-time job. But for people with little cash, no established credit or a poor credit history, buying even the least expensive car can prove problematic. State Employees' Credit Union's new Basic Transportation Loan is designed for those folks. The loan provides members with an opportunity to purchase a dependable, no-frills car to meet their basic needs without having to meet strict credit guidelines. Credit isn't the issue with this loan, the issue is meeting our members' needs, said Philip Greer, senior vice president of SECU's lending department. "Most everyone needs a vehicle to get to and from work or school, and we're here to assist our members in any way possible," Greer said. The Basic Transportation Loan has a maximum loan amount of $7,500. Applicants must be 18 or older to qualify. Since SECU does not participate in risk-based lending, the loan offers the same interest rates and terms as other SECU vehicle loans. Members can finance up to 110% of the NADA retail value, and taxes, tags and warranties are included. Members have the option of financing up to six months of automobile insurance. At press time, the current rate on the Basic Transportation Loan was 7.00%, with terms up to 60 months. Members are limited to one Basic Transportation Loan. "We are extremely pleased to be able to offer a transportation loan that can assist members with very limited resources," said Greer. SECU is the second largest credit union in the U.S. It has more than $7 billion in assets and over 850,000 members. In addition to automobile loans, SECU offers other lending services designed for those among its members who are just getting themselves established. The credit union, for example, offers mortgage loans with 100% financing for first time homebuyers, computer loans, salary advance loans, and an SECU VISA card. -

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