Lending Policies

The following policies apply to lending instruments of Varian Federal Credit Union



New Auto/Truck
  • 100% financing including tax/license
  • Maximum $50,000
Used Vehicle
  • 2002 and newer models-up to 100% of NADA Retail
  • Maximum $40,000
  • Average Trade-in value for older vehicles
New Boat & RV
  • 100% of purchase price including tax/license
  • Maximum $50,000
Used Boat & RV
  • 2002 and newer models - up to 100% of NADA Retail
  • Maximum $30,000
New Motorcycle
  • 90% of purchase price including tax/license
  • Maximum $20,000
Used Motorcycle
  • 2002 and newer models - up to 90% of NADA Retail
  • Maximum $15,000
Signature Loans
overdraft/debit cards/credit cards/single payment
  • Limit based on credit bureau, salary, and debt ratio
Share Secured/CD Secured
  • 100% of savings
  • Minimum payment is 1.5% of balance or $25.00
  • Term of loan must match maturity of certificate/savings
Fixed Rate Home Secured Loan
  • Up to 100% of appraised value less 1st mortgage balance of owner occupied property
  • Property can be outside of Utah
  • Maximum of $90,000 on 80% loan to value
  • Fees: appraisal, title insurance, flood determination, escrow, and filing
  • Fees may be added to Loan
  • Terms up to 120 months available
Home Equity Line of Credit
  • Up to 80% of appraised value less 1st mortgage balance
  • Maximum of $50,000
  • 180 Month payback period
  • Rate: Currently at Wall Street Prime
  • Full disclosure available
Special Circumstance Loans
  • For members who may not qualify under existing loan approval policy
  • Add 3% to listed loan rates
  • Rebates of interest may be earned for good repayment record
  • This classification of loan must be approved by committee