Personal Lending


Greater Kinston Credit Union offers the following in personal lending.

New Vehicle

  • Maximum term of 84 months
  • Fixed-rate financing up to 110% of Manufacturer's Suggested Retail Price (MSRP)
  • Collision and comprehensive insurance protection required on new vehicles with a maximum deductible of $500 for loan duration
  • Vehicle title will be held as collateral until the loan is repaid
  • Flooded/water damaged vehicles not accepted as collateral
  • Vehicle must be current or prior year model
  • Vehicle must have 10,000 miles or less
  • Loan may be repaid at any time without penalty
  • Maximum loan amount $50,000

Used Vehicle

  • Maximum term of 72 months, based on model year
  • Financing up to 110% of the NADA retail value
  • Flooded/water damaged vehicles are not accepted as collateral
  • Loan may be repaid at any time without penalty
  • Maximum loan amount $50,000
  • Vehicles may not be older than 10 years of age or have mileage in excess of 150,000 at time of origination
  • Vehicles that meet either of the following conditions are limited to a maximum term of 48 months:
    • Model years between 6 and 10 years old
    • Mileage that exceeds 100,000 miles and maximum of 150,000 miles

Share Secured Fixed Installment

  • Maximum term of 48 months
  • Installment loan
  • Share account funds serve as collateral

Share Term Certificate (STC) Term Note

  • One-time payment loan
  • STC funds serve as collateral
  • Maturity date identical to the collateral STC. Rate is 2% above STC rate, rounded to nearest quarter of a percent (0.25%)

Open-End Variable Rate Signature

  • Unlimited subsequent advances
  • Can serve as overdraft transfer service for your GKCU account
  • Minimum payment based on the principal balance
  • Maximum loan amount is the lesser $10,000 per individual/$15,000 joint

Closed-End Fixed Rate Signature

  • Maximum term of 60 months
  • Maximum loan is $10,000 per individual/$15,000 joint


Credit Report

Understanding your credit report is a key part of financial planning. You have the right to receive a free credit report from each of the three major credit bureaus- Experian, TransUnion, and Equifax- once a year through the Annual Credit Report Request Service at www.annualcreditreport.com. The free reports do not include credit scores. You may request your score for a fee at the time of ordering the free reports if you choose to do so.

GAP Coverage

Greater Kinston Credit Union offers Guaranteed Asset Protection (GAP) Coverage on new and used vehicle loans for a flat fee of $325 at the time the vehicle is financed or refinanced. GAP Coverage is a debt cancellation product that covers the difference between the insurance settlement amount and the outstanding loan balance if your vehicle is involved in a total loss claim, as determined by your auto insurance provider, due to an "at fault" or "not at fault" accident, theft or flood.

If your vehicle is totaled, the insurance settlement is based on the actual cash value of the vehicle not the outstanding loan balance. This difference could create a "gap" (money you still owe on the loan) after the primary insurance settlement has been paid. With GAP Coverage, this deficiency would be covered up to specific parameters.1

  • Eligible for new and used cars, light trucks, vans and SUVs
  • Maximum market value of the vehicle is $100,0002
  • Maximum loan to value of 110%
  • Maximum loan term of 72 months
  • Maximum claim benefit of $50,000
  • Not available for salvaged vehicles or vehicles used for ride-sharing
  • Eligible for new loans only3
  • 90-day "free look" period4



1 GAP may not protect the entire deficiency. A copy of the GAP Agreement can be provided upon request for additional information.
2 Based on MSRP or NADA Average Retail Value
3 Existing loans not eligible unless refinanced
4 During the "free look" period, coverage may be cancelled for a full refund. The refund will be applied to the outstanding loan balance.


*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors. © Greater Kinston Credit Union