Here’s a simple guide to common loan options offered by Affinity Federal Credit Union and how each one works.

Auto Loans

If you’re looking to buy a car, truck, motorcycle, or even an RV, we have the best product options to meet your needs. Our auto loans¹ provide funding for both new and used vehicles and can also be used to refinance an existing auto loan. With fixed monthly payments and competitive rates, an auto, motorcycle or RV loan can offer stability and predictability for your budget. Getting pre-approved before you shop may also give you a clearer idea of what you can comfortably afford.

Mortgage Loans

Buying a home is one of the most significant financial decisions many people make. Affinity offers a variety of mortgage options² to help you purchase a home or refinance an existing mortgage. These include fixed-rate mortgages, which offer consistent monthly payments, and adjustable-rate mortgages, which may start with a lower rate that can change over time. For homes that exceed conventional loan limits, jumbo and high-balance mortgages are also available. Choosing the right mortgage depends on your financial situation, lifestyle, and future plans.

Home Equity Line of Credit

A Home Equity Line of Credit, or HELOC, allows you to borrow against the equity in your home and access funds when you need them. It functions as a revolving credit line, which means you can borrow as needed up to your approved limit. You only pay interest on the amount you use. Affinity’s HELOC also gives you the option to lock in a fixed rate on portions of your balance, which can offer added flexibility. Common uses for a HELOC include home improvements, tuition, and consolidating higher-interest debt.

Student Loans

If you or a family member is heading to college or graduate school, Affinity partners with Sallie Mae®³ to offer private student loans. These loans are designed to help bridge the gap when scholarships, grants, and federal aid aren’t enough to cover costs. They can be used for tuition, housing, books, and other education-related expenses. Flexible repayment options and no prepayment penalties make it easier to tailor the loan to your future financial plans. Already graduated and looking to consolidate? Our Student Loan Consolidation can combine your loans into a fixed rate and just one monthly payment, offering you flexibility to pay off your loan faster or even extend it to lower payments. 

Personal Loans

Personal loans⁴ are a flexible way to borrow money for a variety of needs, such as covering emergency expenses, or making a major purchase. With a personal loan, you receive a lump sum that you repay in fixed monthly installments over a set period. Looking to consolidate debt? Our Debt Consolidation loan is a great option to combine outstanding credit cards or loans into a single monthly payment with flexible terms. These loans are unsecured, meaning they don’t require collateral, and they typically offer lower rates than credit cards. Affinity also offers secured personal loans, which allow you to borrow against your savings or certificate account, often at a reduced interest rate.

Business Loans

In addition to personal lending, Affinity supports business members⁵ through a range of financing options. These include commercial mortgage loans, term loans, Small Business Administration (SBA) loans, and business lines of credit. Affinity offers solutions to help business owners looking to expand their operations, manage cash flow, or refinance existing debt move forward with confidence.

Choosing the Right Loan for You

Each type of loan serves a different purpose and comes with its own features and repayment structure. The right choice will depend on your specific goals, budget, and timeline. Taking time to understand how each loan works can help you borrow responsibly and set yourself up for long-term success.

This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.