Rates

VEHICLE LOAN RATES

Model Year Term Annual
Percentage
Rate (APR)
Monthly Payment
(per $1,000 borrowed)
2010 - 2014 4 years 3.85% $22.51
2010 - 2014 5 years 3.95% $18.40
2010 - 2014 6 years 4.85% $16.04
2007 - 2009 4 years 5.35% $23.19
2004 - 2006 3 years 8.24% $31.46
2003 and older 3 years 10.49%  $32.51 
       
15% down payment required for all vehicles
* .25% rate decrease if loan payment is automatically deducted from your Bank of Elk River checking account and assume excellent borrower credit history.


OTHER CONSUMER PURCHASE RATES

 

Description

Term Annual
Percentage
Rate (APR)
Monthly Payment
(per $1,000 borrowed)
New1 ATV, Personal Watercraft or Snowmobile 4 years 6.99% $23.94
Used2 ATV, Personal Watercraft or Snowmobile 3 years 7.99% $31.33
New1 Boat 7 years 4.69% $13.99
Used2 Boat 5 years 6.99% $19.80
New1 Recreational Vehicle 7 years 4.69% $13.99
Used2 Recreational Vehicle 3 years 7.99% $31.33
New1 Motorcycle or Tractor 5 years 4.99% $18.87
Used2 Motorcycle or Tractor 5 years 6.99% $19.80

1 Down payment of 15% plus tax, title, license and transfer fees required.
2 Down payment of 20% plus tax, title, license and transfer fees required.
* .25% rate decrease if loan payment is automatically deducted from your Bank of Elk River checking account and assume excellent borrower credit history.

 


HOME EQUITY LOAN RATES

 

Loan Amount
(based on home's equity)
Term Annual
Percentage
Rate (APR)
Monthly Payment
(per $1,000 borrowed)
Loan to Value equal to or less than 80% 5 years 4.99% $18.87
Loan to Value 81% through 85% 5 years 6.99% $19.80
Closing fees generally total $200 to $500.

 

HOME EQUITY LINES OF CREDIT: VARIABLE RATES

 

Line of Credit Amount
(based on home's equity)
Term Annual
Percentage
Rate (APR)*
Floor Monthly Payment
(interest only)
(per $1,000 borrowed)
Loan to Value Less than 80% 5 years Prime** 4.45% $3.78
Loan to Value 81% to 85% 5 years Prime** + .99% 6.45% $5.30

Closing fees generally total $200 to $500. There is an annual fee of $25.
* Interest rates and APR's are subject to increase or decrease during the term of the loan. The minimum APR that can apply is the floor, the maximum is 18%. Rates assume excellent borrower credit history.
** Prime is 3.250% as of 05/06/13.

 

HOME EQUITY LINES OF CREDIT: FIXED RATES

 

Line of Credit Amount
(based on home's equity)
Term Annual
Percentage
Rate (APR)*
Monthly Payment
(interest only)
(per $1,000 borrowed)
Loan to Value less than 80% 5 years 4.99% $4.24
Loan to Value 81% through 85% 5 years 6.99% $5.55
Closing fees generally total $200 to $500. There is an annual fee of $25.

 

Last Rate Change: May 6, 2013