Consumer Secured Loan

A consumer secured loan is backed by collateral, such as an automobile, boat or motorcycle. We secure these loans by placing a lien on the vehicle until the loan is paid in full.

Loan Type  APR* Term

New Vehicle as low as:

Used Vehicle as low as:



60 months

60 months


* APR is Annual Percentage Rate. Your actual rate and term is determined by your account history and credit score.


Question: What is a "consumer secured" loan?

Answer: A consumer secured loan is one that is secured by some type of collateral. This could be an automobile, motorcycle, boat, ATV, etc. Basically, we take a security interest in the collateral via a title lien or UCC (Uniform Commercial Code lien) filing. The security interest is released by the credit union upon full repayment of the loan.

Question: What determines how much I can borrow on a secured loan?

Answer: For the most we can borrow up to 100% of the value of the collateral. Therefore, we need to be able to obtain a "book" value on the collateral to determine it's value. The credit union does reserve the right to adjust the Loan To Value (LTV) based on the age of the collateral.

Question: How is my interest rate determined?

Answer: As with all consumer loans, your interest rate is based on your credit score. Credit score can effect the term of the loan. All rates are subject to change.

Question: Do I have to insure the collateral used on my loan?

Answer: Yes. As a condition of the loan, we require all collateral to be fully insured for comprehensive and collision insurance, with the credit union named on the declaration page as loss payee.You must provide the credit union with a copy of the declaration page for your file and as proof of insurance.  Failure to keep the collateral insured for the life of the loan could result in the credit union "force placing" insurance on the collateral and could also result in the default of the loan agreement.

Question: Can the collateral be insured under my homeowner's policy?

Answer: No. This is not sufficient for insurance as it pertains to the loan. The main reason is the credit union is not listed as loss payee on a homeowner's policy, you are. This applies to boats and motorcycles stored for the winter - they must be insured on their own separate policies.

Question: Can I pay my loan off early without penalty?

Answer: Yes, there is no prepayment penalty on any consumer or real estate loans at Central Wisconsin Credit Union.

Question: Is credit life and disability insurance available for my loan?

Answer: Yes, credit life and disability insurance is available to purchase for your loan. Please ask a loan officer at the time of application, and they will be happy to provide you with a quote and disclosures.

Question: What is GAP insurance and is it available for my loan?

Answer: GAP is Guaranteed Asset Protection insurance which insures the borrower for the discrepancy between the value of your vehicle and what you owe. Basically, if you were to purchase a new car, the minute you drive it off the lot it loses value. If it gets totaled in an accident, the insurance company will pay out much less than what you owe on the loan. GAP covers you for this amount, and is generally associated with new vehicle purchases. Important!! - get a quote on GAP insurance from the credit union BEFORE you pay the dealer for it - you will be quite surprised by the difference in cost.