Borrowing that’s good for the soul
Every person in Rochester deserves a fair financial path to a fulfilling life and future, including access to competitive rates, excellent customer service, and compassionate guidance. Our members qualify for low-interest auto loans, debt consolidation, lines of credit, and more, so they can pursue their boldest dreams.
Auto Loans
We want you to get the best car for you at the best price, and with the best financing. That's why we offer reasonably priced auto loans no matter your credit score, whether the car is new or used. We can help you finance the purchase of a car, or refinance most car loans, and can sometimes even reduce your payment by over one hundred dollars per month. We even offer special discounts for fuel efficient and electric vehicles! And you'll know that your interest payments are going to help other credit union members in your community. All loans are subject to underwriting and approval. You can find our rates here.
We finance any new or used car, for any model year, as long as the vehicle has a J.D. Power valuation. Depending on the age of the vehicle, we will finance up to seventy-two months but will always encourage or sometimes require a shorter term so that your auto can be paid for with as little finance charge (interest) as possible while still being an affordable payment.
We can also finance classic and luxury cars with terms up to 84 months.
Yes! We can even finance classic vehicles as well as recreational motor homes, motorcycles, scooters and other motorized vehicles. Vehicles with a J.D. Power valuation receive our auto loan rates. All other loans are done at our "other secured" rates, which may be higher.
We consider an automobile to be new and eligible to receive the New Auto interest rate if it is the current model year with less than 6,000 miles or the previous model year with less than 12,000. Our maximum term is 72 months. We offer monthly, semi-monthly, weekly and bi-weekly payment options on all consumer loans.
We subscribe to J.D. Power car valuations. We are happy to work with you to help you find a fairly priced vehicle. Let us know the mileage, make, model, and year of the car, and ideally the VIN number, and we can tell you a fair purchase price for a vehicle. We can also recommend how to have an independent mechanic take a look at the vehicle before you purchase it.
We can even tell you what your trade-in vehicle is worth to help you get a good price!
You can find our best rates on our rates page. Please note that rates are dependent on model year, term, and credit score. We do offer discounts for fuel efficient vehicles (30 MPG) and electric vehicles. You can find our rates here.
Yes, we offer special rates for electric vehicles. The rates are particularly good for lower credit tiers thanks to a special loan guarantee program from the New York State Energy Research and Development Authority (NYSERDA). Look at our rates page for more information.
"Personal" Loans
Unlike many larger institutions, we still offer "personal" loans. These are loans that you can use for any legal purpose--but you do need to tell us when you apply. For example, loans can be used for purchasing furniture or appliances, dental work, repair of credit, to assist with a family emergency or unexpected expense such as a funeral or travel to a funeral, "family aid" loans to assist people trying to help families that are oversees or living as refugees, security deposits, college expenses not covered by student loans, or for establishing credit.
Whenever possible, we try to lower the rate and our risk by asking for possible collateral, such as a car that is owned outright. This is known as a lien-secured loan; the loan rate matches the auto loan rate even though the loan is not to buy the car, but is for another purpose—for example, repairs to the vehicle.
The maximum term for an unsecured loan is 60 months and the minimum term is 12 months. We offer monthly, semi-monthly, weekly and bi-weekly payment options on all consumer loans.
The maximum loan amounts are for total unsecured loans to the credit union, per borrower. Please note that in most cases we do not approve the maximum loan amount on a first loan from the credit union and will try to work with you on a lower amount or to use collateral you may have. All loans are subject to underwriting and approval.
A+ 740 and Up $25,000
A 680 - 739 $25,000
B 640 - 679 $15,000
C 600 - 639 $10,000
D 550 - 599 $5,000
E 549 and Less $5,000
We offer monthly, semi-monthly, bi-weekly, and monthly payment options. You can pay out of your account at Genesee Co-op, where you get direct deposit, or set up an automatic payment. Other options for payment are available as well.
No! There are never pre-payment fees or penalties. At Genesee Co-op you can always pay early or make additional payments with no fee. We want to help you manage your finances.
Lines Of Credit
We offer a $250-$500 overdraft line-of-credit (LOC), with most starting at $500, to provide members with an alternative to overdrawing their account or being hit with "NSF" (insufficient funds) fees. Most members can qualify for an overdraft LOC at account opening or after six months of regular checking account usage. The overdraft LOC can help you establish credit and provide a cushion for withdrawals or debit card charges when you have a low balance. The overdraft Line-of-Credit is payable at the end of each month with a $20 minimum payment.
The line-of-credit is a revolving account, much like a credit card balance. There is a fixed rate of 13% APR on our Overdraft LOC. Larger limits are available, subject to credit and underwriting based on the tiers below. Lines of credit count towards the total unsecured limit at the credit union, per qualified member.
Maximum Line of Credit Limit by Credit Score
A+ 740 and Up $10,000
A 680 - 739 $10,000
B 640 - 679 $7,500
C 600 - 639 $5,000
D 550 - 599 $2,500
E 549 and Less $2,500
Debt Consolidation Loans
We offer debt consolidation loans. These loans can help you consolidate your loans into one easier payment, typically with a lower interest rate--helping you to pay your debt down faster. Our goal is to help you reduce debt, increase savings, and achieve your goals! Debt consolidation loans can be unsecured, partially secured, or fully lien-secured. Members also may use a second mortgage or Home Equity Line of Credit (HELOC) to consolidate debts. Rate depends on credit score and collateral, if any is available.
In most cases we will meet with you to review your debts. We offer one-on-one budget counseling and sometimes require it prior to making a decision on a debt consolidation loan. We will often require that the borrower signs a "no new debt" agreement with us, to ensure that members don't take on new debt. All loans are subject to underwriting and approval.
- Debt consolidation loan maximum is $15,000, unless credit score is A or A+ (above 680)
- Maximum term is 60 months
Share-Secured Loans
A share-secured loan is a way to use your money, in your savings account at the credit union, to help you obtain a loan at a low interest rate. You might use the loan to keep your savings intact and prefer to make monthly payments at an affordable rate, or to help a family get a lower rate. Members also can use a share-secured loan to build credit if other options are not available to them.
- The money in your account serves as a pledge or as collateral for the loan.
- The rate for this loan is 3.00% APR above our current declared dividend rate for the regular share savings account.
- This type of loan is a way to help establish or repair credit. We also offer share-secured lines-of-credit when a member has limited or no credit history and is brand new to us.
Bank with us
At Genesee, you’re not a number. You’re a member-owner. That means the benefits from our Rochester credit union go to you. Not shareholders thousands of miles away.
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