San Francisco Federal Credit Union | Taxi Medallion Financing Program


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Taxi Medallion Financing Program

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For more information or to apply for the loan, call (415) 359-2977

San Francisco Federal Credit Union is proud to be an authorized lender with the City of San Francisco’s Taxi Medallion Sales Pilot Program. Under this program, San Francisco Federal Credit Union will provide financing to purchase a taxi medallion for qualified buyers.

At San Francisco Federal Credit Union, we pride ourselves on bringing affordable loans and exceptional service to our member-owners.

We are offering two types of medallion-secured loans to meet the borrowing needs and cash flow goals of our City’s Taxi Medallion Owner-Drivers. You choose which will best meet your needs, a Balloon Loan or an Amortizing Loan. Our goal is to help you build and maintain a successful business!

	MEDALLION LOAN OPTIONS
Type of Loan	BALLOON LOAN	AMORTIZING LOAN
How does it work?	A “Balloon Loan” is a loan which does not fully amortize over its term. It has lower regularly scheduled periodic payments of both principal and interest, but those payments will not fully repay the loan by the end of the loan term. This will leave a large balance or “balloon” payment due at the end of the term to pay off the remaining principal balance. This “balloon payment” can be refinanced or paid in full.	An “Amortized Loan” is a loan with regularly scheduled periodic payments of both principal and interest that will fully repay the loan by the end of the loan term.
Why choose this loan?	When you need to borrow a large amount, a balloon loan helps you keep your payments lower to help you best manage your cash flow.	When you want to completely pay off your debt over a shorter period of time.
What terms are available?	The Medallion Balloon Loans available at San Francisco FCU have a fixed interest rate and a loan term of 3-years, with the monthly payment determined by choosing either a 15-year or 25-year amortization period.	You can choose to pay off your loan over 3, 5, 7, 10 or 12 years depending on the payment amount that fits your budget. Click here for examples of monthly loan payments
How much can I borrow?	You can borrow up to 80% of the value of the taxi medallion. Under the Pilot Program, that value has been set by the SFMTA at $250,000. That means the maximum loan is $200,000.

OTHER GREAT WAYS TO SAVE!

*SIGN UP FOR AUTOMATIC LOAN PAYMENTS AND YOU COULD GET UP TO $500!

The value of your membership with San Francisco Federal Credit Union just keeps getting better! With Automatic Payment to your 3/25 or 3/15 Medallion Balloon Loan from your San Francisco Federal Credit Union Account, you could be eligible to receive up to $500.

The credit union will rebate up to 1.25% of the interest paid over the term of the loan up to a maximum rebate of $500 when:

1) All loan payments are paid by automatic deduction from a San Francisco FCU account each month;

2) All loan payments are made prior to the expiration of any grace period each month such that no late charges are incurred on the account during the life of the loan;

3) The loan is not paid off early (i.e., borrower makes only the required minimum monthly payments each month); and

Provided that the above requirements are met, the interest rebate will accrue and shall be paid only after the unpaid balance has been paid in full in accordance with the terms and conditions of the loan agreement and will be credited to the San Francisco Federal Credit Union account from which the automatic payments have been made.

Interest rebate is available only on 3 year, fixed rate loans with balloon payments. Other restrictions may apply.

For more information:

>> Frequently Asked Questions
>> Application Package

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