Central Kentucky Terms

Terms

Our loan experts can help you pick out a term that is right for you. Below are some guidelines that will help you decide what may be right for you.

Long-term Loans

Long-term loans are for amortization terms up to 30 years. Typical uses for these loans include real estate purchase, dwelling and facilities construction, farm improvements, orchard establishment or replanting and refinancing short- and intermediate-term debts. The interest rate options for long-term loans include fixed rates, balloon rates, adjustable rates (1, 3, or 5-year), and variable rates (indexed to Prime or LIBOR).

Intermediate-term Loans

Intermediate-term loans are for amortization terms of 1 to 10 years. Typical uses for these loans include real estate purchase, machinery and equipment purchases, livestock purchase, refinancing of short-term debts and vehicle purchases or refinancing. The interest rate options for intermediate-term loans include fixed rates, balloon rates, adjustable rates (1,3, or 5-year), and variable rates (indexed to LIBOR).

Short-term Operating Loans

Short-term loans are intended to cover operating expenses and are financed for up to 1 year. Typical uses for these loans include funds for labor, feed and seed, fertilizer, chemicals, equipment repairs, and custom work. Other uses could be for electricity, veterinary costs, family living expenses and other general operating costs. The interest rate options for short-term loans include fixed rates and variable rates (indexed to LIBOR).

Not sure what length your loan should be? Our experts can help you figure it out. Contact us today to see how.