San Diego, CA, January 11, 2017 --(PR.com
)-- Mission Federal Credit Union
is offering consumers with qualifying Auto Loans a reduced interest rate of up to 3% through its Rate Break Program.
Mission Fed developed the program so that consumers who initially qualified for a higher Auto Loan rate would have the opportunity to reduce their rate by making on-time payments.
“We understand that life doesn’t always go exactly as planned, and that can affect your financial life—including the interest rate on your Auto Loan,” said Sherry Special, SVP Consumer Lending and Branch Network, Mission Federal Credit Union. “We created the Rate Break Program to give consumers with lower credit scores a better option and help them save money. First, we offer rates that are already very competitive on qualifying Auto Loans—and then we reduce the rate if they make their payments on time.”
With the Rate Break Program
, Mission Fed rewards on-time Auto Loan payments by reviewing the loan every six months and lowering the interest rate by 1% off the current interest rate after each six-month period that the loan is paid on time and meets other criteria. The Rate Break Program could lower the interest rate on a Mission Fed Auto Loan by a maximum of 3% after 18 months. Lower interest rates not only mean a lower monthly payment, but also reduce the total loan amount and save consumers money each month for the duration of the loan.
“The Rate Break Program is a reflection of the credit union’s approach to doing business: people helping people,” Special said.
Consumers looking for an Auto Loan can apply online at MissionFed.com or their local branch. When they apply, Mission Fed will let them know if they qualify for the program.
For more on Mission Fed and the full terms of its Rate Break Program, visit any of their 30 local branches, call 858.524.2850 or 800.500.6328, or visit www.MissionFed.com/Rate-Break-Program. Conditions may apply, all loan programs and rates are subject to change without notice and may vary based on credit qualifications.
About Mission Federal Credit Union:
Mission Federal Credit Union is a not-for-profit organization providing a wide variety of financial services to meet the needs of its customers. With $3.1 billion in assets, 30 local branches, and more than 205,000 customers, Mission Fed is the largest, locally based financial institution exclusively serving San Diego County. Mission Fed enhances the lives of its customers through financial education and financial services. In addition, Mission Fed contributes to hundreds of educational and nonprofit organizations. At Mission Fed, your success is our bottom line. All San Diegans are welcome. Federally insured by NCUA and Equal Housing Lender. To learn more, visit MissionFed.com.