What is AutoPay?
AutoPay is a convenient service that automatically withdraws your loan payment each month from your People Driven Credit Union checking or savings account. It helps you stay on track, avoid late fees, and may even qualify you for our ¹Special Loan Rate...
Continue ReadingWhat’s the ¹Special Loan Rate Discount?
Our ¹Special Loan Rate Discount offers a 0.25% APR reduction when you set up automatic payments (AutoPay) for your loan from a People Driven Credit Union checking or savings account. This discount is already included in the “as low as” rate...
Continue ReadingDo I get any benefits with autopay?
Yes, enrolling in autopay may qualify you for a rate discount, reducing the overall cost of your loan. Check with our team for current promotional...
Continue ReadingHow does my credit score affect my auto loan?
Your credit score plays a big role in determining your loan's interest rate and terms. Borrowers with higher credit scores typically qualify for lower interest rates, while those with lower credit scores may face higher...
Continue ReadingWhat is the difference between a new and used auto loan?
New auto loans apply to brand-new cars, trucks, vans, and vehicles five years old or newer. They often have lower interest rates because new cars typically have better collateral value. Used auto loans apply to pre-owned vehicles older than five...
Continue ReadingWhat is an auto loan?
An auto loan is a type of financing that allows you to borrow money to purchase a vehicle. The loan is secured by the vehicle itself, meaning the lender can repossess the vehicle if you fail to repay the...
Continue ReadingWhat happens if I miss a payment?
Missing a payment can result in late fees and negatively affect your credit score. Repeated missed payments may lead to vehicle repossession. It’s important to contact People Driven Credit Union as soon as possible if you anticipate any issues making...
Continue ReadingDo I need a down payment for an auto loan?
A down payment isn’t always required, but it’s generally a smart move. Putting money down reduces the amount you’ll need to borrow, which can lower your monthly payments and reduce the total interest paid over the life of the loan. At People Driven...
Continue ReadingWhat is the difference between an auto loan and auto refinancing?
Auto loans: These are for purchasing a new or used vehicle. Auto refinancing: You can replace your current auto loan with a new one, typically to get a lower interest rate or change the loan...
Continue ReadingHow long does it take to pay off an auto loan?
Term lengths for auto loans from People Driven Credit Union range from 12 months (1 year) to 96 months (9 years). The longer the term, the lower your monthly payments, but you may pay more in interest over the life of the...
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