How It Works
Eligible Auto Loans
You can add this to a newly opened auto loan (for a new or used vehicle), or to a full refinance of your existing auto loan.
Loan Rate Reduction
The amount of your auto loan rate reduction depends on your credit score.
|620 or less
|620 - 669 or No Score
|670 or greater
Setting It Up
After your application’s approved, if you’d like to add Savings Accelerator, a member advisor will open a new savings account for you.
Required Deposit Amounts
Your first deposit must equal the amount of your monthly car payment. After your first big savings deposit, which is made right away when your loan is funded, your monthly deposits just need to be at least $15. Those deposits are in addition to your separate monthly loan payments, and both must be set up as automatic transfers. This lasts until you pay off your loan.
This savings account earns 1% APY on balances up to $2,000. Any funds over $2,000 will earn the market savings rate.
When You Get the Money
Part of your saving commitment, in exchange for the lower loan rate, is that you don’t withdraw anything from this account during the life of your loan. But when you pay off the loan, all the funds in this savings account are transferred to your Membership Savings.