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As a nonprofit, full-service financial institution, part of our mission is to provide financial education so you can feel confident that you're making informed financial decisions.

 

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Mar 17

2014

Great news!  If you’re tightening your budget or simply like to save money – we’ve got a great deal for you.

 

Let us try to save you money on your auto loan with 1% cash back – up to $300, no payments for 90 days and a rate as low as 2.24% APR.

 

1% Cash Back
For a limited time, we’ll give you a 1% cash rebate when you refinance a loan from another lender to us – up to $300. That’s right, you’ll get cash in your pocket today and monthly savings for the rest of your term.

 

No payments for 90 days
Better yet, you’ll have the option to not make a payment for 90 days.

 

Simple Process
Give us a phone call and a few minutes and we’ll add up just how much we can lower your monthly payment and how much that will save over the life of the loan. Or, try our online Loan Saver Calculator to add up your savings.

 

Receive an instant loan decision online or call a friendly member service representative at (888) 858-6878.

 

Hurry, this special 1% rebate offer expires June 30, 2014 See complete offer details.

May 16

2013

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Most consumers are familiar with mortgage loan refinancing. However, members often tell us they didn’t know they could refinance their auto loan.

 

Vehicle loans are typically established with 4-6 year terms.  During the loan period, economic and financial situations can change.  You may be able to proactively respond to these changes with an auto loan refinance.  Improvements in market rates, your credit score or your income can add up to big savings.

 

Rates Change
Annual percentage rates periodically change.  In a rate environment like we are in today, rates have been declining.  If you purchased a car more than a year ago, it is possible that your current interest rate is higher than what is being offered today.  Refinancing could lower your monthly payment while keeping the same term.  Or, refinancing to a lower interest rate and keeping the monthly payment the same could reduce the amount of time it takes to pay off the loan.

Credit Improves
Multiple factors are used in calculating credit scores, including payment history.  After a year or more of timely repayments, a credit score may improve.  A higher credit score may qualify for a lower rate.  Lower rates not only reduce the monthly payment, they also reduce the amount of interest paid over the life of the loan.

Income Changes
If your income has increased, you may want to consider refinancing to a lower interest rate and shortening your term.  Both actions will save finance charges and increase your equity in your vehicle.

Conversely, if your income has decreased and overextended your monthly budget, you may prefer to extend the loan term and lower your payment to help pay other expenses.

 

To find out if an auto loan refinance is right for you, try our online Loan Saver calculator.  Or, if you prefer the personal touch, with a phone call and a few minutes, we can determine if we can save you money.

 

You may also be interested in:

4 Ways We Can Help With Your Car
Your home can save you money – on your car
4 Steps to Living Debt Free

 

by Chris, Vice President, Lending

 

A $200 fee applies to reduce the rate of an existing PSCU loan.

 

Jun 26

2012

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Skip-a-Loan Payment is a service offered by some financial institutions that allows customers to defer a loan payment to help manage their household budgets.  Some institutions offer the option seasonally, for example around the holidays, and some let you take advantage of the service anytime during the year.  Most limit the service to once or twice a year.

 

Pacific Service CU offers the skip-a-loan-payment option because we think members appreciate the flexibility it offers.  We understand sometimes you need to stretch your budget for unforeseen expenses like a broken water pipe, new tires or property taxes.  As a courtesy to members with loans in good standing, this option let’s you skip a loan or Visa payment up to twice a year.  It’s only $25 and it doesn’t affect your credit rating.

 

We don’t recommend that you routinely take advantage of the skip pay option because it’s not a free ride.  Skipping a payment extends the term of your loan by a month and interest does continue to accrue until your next payment is made.  It can, however, help with budgeting when you need it most.

 

You can arrange skip a payment online by logging into BranchLine, clicking on Skip-a-Loan Payment and selecting any eligible loan.  For more information, call our Loan by Phone center at (888) 858-6878.

 

by Hemlata, AVP, Lending

Mar 27

2012

Bob, Vice President, Lending

As a not-for-profit financial institution, part of our mission is to provide the education and tools to help you make informed financial decisions.  Here are a few ways that we can help with your car.

 

Choosing a Car – Member Showroom
Our free Member Showroom service lets you build your car, receive a target price, and refer you to dealers in the area who have the car in inventory.  Most importantly for savvy shoppers, however, is your ability to see what others in your area actually paid for the actual car you want.  This gives you knowledge and bargaining power when you set foot in the dealership.  Try it now.

 

Refinancing a Car – Loan Saver
If you’re not in the market for a new car, we may be able to help you by refinancing an existing car loan.  By using our free, online Loan Saver calculator, you can determine your monthly savings.  Our rates are at an all-time low right now and rates are the same for new and used cars.  Better yet, we do all the paperwork to get your car loan paid off and transferred to us. Try it now.

 

Savings for Homeowners – Auto Equity
Our auto equity loan option is an excellent program often overlooked by even our most savvy members.  Qualified California homeowners can get all the tax advantages of a mortgage loan with the rate and terms of our auto loan.  That’s right, you may be able to write-off the interest you pay and effectively reduce your rate by almost 1%. See details.  With a phone call and a few minutes, you can convert your existing auto loan without a lot of paperwork.  Please consult your tax advisor regarding the deductibility of interest.  Here’s more about our auto equity option here and my article, Your home can save you money – on your car.

 

Instant Loan Decisions
As a credit union, we specialize in service.  We strive to make it fast and easy to work with us using these three guidelines.  1. We provide instant loan decision online or by phone.  2. Our friendly member service representatives answer the phone within 30 seconds.  3. Typically, we fund auto loans the same business day.  Receive an instant loan decision now.

 

Loan Calculators
Our free online calculators help you make informed decisions.  Calculate a loan payment or compare your credit union versus 0% manufacturer financing, the cost savings of a more fuel efficient vehicle and more.  Try one now.

 

We are available to answer your questions, calculate payments or take a loan application Monday through Friday, 7:30 a.m. to 5:30 p.m. After all, service is our middle name.

 

For more free articles about buying, refinancing or selling a car, select the Auto category at left.

Mar 21

2012

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Buying a new car can be a frustratingly long and confusing process.  You know that you have the power to negotiate, but it can be intimidating.  The biggest challenge is often that consumers don’t have a goal.  They don’t know what constitutes a “good deal.”

 

Target Price
Establish a target price prior to stepping into a dealership.  A target price is a great way to know what you’d like to pay, what you can afford, and what that cost means for your monthly payments over the term of your loan.

 

Your pricing depends on what other people will pay for the same car.  Using our online Member Showroom tool, you can see what others in your area actually paid for the actual car you want.  Armed with that knowledge, you can negotiate at or below that price to make sure you’re getting a great deal.

 

At the Dealership
Be sure you’re negotiating on the car you want.  Don’t be manipulated to a different model or trim package for which you don’t have a target price.  If you choose to change cars or models, re-establish your target price prior to moving forward.

 

You don’t have to be demanding or difficult, but if you don’t feel like you’re close enough to your target price, ask for a better deal.  Car salespeople are savvy at negotiation.  They deal with a lot of people and they won’t be shocked or offended if you simply ask for a better deal.  They may be able to lower the price or they may opt to throw in higher-level trim packages, service deals or warranties.  If you don’t want those things, you can tell them you’d prefer better pricing.
Most importantly, if you’re not getting the deal or treatment you want, walk away.  You can try again at a different dealership, at a different time of month or year, or with a different salesperson.  In general, deals aren’t good for today only, your salesperson doesn’t need to make multiple trips to the sales manager, and the end of the month often is a good time to buy as sales quotas need to be met.

 

With a little preparation, you can be a savvy car buyer and get a steal for your wheels.  Good luck!

 

If you’re interested in more car buying and financing articles, select the Auto category at left.

 

by Bob, Vice President, Lending

 
   
 
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