
Good Member Rate Reduction Program
Not so good credit – No worries!
San Juan Credit Union offers two ways to lower your interest rate on a loan:
1. Available for all members whether or not you qualify for any of our other rate reductions available. Simply pay your loan according to your contractual terms (including keeping current insurance with the proper deductibles in place at all times) for one year. After one year of paying on your loan with no late payments, and no insurance penalties you are eligible to request a 2% interest rate reduction on your loan. You can request these interest rate reductions annually up until the time your loan is paid off or you have reached our lowest interest rate available at that time. Please contact a collections officer for more details.
2. At the time you obtain a loan you can get good member rate reductions (listed below) up to a maximum of 2.5% reduction in interest on your loan. Ask your loan officer how much of a reduction you are eligible for.
- You maintain an active Checking account with San Juan Credit Union (5+ transactions per month)
- Maintain an active Christmas Club account that is currently being funded, with no early withdrawal penalties
- Maintain an active Annual Account with a minimum balance of $100, and no early withdrawal penalties
- Have or maintain any other type of savings account with a (6-month) average of $50 or more
- No late payments and/or insurance penalties on any loans you have had over the past five years with San Juan Credit Union
- Use your Direct Deposit to make automatic payments to your loan. If you receive this reduction, and you remove your payment from direct deposit during the term of the loan, your rate will increase by .25%
- Have an IRA or Savings Incentive account with a balance of $100 or more
- Purchase Mechanical repair protection
- No late payments and/or insurance penalties ever, on any previous San Juan Credit Union loan that you have had for one year or more
- Have Debt Protection Life Plus
- Have Debt Protection Life Plus Disability
- Purchase GAP Insurance
- Have Debt Protection Life Plus Disability & Unemployment