Compass CU

Refinance Your Auto Loan

Refinancing your auto loan is an easy, fast way to save some money in your monthly budget. But it’s important to understand the factors that help determine if the time is right for you. Here is a look at some of the leading reasons members choose to refinance their existing auto loans.

Lower Your Monthly Payment

Most people who choose to refinance do so because they want to lower that monthly payment. You can do this by extending the term of the loan or by lowering your interest rate. The first option, going from a shorter-term loan to a longer-term, is going to lower your payment the most, and sometimes we’re at a point in our lives where it makes sense to do that. The second option, lowering the interest rate, also can save a few dollars each month, and the less you pay in interest is always the best way to go.

Lower Your Interest Rate

Let’s be honest, there are times in our lives when we just don’t make the best financial decisions. Maybe you bought the car of your dreams at totally the wrong interest rate. Don’t beat yourself up! Those dealers make their money on not only the cars they sell but also the financing they can get you into. And if, by chance, that might be you, then your credit union is happy to help with a no-judgment auto-refinancing option that makes sense.

Furthermore, interest rates are an ever-moving target. They go up, and then they come down, and when they come down you might have a great opportunity to lower monthly payment by refinancing.

Your Credit Score Has Improved

You should be aware that your lender has charged you an interest rate that depends on your credit score. If you have a challenged credit history, then you are paying a higher interest rate. But if you’ve been paying on that loan for a year or two and have had good credit otherwise during that time, your score likely has improved, and it probably makes sense to contact a lender (like us) and see if we can save you some money!

Shorten the Length of Your Loan

Have you ever just wanted to be done? #Knowthefeeling. While extending the length of your auto loan can help lower your payment each month, refinancing to a shorter-term can help you get the loan paid off altogether, which is obviously what we all really want. And don’t knock it till you try it, meet with one of our loan experts to see if this would make sense in your budget. Just think how you’ll feel when it’s all paid off!

Not Happy With Current Lender

Sometimes in our lives, we all have pain… We all have sorrow… And if your lender is a pain and is causing you sorrow, then it’s definitely time to move on. There are lots of things to look out for: hidden fees, poor service, refusal to give an explanation on why a decision is made. Whatever. That’s all you need to say. Bad lenders are out there. Just be aware that many lenders will want to see some payment history before you move to your next financial institution.

Ready to Refi?

If you’re ready to move on from your current loan for these or any other reasons, then the Compass staff is standing by. You can complete the entire process online from a computer or your mobile device. Click below to get started. Find out if an auto refi makes sense for you!

Compass CU

eServices

Mobile Payments at the Credit Union

Pay anyone anywhere with Apple Pay, Samsung Pay, or Google Pay.

Pay from any of your devices using one of these mobile wallets. Compass Credit Union offers all of these services free to west Michigan.

State of the Art Mobile Banking App

The Compass Mobile App allows you fast, secure access to your online banking on whichever device you choose to use.

Mobile App Features:

Easy Login: Facial recognition technology, fingerprint authentication, pin, or voice-activated logins are available. These features help provide you with a safe, easy login experience.

View Balances: Check loan and account balances fast and easy.

Apply for a Loan: Apply for and close your loan using only your mobile app.

Transfer Money: You can move money from one of your accounts to another. You can also send mom money for her account at the credit union. Or you can even send Cousin Eddy money at his account at Bank of America (or wherever else he mistakenly chooses to bank).

Pay Bills: Compass offers a free bill pay service to help you stay on top of your monthly budgeting.

Deposit your checks: You can use your phone to deposit your checks. So if Nanna Jean still sends you a $5 check on your birthday every year, you can use the mobile app to make your deposit. Don’t just throw it away!

Debit and Payment Controls: Debit card security is the name of the game. You can turn your card on and off in real-time, set up push notifications to alert you to spending activity, and even view recent transactions made by each debit card on your account.

Remote Loan Closings

Close your loan from anywhere using Compass Credit Union’s eSign technology. Thanks to the credit union technology, you can complete your entire loan process, from start to finish, using your mobile app and never even setting foot inside a branch.

Not Happy With Current Lender?

Sometimes in our lives, we all have pain… We all have sorrow… And if your lender is a pain and is causing you sorrow, then it’s definitely time to move on. There are lots of things to look out for: hidden fees, poor service, refusal to give an explanation of why a decision is made. Whatever. That’s all you need to say. Bad lenders are out there. Just be aware that many lenders will want to see some payment history before you move to your next financial institution.

Ready to Refi?

If you’re ready to move on from your current loan for these or any other reasons, then the Compass staff is standing by. You can complete the entire process online from a computer or your mobile device. Click below to get started. Find out if an auto refi makes sense for you!

Compass CU

Membership Eligibility

Who can join?

Who can join a credit union? YOU can. Credit unions are just groups of people who decided to come together and share their money in a way that offers them the best in financial services.

Membership at Compass Credit Union is open to anyone who lives, works, or worships in any of these 13 west Michigan counties: Allegan, Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola, and Ottawa.

Not living in one of those counties? That’s okay. You can also join if you are in the immediate family of a current member. And if that doesn’t work, anyone who works for Compass Credit Union is eligible too (in case you love credit unions as much as we do and want to enjoy beautiful west Michigan with us).

Apply Today

ONLINE

Click to Get Started


BY PHONE

Give us a call at 1(866)399-3762


IN PERSON

Stop by a local Compass Credit Union to get started.


NOT A MEMBER?

Not a problem. Join now.

Apply Today

EMAIL

Shoot us an email at loans@compasscu.com


BY PHONE

Give us a call at 1(866)399-3762


IN PERSON

Stop by a local Compass Credit Union to get started.


NOT A MEMBER?

Not a problem. Join now.

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