Another DCU Benefit!

[masscredit]

Signed into my DCU account and found this message -

Congratulations, You Have Reduced Your Loan Interest Rate by a 1/4%!

As a reward for paying your monthly loan payment on time* and remaining a member in good standing,** DCU reduced your loan interest by a 1/4%. Beginning with your next payment, due on 6/7/2014, your new rate will be 1.99%. This interest reduction will not change your payment, but you will pay less interest over the life of the loan and, depending on your original term, you may even pay your loan off early.

Continue to make your payments on time and your rate will continue to be lowered a 1/4% every three months for a maximum interest rate reduction of up to 1.00%. This will mean big savings for you over the term of your loan!

Your good financial habits and DCU's Payment Reward Program has made this rate reduction possible. Making monthly payments on time is one of the most important steps in raising a credit score. At DCU, we are here to help our members achieve their financial goals. 

>>

I'll take that!  

[knoregs]

Nice!

~kn

[avggoal700]

Congrats

[StartingOver10]

Yea!

[Remember0]

Congrats!

Wait, so does that mean hypothetically after a year of good payments, a person's 1.24% auto loan goes down to 0.24%? That's the best deal of the century haha!

[masscredit]

I went with 72 months to have a lower monthly payment just in case anything comes up. The car is a hybrid is my rate stared at 2.24%. It will end up being 1.24%. Not bad. I think someone starting at 1.24% will do even better! 

[hopefull700]

Who exactly is DCU?  I see good things about them.

[09Lexie]

---

@hopefull700 wrote:

Who exactly is DCU?  I see good things about them.

---

Digital Federal Credit Union