Recently, the financial service industry has observed an increase in fraudulent attempts to access
an individual's account data through phishing. UFirst will never ask you for your account
credentials or PIN. If you receive a suspicious call, email or text message, please contact 801-481-8800. For more
information on protecting yourself from fraud, click here.
Loans subject to credit approval. See current rates and terms. Adjustable Rate
Mortgages are variable and your annual percentage rate may increase after the original fixed rate period.
Adjustable Rate Mortgage financing will require a minimum of a 3% down payment. For example a $100,000 loan
approved at 97% of value would require a down payment of $3,000. Payment example: The monthly payment for a
$97,000 loan the first 5 years with a 5/1 loan with a 3.50% APR and 30 year term would be $435.57. If the
maximum of a 2% increase took place at year 6, the minimum payment would be $534.30. If the lifetime maximum
were reached, the minimum payment would be $694.06. This payment example does not include taxes and
insurance. Your actual payment may be higher. The monthly obligation will be determined by the total loan
amount at the time of closing and the term and interest rate of the loan. See our Loan Calculators for specific examples.
The credit score required to qualify for an auto loan is relative to the lender. On average, the borrower needs a score in the low 700s for a new car loan and mid-600s for a used car loan.
A borrower's credit history tells the lender whether or not they are high or low risk. When getting approved for an auto loan, most financial institutions will look at the borrower’s industry-specific auto FICO® Score3, along with their base FICO® Score from the three consumer credit reporting bureaus: Equifax, Experian and TransUnion.
This credit score also determines the borrower’s interest rate on the loan. Typically, to get an interest rate between 0–2% on new car loans, the lender will require a credit score of 700 or higher. Reversely, if a borrower finds themselves with a credit score in the mid-600s or low 500s to low 600s, they may expect a lender to give an interest rate three to five times higher (between 10–24%) than those with good or excellent credit.
You can check your FICO® Score for free on our free mobile app, UFirst.
Refinancing your auto loan is a great and easy way to save money on your car payments and to lower the interest rate on your auto loan.
In order to refinance your auto loan, you’ll need to gather the right information and documents. All the necessary information would be the car mileage, VIN number, current car loan numbers, driver’s license, and income verification. After gathering this information, you can refinance your loan with the same lender or with a different financial institution.
After applying, the bank or credit union will check your credit history and let you know if you qualify for a lower interest rate. After approval, the bank or credit union will work with you to set your new loan term to a lower monthly car payment.