Protect Investments with Loan Insurance and Asset Protection
With loan insurance and asset protection plans, you can ensure your car, truck or other financed items are
protected with Guaranteed Asset Protection (GAP), Mechanical Breakdown Coverage and Debt Protection
Utilize our exclusive and comprehensive insurance products so you can do more knowing your possessions are
secure and your insurance is affordable.
Get Affordable Coverage for Unforeseen Expenses
Guaranteed Asset Protection (GAP) covers total loss due to accidents or theft.
Major Mechanical Protection (MMP) covers major mechanical failures.
Payment Protection Insurance (PPI) covers you if you can’t work because of a covered
*Insurance programs provided by our partner, SWBC. Visit our insurance portal for details of coverage
for each program.
Get a No-obligation Quote for Payment Protection Coverage
Get a free quote now or call 1-801-481-8899 for more details.
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.