Think before you text!Always review text messages from your financial institution for legitimacy before
responding. If you receive uninitiated text messages from UFirst, please call 801-481-8800 to
When You Need it Most, We Can Help You Skip a Loan Payment
UFirst understands that we could all benefit from having a bit of extra cash in our account. That’s why
we offer Skip-a-Pay, a safe program that enables you to skip a monthly payment when you need that cash for
Whether it’s during summer vacation season, while you celebrate the holidays, or during the times in
between when things get tight, UFirst has your back with Skip-a-Pay. All it takes is a small fee and a
short form, and you can skip a payment on a qualified UFirst Credit Union loan. All it takes is a small
fee and a small form, and you can skip a payment on a qualified UFirst Credit Union loan.
Skip-a-Pay with UFirst Credit Union gives you some breathing room to do more
with your money; it’s a great way to stay ahead of your finances or manage an unexpected expense. Here’s
more information about how the program works.
Traditional Rules (these rules apply all the time):
Participants must make 6 consecutive payments on a qualified loan before applying for a Skip-a-Pay.
Participants must complete and submit the current Skip-a-Pay form.
A fee of $25 is assessed for each Skip-a-Pay approval. The $25 fee(s) will be withdrawn from your
account at time of approval.
Participants may use the traditional Skip-a-Pay 6 times over the life of the loan.
All accounts must be in good standing.
For a loan to qualify, UFirst Credit Union must be listed as the lienholder on title(s) and proof of
insurance for all collateralized loans.
If the loan is set up with recurring automatic payments via ACH (external transfer from another FI),
payroll deduction or auto transfers within an UFCU account, participants agree to allow UFCU sufficient
time to suspend the payment for the month of the requested skipped payment and to reinstate automatic
payments after the requested Skip-a-Pay period.
Mortgage loans, home equity loans, student loans, commercial loans, e-cash loans, high-risk auto loans
(U-loan), and auto leases do not qualify for the Skip-a-Pay program.
Promotional Rules (these apply during promotional periods):
During promotional periods, participants may skip-a-payment before the traditional 6 consecutive
payments has elapsed. All other traditional Skip-a-Pay rules apply.
During promotional periods, participants must make their first payment towards their qualified loan
before using the promotional Skip-a-Pay program.
Promotional Skip-a-Pay may be used up to 2 times per calendar year.
When life throws a curveball, our UFirst Credit Union Skip-a-Pay program is here for when you really need
Skip-a-pay is not a forgiveness of the monthly payment rather a deferment
of the payment. By utilizing Skip-A-Pay, interest will continue accruing on the unpaid balance of your
loan at the Simple Interest Rate designated in your agreement until your balance is paid in full, and that
skipping a payment will have the result of increasing the total amount of interest paid, in which case you
may be required to make a lump-sum balloon payment on your originally scheduled maturity date.
Promotional offers are subject to change at any time and without notice and other restrictions may
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.