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At UFirst, education is important to us, and we want to help you get the best education possible
without having to worry about how you'll finance it. That's why UFirst Credit Union is
partnered with LendKey to offer multiple
student loan options that can help you achieve your goals for higher education and beyond.
offering competitive student loan rates with either variable or fixed terms, UFirst and LendKey can help
you take your education further. To learn more about LendKey and about the private student loan options
that could be best for you, visit our portal here.
A private student loan is an alternative financing option designed to help students
pay for college. While students may apply for a private student loan before or instead of
applying for federal aid, these loans are especially helpful for students who are unable to receive
additional federal aid or grants, or when extra financing is needed for additional student expenses. By
partnering with LendKey, we're able to help students pay for college with confidence.
Refinancing Student Loans
If you’ve finished your college education, refinancing your student loan debts
can help you take full control of your finances. By refinancing, you can consolidate debts into one payment
with one lender, and it could reduce both your interest rate your overall payment amount. Learn more about refinancing your student loans here.
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.