Frequently Asked Questions
My credit score isn’t the best. Will I still qualify?
Your credit may not be as bad as you think. Let us take a look and see if we can help you. We will do everything we can to approve you and save you money month after month.
Is there a catch?
There is absolutely no catch. By nature, Credit Unions charge lower interest rates than typical vehicle lenders and there is no fee to apply and no additional costs for the loan.
Will the term of my loan change?
That is up to you. We have many terms available and will review with you what will best fit your budget.
How long does the process take?
You can complete the online application in about 10 minutes or less. Once we have all your information, it will typically take one business day to get approved.
My car is 5 years old, can I still refinance it?
Yes, we refinance vehicles up to 7 years old.
I think I have a good rate… should I still apply?
Yes! It doesn’t hurt to try to reduce your rate and monthly car payment. Historically Credit Unions charge lower interest than other lenders, so there is a pretty good chance that we can help you. Plus, you will get up to $200 when you refi your ride!
I’m an Uber/Lyft driver, can I participate in the program?
Unfortunately, this would be considered a business loan and does not qualify for this program.
Is it safe to provide my social security number?
Your social security number is required to pull a credit report when applying for a loan. The credit report is used to determine your loan approval. Any information you enter into the loan application will be encrypted and transmitted through a secured connection.
Do I need to be a member of MPS Credit Union?
Yes, but we can take care of making you a member when you close your loan. You do not need to be a member to apply. As long as you live, work or worship in Miami-Dade, Broward, Palm Beach or Monroe Counties, we invite you to apply.