Straightforward financing to help you buy and own your vehicle.

With a traditional auto loan, you finance the purchase price of your vehicle (minus any down payment or trade-in) and repay it over a set term with fixed monthly payments.

How it works:

• – Choose your vehicle and loan term
• – Apply and receive your approved rate and payment
• – Complete your purchase with the dealer or seller
• – Make monthly payments until the loan is paid in full

Your payment is based on the loan amount, interest rate, and term length. Once your loan is paid off, the vehicle is yours free and clear.

Best for members who:

• – Want simple, predictable payments
• – Plan to keep their vehicle long term
• – Prefer traditional financing with full ownership at payoff

Lower monthly payments with flexible options and the vehicle is titled in your name.

Lease Plus (also known as balloon financing) combines the benefits of leasing and traditional financing. Your monthly payment is calculated using the vehicle price minus a set future value, which can result in lower payments compared to a standard auto loan.

How it works:

• – Choose your vehicle and loan term
• – A Guaranteed Future Value (GFV) is set for the end of the term
• – Your monthly payment is based on the amount financed minus the GFV
• – The vehicle is titled in your name not the credit union’s

Your options give you flexibility:

During your loan term, you may:

• – Sell the vehicle and pay off the remaining balance
• – Trade it in toward another vehicle
• – Refinance the remaining balance

At the end of the term, you may:

• – Pay the GFV and keep the vehicle
• – Refinance the GFV amount
• – Sell or trade the vehicle and pay off the balance
• – Return the vehicle (conditions and fees may apply)

Best for members who:

• – Want lower monthly payments
• – Like flexibility at the end of the term
• – May want to change vehicles more often

Improve your loan without changing your vehicle.

Refinancing your auto loan with Michigan United Credit Union can help you lower your payment, adjust your term, or potentially reduce your interest rate.

Why refinance?

• – Lower your monthly payment
• – Adjust your loan term to fit your budget
• – Move your loan to a trusted local credit union

How it works:

• – Provide details about your current loan and vehicle
• – We review your information and available options
• – If approved, we pay off your existing lender and move your loan to Michigan United Credit Union

Use the calculator above to compare payments and see how refinancing could work for you.