If you have an auto loan through FSU Credit Union, My Loan My Way is a fast and simple way for you to lower your monthly car payment. It’s a user-friendly auto-loan feature that gives qualified members the chance to reduce monthly payments by extending the term of the loan without having to go through the process to refinance or modify an auto loan.
The following criteria is used to determine whether an FSU Credit Union member’s auto loan is eligible for My Loan My Way:
- The loan must be current and have no late payments within the past six months.
- The loan must be at least 12 months old.
- The rate is not below 2.49% and cannot exceed 18% after reset.
- Loans with all payment frequencies are included.
- My Loan My Way cannot be combined with any other offer.
Term extensions of FSU Credit Union’s My Loan My Way may range from 12 to 24 months and loans may not be extended beyond 72 total months.
Your interest rate will not stay the same, and while your monthly payment goes down, your overall payment will increase over the life of your loan. Depending on the number of months you add to your loan, your rate will increase from .5% to 1.5%. However, a great feature of My Loan My Way is that you can pay off the loan early without a prepayment penalty, so if you have the extra funds to make a larger payment, you can put that toward your loan.
If you’re a qualified member, you’ll receive a notification on your online account, via email or by a branch representative that you’re eligible for My Loan My Way. You may also visit MyLoanMyWay.com to sign up.
Once you’re registered, you can select a loan that you would like to renew and can move the dial to review your options to extend your loan and lower your monthly payment. FSU Credit Union will process your My Loan My Way modification within 1-2 business days of receiving your e-signature and notify you once it’s complete.
My Loan My Way is just another example of why it’s great to be an FSU Credit Union member.
If you have more questions about the My Loan My Way program, get in touch with your partners at FSU Credit Union by visiting any FSU Credit Union branch or call (850) 224-4960 (Tallahassee) or 877-GO-FSUCU (Toll Free).