DETROIT – Communicating Arts CU is allowing members with spotty credit to refinance their auto loans for as low as 3.5% with the credit union’s Auto Bailout Loan.
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The loans were made possible for the third year in a row because of a $1.5 million grant from the Treasury’s Community Development Financial Institutions program.
Communicating Arts has made 19 Auto Bailout Loans totaling nearly $313,000.
One member who had been paying 20.95% for a car loan rate qualified for a refinanced loan at 3.25%. Another member cut a car loan rate by more than half to 11% from nearly 25%.
