What is the Automated Payment Option?
With the Automated Payment Option, your monthly payments will automatically be deducted from your checking or savings account on the day of the month you choose (1st-28th). By choosing the Automated Payment Option, you will receive up to 1/2 of a percentage point (0.50%) reduction on your loan. The rates posted in Rates and Terms reflect the reduced rate. Our system will automatically assign you the correct interest rate according to the billing method you have chosen on your application.
With the automated payment option, your monthly payments will automatically be deducted from your checking or savings account on the day of the month you chose (1st – 28th). By not choosing the Automated Payment Option, interest rates can be up to 0.50 percentage points higher. The rates posted on Rates and Terms reflect the reduced rate. Our system will automatically assign you the correct interest rate depending on the billing method you have chosen.
