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WALNUT CREEK, Calif. — Pacific Service Credit Union here has lowered auto rates and simplified its auto loan program, now allowing qualified borrowers to receive a rate of 5.79% APR for terms up to 66 months, and 6.79% APR for terms 67-84 months.

Vice President of Lending Bob Finnegan said the CU “went from a multitiered program to a one-tier program based on risk,” to attract and reward more creditworthy borrowers. Finnegan said that Pacific Service’s revamped the program to make it easier for those with good payment histories to get auto loans. Coming at a time when a credit score is inhibiting such loans at many institutions, the streamlined program may actually help more members than before, he said. “People with lower incomes that pay their bills shouldn’t be shut out,” he said. “The income just needs to suit the budget for what they’re buying.”

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