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Michigan Schools and Government Credit Union Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 10 October 10
Fact checked

Michigan Schools and Government Credit Union auto loans overview

Michigan Schools and Government Credit Union logo

Michigan Schools and Government Credit Union (MSGCU) offers flexible auto financing choices. Members can pick loans tailored for new and pre-owned cars, trucks, SUVs, recreational vehicles, marine vehicles, and power sport vehicles. Additionally, qualified borrowers can get a 0.25% rate discount for refinancing non-MSGCU loans.

Want to see what an MSGCU auto loan will cost? Try the Michigan Schools and Government Credit Union auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Michigan Schools and Government Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Up to 110%.
  • Interest rates: As low as 5.49% APR.
  • Loan terms: Up to 84 months.
  • Loan fees: No application fees.
  • Discounts: Refinancing discounts.

MICHIGAN SCHOOLS AND GOVERNMENT AUTO LOAN OPTIONS

New and used auto loans

If you’re purchasing or refinancing, MSGCU offers low-rate vehicle loans for cars, trucks, and SUVs. You can finance 2016 and newer models from 5.49% APR for up to 84 months. Then, rates begin at 6.49% APR for 2015 and older models.

Recreational vehicle and marine loans

Michigan Schools and Government Credit Union has loans for 5th wheels, trailers, campers, and marine vehicles, too. The starting rate is 6.79% APR, and the terms can go as long as 240 months. Moreover, you can finance up to 135% and avoid early payment penalties.

Power sports loans

For your adventure, MSGCU also has loans tailored for jet skis, ATVs, motorcycles, and snowmobiles. Qualified borrowers can loan up to 135% and apply for as low as 6.39% APR. You can also make your loan payments for up to 144 months.

College degree auto financing program

If you’re a recent college or trade school graduate or currently enrolled graduate school student, you can also finance a vehicle through MSGCU. You can build your credit history starting at 5.49% APR. Keep in mind that you may need proof of income or a letter of intent to hire.

Michigan Schools and Government Credit Union auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

$25,000

Term

60 months

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Michigan Schools and Government Credit Union

Michigan Schools and Government Credit Union auto loan

Michigan Schools and Government Credit Union auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Michigan Schools and Government Credit Union auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Michigan Schools and Government Credit Union auto loan

Eligibility criteria

Michigan Schools and Government doesn’t disclose the financing standards, but you should normally be:

  • An MSGCU member
  • A legal resident
  • At least 18 years old
  • Employed or have a stable source of income

Besides meeting the criteria, an excellent credit profile can increase your chances of securing favorable rates and terms. So, consider building your credit score, too.

How to join Michigan Schools and Government Credit Union

You can become an MSGCU member if you live, work, worship, or attend school in any county within the State of Michigan.

What you’ll need to have ready

Personal details

When you apply for auto financing with Michigan Schools and Government Credit Union, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You may need to provide MSGCU with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

Besides the documents, it helps to be prepared for the auto loan process, too. This will give you insights and carefully weigh your options before applying. This, in turn, will help you choose a manageable loan.

Ways to apply for an MSGCU auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 866-674-2848

Additional Michigan Schools and Government Credit Union auto loan details

  • Automatic payment: Available.
  • Rate discounts: 0.25% rate discount for refinancing non-MSGCU auto loans.
  • Repayment frequency: Monthly.
  • Late payment fees: Undisclosed.
  • Prepayment penalty: None.
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Hardship program: Undisclosed.
  • Ways to repay: Online banking, autopay, by mail, over the phone, and in person.

Vehicle restrictions and limitations

  • Maximum vehicle age: No age restrictions as long as the Blue Book and/or appraised value covers the loan amount.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Competitive APRs.
  • Same-day loan decisions.
  • 0.25% refinancing discounts.
  • No application fees and prepayment penalties.
  • Up to 110% financing.
  • Pre-approval offered.
  • Flexible repayment periods.
  • $200 cash bonus on auto loans worth $10,000+.
  • Online application allowed.
  • Classic, collectible, and special interest vehicles allowed.
  • No vehicle age restrictions.
  • Optional GAP insurance and Mechanical Repair Coverage offered.

Cons

  • Membership required.
  • Undisclosed late fees.
  • Members with poor credit standing may get higher interest rates.

FREQUENTLY ASKED QUESTIONS

Does MSGCU refinance auto loans?

You can transfer your auto loan to MSGCU and potentially get a 0.25% rate discount or the lowest MSGCU rate, whichever is lower.

What is the maximum term of a Michigan Schools and Government auto loan?

You can extend your repayment period for up to 84 months.

Are there discounts available on MSGCU auto loans?

Yes. You may get a 0.25% refinancing discount when you switch your non-MSGCU loan to Michigan Schools and Government.

How long does Michigan Schools and Government Credit Union take to approve vehicle loans?

In most cases, loans can be approved on the same day. But it may take 24 to 48 hours based on your application.

How much interest does MSGCU charge on car loans?

MSGCU’s auto loans for 2016 or newer models start at 5.49% APR. For 2011 to 2015 models, rates begin at 6.49% APR, while 2010 and older models start at 8.74% APR.

How much do I qualify for with a Michigan Schools and Government auto loan?

You can finance up to 110%. Remember though that your maximum loan amount may depend on different factors, like your credit score and collateral.

Video: Auto loan that gives you more – MSGCU

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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