The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
What Determines an Auto Loan Interest Rate?
Do you ever wonder about the 0% interest auto loan rates you see in car manufacturer financing ads? They are only available to select borrowers for limited loan terms. What about for you? What determines an auto loan interest rate?
Car Loan Rate Factors
A number of factors can determine the rate you’ll be offered on a car loan, including your credit score, the length of the loan, the condition and age of the car, and where you live. The largest factor of those is your credit score.
Your credit score is a numerical representation of your credit history. If you’ve handled credit well in the past by paying your bills on time, especially installment loans and credit card bills, your credit score will be higher. If your credit history is damaged or spotty, meaning that you haven’t paid your bills on time and/or don’t have much credit history, your credit score will be lower.
Getting Your Credit Score
Generally, borrowers with credit scores of 650 and above get the most favorable rates (Currently Mid Oregon is 640 and above), while those with scores of 550 and below get the worst rates. Before buying a car, obtain a copy of your credit score from a credit bureau or credit scoring company such as Fair Isaac, creator of the FICO score, at myfico.com.
Mid Oregon Credit Union members who enroll in online banking have access to their credit score for free, in our Credit Savvy resource.
Does the Length of the Loan Matter?
With some lenders, loans with shorter terms often get the best rates, while longer-term loans receive less-favorable terms. For others, like Mid Oregon, the rate is the same regardless of the number of months financed. You save money on shorter terms because you will pay fewer dollars in interest, so it’s often a better deal for you.
However, those where length of the loan factors in, it is another factor in determining the interest rates. Loans with shorter terms-24 or 36 months-get the best rates (Those 0% ads), while longer-term loans of 48, 60, or 72 months receive less-favorable terms. This is because the value of a car depreciates fairly rapidly; and the longer the loan, the less the car is worth. With lengthy loans of 60 or 72 months, there is a good chance that during the last one or two years of the loan, you will owe more on the car than it is worth. This is especially true when you put little or no money down.
Does New or Used Matter?
Interest rates for new car loans are can be lower than for used car loans. Again, Mid Oregon has the same rates for new or used. The amount we finance would be based on the used car value.
When certain lenders factor in higher used rates, this is because a new car holds its value better than a used car, which is more likely to experience mechanical problems than a new car. In some cases, your geographical location can also affect the interest rate you receive.
To learn more about Mid Oregon’s auto loan options for you, including rates, visit our website, email us, call us at (541) 382-1795, visit a branch or start our online loan application.
Want to check out some numbers? Use our Loan Calculator and our Vehicle Affordability Calculator.
Free Shred Day Is Happening!
Each of the last many, many years, Mid Oregon has teamed up with Republic Services to provide free personal shredding for our members and the community. The first Saturday after taxes were due around April 15 was a popular and practical time for the event. This year, COVID-19, and the subsequent change in the tax due date, caused us to cancel the event in April. However, based on state guidelines and timing, we have rescheduled the event for July 18: Free Shred Day is happening!
Supporting Healthy Beginnings!
Although the shredding services are provided at no cost, Mid Oregon will still be accepting donations to benefit Healthy Beginnings. Healthy Beginnings offers no-cost health and developmental screenings for preschoolers to ensure local children enter kindergarten ready to learn. Learn more about Healthy Beginnings at www.myhb.org.
Safely Dispose of Sensitive Documents
Shredding personal documents helps Central Oregonians stay protected from fraud and identity theft. This free event is intended for private residential document shredding only—no commercial or business shredding provided. Shredding is limited to 3 boxes or bags per vehicle. Personal documents with staples and paper clips are accepted. On Saturday July 18, you can participate at four Mid Oregon Credit Union locations:
9:00 a.m. to 11:00 a.m.
- Bend Olney Branch – 202 NE Olney Avenue (near Black Bear Diner)
- Madras Branch – 395 SE Fifth Street (at Fifth and “F” Streets)
12:00 p.m. to 2:00 p.m.
- Redmond Branch – 2625 SW 17th Place (next to Bi-Mart)
- Prineville Branch – 305 NE Hickey Farms Road (in front of Bi-Mart)
Additional Important Information
Ensuring the safety of our volunteers and shred participants, and complying with social distancing requirements, enables us to be sure Free Shred Day is happening. We are putting the following steps in place:
- Staff and Volunteers will wear masks and gloves
- Vehicles will move to the designated location at the branch
- People bringing shredding will place their own materials into the bins provided on site
- Mid Oregon staff and the shred operator will take the bin to complete the shredding
- To support Healthy Beginnings donations, a jar will be on a table, with a HB representative stationed nearby. They will answer questions about their no cost health and developmental screenings for local preschool children.
- Participants can drop cash or check donations in the jar- all are appreciated! Online donations can also be made.
The Duck Race Goes On!
COVID-19 and State of Oregon distancing rules have limited or postponed many worthy fundraisers this year. With limits to large crowds, it may have meant there would be no Great Drake Park Duck Race this year. But thanks to the perseverance and ingenuity of local Rotary race leadership, the Duck Race Goes On!
Mid Oregon, along with fellow credit unions Community First, SELCO, and OnPoint, have joined to again be the Duck Race Title Sponsors under the umbrella of “Credit Unions Working Together“, a collaborative effort.
The 2020 Duck Race Will Be A Raffle
To Purchase Tickets, Click Above
There will not be a duck race this year in Drake Park due to uncertainty about large gatherings. Rotary will be holding a Raffle drawing from the tickets purchased from www.theduckrace.com. The 2020 Great Drake Park Rotary Duck Race Raffle will be held and the winners announced on Sunday, September 13th.
Non-Profit Beneficiaries Impact All of Central Oregon
This is the 31st year of the Duck Race, and to date have raised nearly $2 million for local non-profits. Through the efforts of the 4 Bend Rotary Clubs, plus “Credit Unions Working Together” and other sponsors, this collaboration makes a significant difference locally. The past 4 years ticket sales have been near or over $100,000 each year.
This year the proceeds of the Raffle will benefit the following local non-profits: Volunteers in Medicine, Mountain Star Family Relief Nursery, Boys and Girls Club of Bend, Central Oregon Veterans Outreach, J Bar J, The Gift of Literacy and the Family Access Network.
Don’t Forget- Prizes To Be Awarded!
Supporting the seven non-profits above with donations is worthwhile in itself. But remember, 10 lucky winners will receive prizes valued at over $10,000!
The Grand Prize this year will be $5000 cash! In addition, there will be weekly drawings for $100 gift cards to local restaurants for people who have purchased tickets. Restaurant gift cards awarded will include those from Drake, Ariana, Zydeco, Trattoria Sbandati, Pine Tavern and more. In addition to the $5,000 cash Grand Prize, other prizes awarded will be:
- Saxons 1/2 Carat Signature Diamond Earrings- Value $1,250
- Traeger Pro Series- Value $1,100
- Big Mountain Helicopter Tour- Value $800
- 12 Month Membership at BodyBright- Value $719.40
- Old Mill Bucks- Value $500
- 2 Nights Camp Sherman Cabin- Value $500
- DD Ranch Gift Certificate- Value $500
- Amazon Gift Card- Value $400
- Red Carpet Car Wash One Year Pass- Value $395
How to Get Raffle Tickets
Help us to help the non-profits by purchasing Duck Race tickets, online. Unable to sell tickets in person, it is easy to go online to purchase single tickets for $5, or increase your chances to win with a 5 pack for $25, 10 pack for $50 or 20 pack for $100.
Purchasers must be 18 years of age or older, and must be physically in the State of Oregon at the time of ticket purchase.
Look for the Mid Oregon Credit Union van around town this summer, all “ducked out”. Help our non-profits by investing in a Duck…or five. Thank you for your support!
