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.
Is Your Best Auto Loan Better Than 0%?
When it comes to auto loans, a 0% interest rate is a head-turner, but it’s not always the best deal. It’s not always your best auto loan.
Car dealerships generally advertise 0% offers in the summer when they’re looking to make room in the showroom for newer models. The offers come from the financing arms of the large auto manufacturers, which unlike traditional lenders profit directly off the sale of the car and don’t necessarily need the interest revenue.
The New York Times reports that only about 10% of consumers actually qualify for 0% interest loans, which require pristine credit—usually a FICO score of 720 or higher. And the loans typically are reserved for a limited number of models and are not available if you’re shopping for a used car, which obviously tend to cost less than newer models.
These 0% loans often are paired with shorter-term loans, which cost you less overall but mean a higher monthly payment. Before you head to the dealership, to get your best auto loan keep these points in mind:
* Look at all available deals. Check for other offers, such as cash back. If you can get a rebate–which lowers the overall price of the car–paired with a low-interest loan, it may save you more than the 0% financing. So be sure to crunch the numbers with an online calculator, such as the one on Mid Oregon’s website.
* Negotiate the price. Before you get to the interest rate, finalize a sale price and stick to it. Don’t feel pressured to accept expensive add-ons. Once the sale price is established, then talk about financing.
* Get preapproved for a loan at your credit union. Heading to the dealership with a firm offer in hand will give you a point of comparison and puts you in a stronger negotiating position. Credit unions, as not-for-profit financial cooperatives, offer competitive rates.
To get started on your pre-approval, call Mid Oregon at (541) 382-1795, email to info@midoregon.com, inquire online or visit a Mid Oregon branch in Central Oregon. You can also get started with our online loan application.
Celebrating a Year of Innovation and Growth
2019 a Great Year for Mid Oregon!
2019 wrapped up as one of the best years in our 63-year history. Given our strong performance in the past several years, that bar was a high one to clear, and our team delivered! In addition to exceeding our goals for
loan growth and building more meaningful member relationships, we also successfully completed multiple projects to improve our core systems, added new services, and announced some new initiatives to meet our community’s financial needs.
Home Loan Department Launch
For instance, in late 2019 we launched our new Home Loans department, enabling Mid Oregon to provide members with the same great in-house service on their home loans and investment properties that they’re used to receiving on their other loans. As part of this expansion, we also announced a first-of-its-kind product to help address the shortage of local housing for working families. Our Workforce Housing Loan Program helps those seeking to provide rental properties at affordable rates to receive discounted financing on their loans.
Samsung Pay™ & Apply Pay™ Available
We’ve barely cracked the cover on 2020 and already we’re hard at work on a more innovations to make your financial life even easier. You can now use your Mid Oregon debit and credit cards with Samsung Pay™ or Apple Pay™ mobile wallets, providing additional convenience and security when you shop, dine, and travel.
New Digital Banking Service
We’re also delighted to announce that our new Digital Banking service is scheduled to roll out in mid-April. It features the same login and experience whether you use the desktop, mobile, or tablet version, and offers any of the best-in-class features you’ve been asking for.
New Branch in Sisters
As much as our members embrace technology, we also know you appreciate visiting a branch and working with our talented team in person. That’s why we’re also delighted to announce the groundbreaking of our upgraded Sisters branch in Spring 2020. This new full service branch, located between St. Charles Clinic and McDonald’s just off Highway 20, will be designed with the convenience and access of our growing membership in Sisters in mind.
With 2019 a Great Year for Mid Oregon, we can’t wait to see what else 2020 brings. Thank you for being part of the Mid Oregon family.
Bill Anderson
Mid Oregon Expands Commercial Services Team
(Image, from L-R): Steve Ferber, Marc Madron, Lara Eckstine
Mid Oregon Credit Union announced the expansion of its Commercial Services team, promoting branch manager Marc Madron to the role of Commercial Deposit Relationship Officer. Madron will focus on meeting the needs of Mid Oregon’s growing business membership, as well as expanding his involvement in underwriting commercial loans and assisting branch teams in meeting the needs of local business owners.
Developed Small Business Lending
“I am very excited about adding Marc to our growing Commercial Services team,” says Steve Ferber, Director of Commercial Services for Mid Oregon. “Marc has a strong understanding of Mid Oregon, and has played a pivotal role helping to implement our Small Business Lending initiative. In his time at the Sisters branch, he was instrumental in reaching out to the business community and determining how Mid Oregon could meet their needs for business services. He’s active in the Sisters Chamber, as well as in local youth sports as a coach and volunteer.”
Expanded Business Services
Marc’s promotion into this role has been part of our nearly two-year effort to significantly expand and develop its Commercial Services capabilities. These efforts have included introducing Remote Deposit Capture and ACH origination services for businesses, as well as announcing a new Workforce Housing Loan Program in December 2019. In mid-April, Mid Oregon will also release an updated Digital Banking platform with enhanced features for businesses. The institution has experienced strong business deposit growth, now serving more than 1,800 business depositors. Business lending has also been brisk, funding more than $18 million in commercial loans in 2019, and holding approximately $50 million in outstanding business loans.
Before moving into this role, Madron served Mid Oregon for approximately three years as the manager at the Sisters Branch location. Another member of the Sisters Branch team, Lara Eckstine, has moved into the manager’s position vacated by Madron.