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loans Midland Teachers Credit Union

Consumer Loans

What you need to start a loan

Our Consumer lending options help fund your dreams.

As a credit union member you may borrow for any worthwhile purpose.  We offer fast service and competitive rates. Payments can be structured for your convenience and to meet your budget.

MTCU’s web site is connected to third-party websites. Some links are for informational purposes only and not an endorsement of those products or services.   Third party websites accessed by links are not part of the credit union or its website. Be sure you know your privacy rights when offering information to those sites.


Our auto rates apply to new autos, used autos, boats and recreational vehicles. You choose the transportation!

New or Used Auto Loans

Why wait? Get a preapproval for your New or Used auto purchase! Preapprovals allow you to choose the dealership, and leave the financing work to us.  When the financing is secured ahead of time, it allows you “the Member” to negotiate the very best deal possible. We also offer a full range of protection products to provide coverage for your vehicles.

Refinance Now

Refinancing a vehicle with MTCU from another financial institution can provide you the opportunity to lower your payment, lower your interest rate or change the terms on your auto loan.  Certain terms and conditions do apply.

Your financial future and security is important to MTCU!

MTCU offers a full range of vehicle and payment protection products.  These products provide a safety base for unexpected auto and life events.  Each plan can be purchased separately.   Auto protection products can also be included in your auto loan.  You choose what level of protection you want.

Insurance Protection Products-

  • Accidental Death & Dismemberment Protection
  • Life Insurance Protection

  • Home Insurance Protection

  • Auto Insurance Protection

Loan Protection Products-

Life changes all the time.  It’s important that we protect our assets. We have a variety of services that can help protect your loans.

  • Credit Life & Disability Payment Protection        
  • Guaranteed Asset Protection with PowerBuy
  • Mechanical Breakdown Protection                                     
  • Paintless Dent Protection
  • Tire & Wheel Protection                          
  • Vehicle Return Protection

Credit Life & Disability Payment Protection-

Credit Life insurance pays or reduces the eligible outstanding balance on your loan if you pass away before your loan is paid off. Credit Disability insurance provides funds to help you make your loan payments, up to the policy maximum, if you become temporarily or permanently disabled due to a covered illness or accident. Coverage is available for single or joint borrowers, and premiums are automatically included in your loan payments. It’s important to cover yourself and protect your family.  Payment protection can provide peace of mind, and reduce the possibility of unpaid debts, credit loss, and financial burden if you should die or become totally disabled. Purchase of Credit Life & Disability Insurance is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply.

Guaranteed Asset Protection with PowerBuy-

Most basic car insurance policies only cover the actual cash value of your vehicle.  With the increase of time and mileage, a car’s value declines rapidly. If your car is stolen, or is totaled before it is paid off, your insurance may not cover the total balance.  GAP Protection is a non-insurance product that covers the “gap” by paying the difference between your car insurance premium settlement and your loan/lease balance. GAP can protect your vehicle and your financial wellbeing.  PowerBuy may provide up to $2500.00 towards a new auto purchase, if a total loss or theft occurs.

Mechanical Breakdown Protection-

MPower Vehicle Protection shields you from many of the expensive costs associated with a major mechanical breakdown and provides comprehensive coverage for these vehicle repairs.  The comprehensive coverage, includes 24 hour roadside assistance, the use of a rental vehicle and trip interruption.  As time and miles increase on a vehicle, so does the potential of a major mechanical breakdown.  And car repairs can be budget busters.  It’s important to protect yourself from unexpected costs. Roadside Assistance provided on all plans includes: towing, flat tire change, fluid delivery, jump starts, lockout service and concierge service.

Paintless Dent Protection-

Paintless Dent Protection covers the repair cost to remove dings and dents up to 4 inches in diameter and helps to keep your vehicle looking new. Door dings and dents can ruin your showroom finish and prematurely age your vehicle’s appearance. This protection is available for vehicles with less than 36,000 miles on the odometer.  There are no deductibles or out of pocket expenses.

Tire and Wheel Protection-

Tire and Wheel Protection provides repair or replacement coverage for any damage caused to your tires or wheels due to road hazards such as road debris or pot holes. This protection is available for vehicles with less than 36,000 miles on the odometer.  There are no deductibles or out of pocket expenses.

Vehicle Return Protection-

MPower Vehicle Return Protection allows you to return your vehicle and covers up to $7,500 of negative equity in the event of a life changing circumstance.  Vehicle Return Protection provides protection against these life changing circumstances: involuntary unemployment, physical disability, loss of a driver’s license due to medical impairment, international employment transfer, self-employed bankruptcy and accidental death.  This protection is available to everyone regardless of age, health or employment.  No health questions or physical is required. MPower Vehicle Return Protection can be added to new and used vehicle loans.

Collections Q & A

Staying current with your loan payment is vital to protecting your credit score. Below are some questions about managing those payments within the terms of your loan.

What is a loan extension and am I eligible for one?

A loan extension allows you to not make a payment for a particular month. You are allowed 2 extensions due to a financial hardship over the life of the loan.

When is an account considered past due and when is it reported to the credit bureau?

A loan is past due the day after the due date, however we do allow a ten (10) day grace period. Delinquent loans are reported to the credit bureaus when they are 30 or more days past due.

What if I change jobs or move?  

You need to keep the credit union updated on any job changes or changes in residence. If you are paying your loan via payroll deduction, we will discontinue the payroll deduction and issue you a payment coupon book for the remainder of the loan balance due.

I lost my job. Will the credit union work with me so I can remain in good standing with the credit union?

Every member's situation is unique and is handled differently, so please call the Credit Union and ask to speak to a Collection Officer.

We offer two options for job loss or difficult financial times.

1) Unemployment Relief is available for Members that are no longer employed and have proof of “unemployment benefits”.  MTCU Members then have the opportunity to be approved for half payments for a 3 month time frame. After the 3 month extension, payments resume at the agreed full payment amounts. 

2) People Helping People Relief is available for Members that can substantiate and provide proof that they are in financial hardship.  Once approved, a loan can be extended to the original term of months.  The original rate will stay the same, and no new monies will be added.  This will allow the monthly loan payment to decrease and provide a smaller dollar amount required for payments.  

I misplaced my coupons, how can I get more

Simply call the loan department and we will order more upon request.

Repossessed Vehicles for sale

There are times that we have repossessed vehicles for sale. Any derogatory information known about the vehicle will be made available to potential purchasers when they test drive the vehicle, if not before. We encourage prospective buyers to take the vehicle to their mechanic prior to purchasing said vehicle. Repossessions are sold on an "AS IS" basis.

How can I reduce the amount of my payment?

The Credit Union can consider refinancing a loan to reduce payments, or you can apply for the “People Helping People” relief loan, as mentioned above.


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