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Timely Repayment Incentive Program (TRIP)
Get rewarded for on-time payments
We're always looking for ways to get you the lowest loan rates. So if you don't initially qualify for our lowest rate on a Vehicle, Signature, or Consolidation loan, our Timely Repayment Incentive Program (TRIP) can reduce that rate over time when you make on-time monthly payments. These rate reductions can:
- Reduce the amount of interest charged
- Help you pay the principal loan balance faster
- Save you money over the life of the loan
There's no need to enroll; if your new loan qualifies for TRIP, you will automatically be enrolled in the program when your loan funds.
How it works:
- Make 12 consecutive, on-time monthly payments and your rate will reduced up to 0.50% APR* per year for a maximum reduction of 1.50% APR
- Enjoy up to three rate reductions over the life of the loan
- The total amount your rate can be reduced depends on the floor rate* at the time of funding
- Your monthly payment amount won't change due to the TRIP interest rate reductions
The TRIP discount is tied to making on-time payments, so should you make a late payment, use our "Skip a Payment" feature, or defer a payment due to financial hardship, your TRIP progress is reset and you must complete 12 additional consecutive, on-time monthly payment to receive your next rate reduction. If you are late with two payments, you will be ineligible for any further TRIP discounts.
Auto and Personal loan FAQs
*Effective for applications on or after 4/22/14, the Timely Repayment Incentive Program (TRIP) is offered to members who are approved for the following loans at Patelco's credit tier 2 or higher: auto, motorcycle, RV, boat, and personal loans, excluding Seasonal Loans and all lines of credit. Total discount of up to 1.50% APR (Annual Percentage Rate) applied in 0.50% APR increments for every 12 consecutive on-time monthly payments. Maximum discount will never cause the final APR to be lower than the floor rate for the specific loan and term at time of funding. Monthly payment amount remains constant, with additional money going toward principal, which shortens the term of the loan and the total amount paid over the life of the loan.