Switch to save
on your loans
Whether your goals include consolidating high-interest debt or simply freeing up cash, we’re here to help you save more. In fact, Patelco members with multiple accounts saved over $1,500 on average during a 12-month period from better rates and lower fees1 – now it’s your turn!
Explore Loans
Loan type |
Offers or benefits |
Patelco rates starting at5 |
---|---|---|
Auto Refinance | 120 days no car payments2 | 5.99% APR |
Home Equity Line of Credit |
$0 annual fee 0.50% rate discount with auto pay and recurring deposits3 |
8.00% APR |
Pure Mastercard® Credit Card |
0% APR on balances transfers for 6 months4 $0 balance transfer fee |
10.75% APR |
Personal Loan |
Terms up to 84 months No pre-payment penalty |
9.30% APR |
Loan options designed with savings in mind
If you have high-interest credit cards or other loans elsewhere, now is a great time to switch to Patelco to reduce your payments, consolidate debt, and free up cash in your budget.
Pure Mastercard® Credit Card
Low everyday rate and great for balance transfers
Listen to our Switch to Save program podcast
May 19, 2025
00:09:06
In this episode of Small Talks for Big Change, we’re joined by Mel Murguia from Patelco Credit Union to explore practical ways to reduce loan payments and increase monthly savings. Learn how Patelco’s Switch to Save program, along with options like auto refinancing and HELOCs, can help you make the most of your financial resources—especially during times of economic uncertainty.
Listen on Spotify Listen on Apple[00:00:00] Thank you for joining us for Small Talks for Big Change, where we help simplify financial topics to help with your financial wellness. Hi everyone out there and thank you for joining us on the show. Today we’re gonna talk about how we can evaluate our debt obligations and find ways to reduce payments, to put a little extra in our pockets or towards savings.
To help us, we’ve got Mel Merge with us today, who’s the product manager in our consumer lending department here at Patelco. Mel helps design products and services here at the credit union, and Patelco prides themselves on providing tools that support financial wellness. Mel, we’re so glad to have you here with us today.
Tell us a little bit about your role and how you ensure that we’re looking out for our members’ wellbeing. Yes, thanks again for having me today. As a product manager, I have the privilege opportunity to design lending products, and programs offering low cost, , flexible loan options, , that meet our members’ budgets.
We do this by leveraging a key component of our lending program, [00:01:00] our Switch to Save initiative, when compared to industry averages. Our lending products typically have lower interest rates, saving our members money monthly, and throughout the duration of their loan. In 2024, we saved members an estimated $6.9 million in interest when they consolidated debt into a low rate personal loan or took advantage of our 0% no fee balance transfer offer.
That’s so incredible. Now, Mel, you used to work at the branch helping members directly in at the branch level, right? Yeah, spent about 20 years in retail banking. Wow. So in that time, did we have the Switch to Save program and tell us a little bit more about that program. Yeah, so Switch To Save is a longstanding program here at Patelco.
Ultimately what we do, as a credit union as a not-for-profit organization, we are able to provide lower rates across our products, compared to, you know, the traditional big banks. Yeah. So when a member comes in and we start, you know, having needs-based conversations and understanding, the type of debt they’re carrying elsewhere, we’re able to make [00:02:00] recommendations, and have them switch to save to our Patelco products.
And help lower their monthly payments, reduce their interest over time, and really just be there for them as, as a partner. Yeah. And my team’s out in the community and we talking with. Prospects and members all the time, and they just, they just don’t know that we, our rates tend to be better and that the refinance process is easier and that they could easily save money with, you know, an application or two and a little bit of education.
So that’s so great to know about our Switch to Save initiative. All right, Mel. It’s April, 2025. Things are tough right now. Our members are really feeling it. Rooters just released some consumer confidence statistics stating that US con consumer confidence plunged to the lowest level in more than four years last month.
That’s surprising to you? No, it’s not surprising at all. So they also say that households are fearing a recession in the future and even higher inflation due to tariffs. The conference board said that write in responses to that survey. Showed worries about the impact of trade [00:03:00] policies and tariffs in particular, those are on the rise, as well as references to economic and policy uncertainty.
So, you know, at Patelco we’ve been having endless conversations, right, about how we can support our members right now. , The Switch to Save program is a great way to, . Help our members just understand what options they have. But talk to us about, , cars and auto refinance or a cash out refi as a way to save money right now.
Yes, most definitely. Our, our cash out auto refinance is definitely an underutilized, , product and loan service that we offer here at Patelco., Most, most consumers probably associate this with title loans and, you know, those really high rates and, you know, those, those buildings and strip malls.
However, our, our version of the Cashout Auto, really has a great low rate. And payment option for our members when we compare those to standard, consolidation and personal loans. Members can use the funds for whatever they want, to pay off high interest [00:04:00] debt, and they can borrow up to a hundred percent of the value of their auto loan.
There’s no prepayment penalties and the, one of the cool things is we’ve added older models to our program. Oh, nice. So members who have older cars, ’cause right now it’s really expensive to buy a new car. Mm-hmm. They’re maintaining their older vehicles for much longer. We can finance up to 15 years old.
Okay. Amazing. I don’t think most people know that. I think at other institutions too. It’s up to maybe seven or eight years old, so up to 15 years old is a big deal. All right. Well, what about looking at our lines of credit and exploring either a balance transfer on a credit card or potentially a home equity line of credit as a means to save money?
Yeah, right now it’s definitely a great time for homeowners to look into getting a home equity line of credit. Members can visit our website@patelco.org and use the check my rate to receive an instant prequalification with no impact to their credit. Our HELOC has no application fee, no prepayment penalty, no annual fee.
Members can use the funds for home [00:05:00] improvements, debt consolidations, large purchases, or any other expense that may come up. And payments are only interest only, and it’s only against the amount that they borrow so that health keeps the payment down. Yeah. That’s so great to know. I think sometimes we forget about our cars as being assets and something that we can borrow against.
And what’s a car loan rate and a HELOC rate against a personal loan rate, say, generally speaking. So the lowest rate we can get on a personal loan is around 10%, and a car HELOC is around six to eight. Yeah, that’s about right. So depending on, you know, the, you know, your credit score. Yeah. And what, and the different ranges.
You know, HELOC and, and a personal and auto loan rate are definitely lower than, than a personal loan. Yeah. Something to consider folks. Great info there, Mel. Alright. Talk to us about our great auto loan rates in general. What’s the process to refinance a vehicle here at Patelco? I went through this this summer and it was so easy.
Share. Yeah. I, I highly recommend our members leverage our auto loan switch to Safe Calculator, [00:06:00] which is located on the website, on our auto loans page. , And they can compare what they currently have. And by switching their auto loan to Patelco, all they would need is their current rate, their monthly payment and balance to see the potential savings.
Once they see the difference, they can apply directly on the website, or if they prefer to speak with someone, they can visit our virtual branch team or they can visit a local branch. Okay. Really cool. So you’re recommending that, members have their statements handy so they can have that conversation?
Yeah, that definitely helps with, with when, with completing that switch to save calculator. Yeah. And why not? If we’re talking half a percent, 1%, maybe even 2% savings on your auto loan rate and your monthly payment, that could make a big impact on your monthly budget, your savings. So these are all great ways to kind of reevaluate your loan commitments and potentially save some money.
Mel, any last wisdom to share with our listeners? Yeah, we’re gonna be talking about Switch to save a lot these upcoming months. So members will definitely see this message, in their [00:07:00] statements when they visit the ATM, they visit a branch. It’s gonna be everywhere. So we wanna make sure that members understand the opportunity that they have to make a switch to save from whatever product they have, whether it’s their equity, their home loan, personal loans, credit cards, and they could switch over to us on top of the, the switch save messaging that they’re gonna be seeing more often.
We’re gonna have two great promotions that are actually already live now. For auto loans, for members who wanna switch to save their auto with us, we’re gonna give them a 0.25% discount on top of our already loan rates, and that’s running through June 30th. And for those who want to take advantage of our home equity, we’re gonna have a 6.49% a PR for the first six billing cycles, and that’s valid for any California homeowner through June 30th as well.
Okay. Awesome. So, switch to save to me kind of sounds like a co like reviving switch to save for us, kind of sounds like Jimmy Butler, helping revive the Warriors. Would you, is that a fair comparison? That’s absolutely a fair comparison. We love Jimmy. All [00:08:00] right, so check out our awesome rates on patelco.org.
You can also find more information about the Switch to Save program by going to patelco.org/switch. There you can find these calculators that Mel’s talking about, along with rate information and other financial education around credit cards. He HELOC auto and personal loans. , If you wanna talk with somebody about refinancing, you can speak with one of our certified financial specialists at one of our branches or our virtual branch, and they can help you review options and going through the refinance process.
Or come visit us at one of our 36 branch locations. We have CFSs available in branch again and through virtual branch. Mel, we wanna thank you so much for being with us today and sharing. Absolutely. It’s always a pleasure. Thank you. All right, folks. Well that’s gonna do it for today on small Talks for a big change where we help simplify financial topics to help with your financial wellness.
Stay well out there, everyone. We’ll see you next [00:09:00] time. Patelco Credit Union is insured by NCUA,
Patelco gave us a debt consolidation loan when we needed it the most—we’re set to pay it off in a year! Thank you Patelco for being so amazing!
If you don’t qualify for our lowest rate upfront, by simply paying your car loan or personal loan on time and consistently, we’ll automatically lower your rate up to 0.50% APR every 12 months or up to 1.50% APR over the entire loan term.6
Frequently Asked Questions
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If you have any questions about your personal financial situation, need guidance on consolidating debt or want help finding the right loan product, our team can help walk you through your options. Our Virtual Branch™ is available for immediate service and by appointment during business hours. Learn more >
If you own your home, you may be able to tap into the equity you’ve built to access cash when you need it. Due to their low rates and flexible borrowing options, HELOCs are often an affordable loan option for many homeowners. You can use your HELOC for immediate or future expenses, such as home improvements (big or small), high-interest debt, to add an accessory dwelling unit (ADU) to your home, or other large purchases. Our HELOCs also have $0 annual fees and $0 minimum draw amount – making them great for unexpected expenses.
The Pure credit card is packed with features that offer security and convenience including Zero Liability Protection, Cell Phone Protection, Assistance with a lost or stolen card, and Travel Benefits. If you carry high-interest credit card debt, the Pure credit card is a great way to consolidate debt and pay less interest over time. Enjoy $0 annual fee and 0% APR for 6 months on balance transfers made in the first 90 days.
Even more than just saving on your payments or interest rate, sometimes it’s beneficial to extend or shorten your existing loan term. Depending on how far you are into your current loan, a shorter term and a new lower rate can help you pay off your loan faster. A longer term often offers a reduced monthly payment amount, making it easier on your budget if you’re juggling multiple expenses.Compare your savings side by side using our refinance calculator.Yes, but it depends on how much you currently owe and your car’s estimated value. In most cases you can borrow up to 100% of your car’s Kelley Blue Book value and use the funds to cover other expenses such as high-interest debt. Depending on your financial needs, this can be a great and often overlooked alternative to other types of high-interest rate loans.
We can help you determine what type of loan is best for you and your financial goals. Meet with a team member face-to-face online at our Patelco Virtual Branch™ or visit a branch near you.
1 Member savings figures are from the America’s Credit Union Benefits Study in Q4 2024. Assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed rate mortgage (a 30-year fixed rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest/dividend checking account, $10,000 in a one-year certificate account, and $2,500 in a money market account.
2 At closing, you have the option to select up to 120 days of deferred loan payments on your new or used auto loan. The actual number of days will depend on the terms of the loan. Interest will accrue on your auto loan beginning on the date the loan is funded, and the first payment will be applied to interest accrued from the date the loan is funded to the first payment date and then to principal due.
3 0.50% HELOC rate discount available after loan funds. Meet and maintain ongoing discount eligibility with set up of automatic loan payments and monthly recurring deposits of $500 into a Patelco account. Additional conditions may apply. Speak to a Home Loan Consultant for more details.
4 On balance transfers made in the first 90 days of account opening. After the 6-month 0% introductory APR (Annual Percentage Rate) period, the standard variable APR rate for purchases will be applied to the balance transfer amount, based on your creditworthiness.
5 Used Auto refinance rates starting at 5.99% APR effective 5/1/2025 subject to change without notice. Patelco offers a range of base rates and discounts that depend on factors such as credit history, loan term, Patelco account relationship, vehicle mileage, amount financed and vehicle age. Additional discounts may apply. Vehicle mileage greater than 100k will include an additional .50% added to rate. Actual rates are disclosed to approved applicants in writing prior to loan consummation and may be as high as 17.99% APR. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch.
Used Auto loan payment examples: 0‑48 months: $23.54 per month per $1000 borrowed at 5.99% APR for 48 months; 49‑66 months: $17.87 per month per $1000 borrowed at 5.99% APR for 66 months; 67‑72 months: $16.75 per month per $1000 borrowed at 6.29% APR for 72 months; 73‑84 months: $14.96 per month per $1000 borrowed at 6.64% APR for 84 month
Home equity lines of credit are available on California primary residences only. 6.49% APR (annual percentage rate) includes introductory discount for 6 billing cycles and other terms shown are accurate as of 5/1/2025 and apply to a HELOC for the most qualified applicant at CLTV up to 80%. After promotional period, standard rates apply and start as low as 8.00% APR. Not all applicants will qualify for the lowest rate. Rates vary based on property value, line amount and other factors, and will vary for second or vacation homes. The minimum periodic payment is interest-only for the first ten years (“draw period”) followed by fully-amortizing payments to repay the balance over the final fifteen years. No draws will be allowed during the repayment period. Payments and rate can adjust monthly. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. The rate is calculated using an index plus a margin. The index used is the Prime Rate as published in The Wall Street Journal Western Edition on the last business day of the month prior to the change. The current prime index is 7.50. Minimum interest rate is 4.0%. Maximum interest rate is 17%.
Pure Mastercard® Credit Card Variable APR as of 02/26/2025. Rate adjusts monthly and equals prime rate for previous month plus a margin range based on credit worthiness. Applies to Purchases and Balance Transfers.
Personal loans rates effective 04/01/2025 and are subject to credit approval. APRs range based on factors including credit type, loan term, Commitment Household/account relationship and applicant credit worthiness/score. Loan terms are based on various factors, including the amount financed. Actual rates are disclosed to approved applicants in writing prior to loan consummation. Offered rates subject to change. For more information, visit patelco.org, call 800.358.8228, or stop by a branch. The APR range is 9.30% to 17.90% with terms available from 6 to 84 months. Example, if you receive a loan of $10,000 with an interest rate of 9.30% with no origination fee and make 36 monthly payments of $320.41, your finances charges will be $1,534.39 which would make your total repayment amount $11,534.39.
6 LevelUp 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 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 LevelUp 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
You can open a Money Market or Certificate account using the links above. If you prefer talking with someone, connect with us here, stop by a local branch, or meet online using our Virtual Branch™