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Saving on loan repayments

October 20th, 2011 -

Every day NZCU Baywide works to make a difference in its members’ financial lives.

Whether it is assisting members with setting up regular savings in the Christmas Saver account, sorting out bill payments with the Bill Pay account or reducing loan repayments with a debt consolidation loan – NZCU Baywide staff aim to make banking easier for its members.

Below is a real life example:
About 12 months ago a member had been in to organise a car loan as she needed to replace her current car. She was pre-approved for a loan at NZCU Baywide, which would allow her to negotiate a cash purchase price. The member did find a car but chose to take the loan out through the dealer.

A year down the track and her car required repairs so the member approached NZCU Baywide for a loan. Her lender reviewed the current car loan and suggested to the member the she could save money by consolidating her car loan and loan for repairs into one easy to manage loan.

The member looked at the figures and decided that consolidation was a good idea.

She now not only has a car that is working but is saving $10 a week in loan repayments. She is has also taken up the suggestion to save the $10 into a Christmas Saver account, which means this Christmas will be extra special (and less stressful)!

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