Credit insurance protects your loan in the event that you can’t make your payments. With credit insurance makes sure those expensive vehicle repairs don’t sidetrack your budget. Products are also available to make sure your loan payments continue to be made in the event of an accident or death. Mutual Savings Credit Union offers a variety of credit insurance options for your loan.
Credit Life
Credit Life insurance ensures that family members will not be burdened with loan payments after a borrower’s death. These payments only add a small fraction to your loan payment.
Credit Disability
Should an injury or disability keep you from working, Credit Disability maintains your loan payments.
GAP
Guaranteed Asset Protection (GAP) insurance helps covers the remaining balance of your auto loan. GAP will step in if your vehicle is damaged beyond repair before the final loan payment is made. If your auto insurance check does not help cover the full amount owed on the auto loan after the accident, GAP insurance will cover the remaining amount.
Mechanical Repair Coverage
Repairs to vehicles can be costly. Mechanical Repair Coverage, or MRC, helps borrowers afford pre-approved repairs on vehicles financed by Mutual Savings Credit Union. If you drive a luxury vehicle but can’t afford luxury repairs, MRC is a worthwhile option.
You can contact a Mutual Savings representative to add any of these products to select Mutual Savings loans.
