Loans with Take-Backs™
Get out of debt faster (and save on interest).
Have the confidence to pay off debt faster.
Most banks make you choose between paying off your loan faster or saving for a rainy day. A Lanco Federal Credit Union loan with Take-Backs gives you the best of both worlds. Take-Backs empower you to pay ahead because you can access those extra funds later. Anytime. Any reason. Penalty-free.
Here’s how Take-Backs work:
1. Pay ahead on your loan.
Pay more than the monthly minimum as your budget allows. This will put you on track to pay off your loan ahead of schedule.
2. Build your Take-Back® balance.
Every dollar you pay above your minimum payment gets added to your Take-Back balance. You can access this extra cash anytime, for any reason.
3. Get out of debt faster.
The more you pay ahead, the sooner you can pay off your loan. And the more money you have available to access if you need it later.
4. Save on interest payments.
Paying off your loan early means you’ll owe less interest. The sooner you pay off your balance, the more money you’ll save!
Our Loans Automatically Come with Take‑Backs
You can always count on Lanco FCU for affordable financing that helps you achieve your goals. In addition to excellent rates and terms on vehicle loans and personal loans, you’ll also enjoy the peace of mind and confidence to get ahead, with Take-Backs!
When could you use a Take-Back?
You can withdraw cash from your Take-Back balance whenever you want. Take care of surprise costs right away. Or keep it available for a rainy day. It’s your call.
- Cover healthcare expenses.
- Pay for auto repairs.
- Take your pet to the vet.
- Book a last-minute trip.
- Finish your holiday shopping.
Take control of your loan with the Take-Back Dashboard
This free tool makes it easy to manage your loan. Log in to online banking or the Lanco FCU app to view your Take-Back dashboard anytime.
- Access your extra cash at any time.
- Preview the impact of extra payments.
- Change your monthly loan payment.
- See how much you’ll save on interest.
- View your Take-Back balance.
MANAGE DEBT DIFFERENTLY.
There are no fees for using Take-Backs. Your rate and term remain the same.
Make sure your loan comes with Take-Backs.
FAQs
Which loans come with Take-Backs?
You can get Take-Backs with any of our auto loans, RV/utility loans, and personal loans. These loans can be used to…
- purchase a new or used car, truck, SUV, or motorcycle
- pay for a large expense such as a wedding, vacation, adoption, pet emergency, or nearly any other purpose.
- purchase or refinance a recreational vehicle (RV) or utility vehicle (UTV)
- refinance an existing personal loan or vehicle loan that you have elsewhere
What happens when I get a Take-Back?
The money you withdraw from your Take-Back balance is transferred to your linked checking account. Your outstanding loan balance increases by the same amount. There are no fees for using Take-Backs. Your rate, term, and minimum payment remain the same.
What if I never use a Take-Back?
That’s totally fine. Take-Backs give you extra flexibility to achieve your financial goals. You’ll never be charged a fee no matter how you use Take-Backs.
Can I add Take-Backs to loans from other financial institutions?
If you have loans with other financial institutions that you wish would have the Take-Back functionality, contact us about what refinancing options we may be able to offer.
Is there a penalty for paying off my loan early?
Absolutely not. Take-Backs are made to help you get out of debt early and save on interest.
Take-Back Feature: When activated, your loan’s free Take-Back feature allows you make additional payments, above and beyond your required monthly minimum payments, and draw back against some or all of those additional funds (“Take-Back Balance”) throughout the term of your loan – with no fees or changes to your loan’s original term or interest rate. All loan payments are applied as documented in your loan’s Truth in Lending disclosure. Subject to applicable law, all payments are applied at our institution’s discretion. Additional payments do not eliminate your requirement to make your loan’s monthly minimum payments. Activation requires borrower(s) to agree to and execute an addendum to their original loan agreement(s). All other terms of your original loan apply.
Dashboard: Your loan’s free Take-Back feature comes with a convenient digital user interface (“Dashboard”) the enables you to view your current balance; review payment history; adjust your monthly payment; activate auto-pay; make one-time payments; calculate potential interest saved and term reductions; manage your personal profile; see your available Take-Back Balance and execute Take-Back transactions.
Contact one of our loan representatives for additional information, details, and activation instructions.
Take-Back, Take-Backs are a trademark of Kasasa, Ltd., registered in the U.S.A.