A father in his late 50s was struggling to secure a home loan due to the financial challenges of a divorce after 20 years of marriage. He was referred to me by a partner to help finance a vehicle he received as part of the divorce settlement. The situation was especially difficult because the car payment was high and the interest rate was steep, making it hard for him to manage financially while also trying to qualify for a home loan on his own.
The member had explored other options and received quotes with monthly payments around $350. His goal was to secure the lowest possible payment so he could move forward with purchasing a home and provide a stable environment for his three daughters. I contacted him quickly to start the application process and explained how our Consumer Auto Loan Relationship Discount could lower his interest rate if he set up direct deposit with us.
This option worked well for him, as he needed to open a new account and move his direct deposit to separate his finances from his former spouse. He qualified for a 66-month term loan, which resulted in a monthly payment under $250. He also received a 90-day grace period before his first payment, providing additional short-term cash flow.
This solution allowed him to manage the new auto loan while also securing approval for a mortgage. He transferred more than $95,000 into a new Performance Checking account, which earns a 3.93% APR. During this challenging time, the member expressed deep gratitude and relief, knowing he could now move forward with finding a home for his daughters and begin the next chapter of his life.
