Credit Union Introduces Program to Teach Young Members About Auto Loans, Personal Finance

Pentagon Federal Credit Union is offering its younger members free educational training to help them understand things like auto loans and consumer credit. PenFed’s program is free for its members aged 17 to 25 and $20 for its members who are 25 or older.

PenFed’s education program is the result of a partnership with MoneyU, a financial game, SubPrime Auto Finance News reports. The financial educational game takes about eight hours to complete and uses widgets and simulations to teach young consumers about financial topics like credit cards, auto loans and budgeting.

SubPrime Auto Finance News also reports that the Pentagon Federal Credit Union Foundation will offer the MoneyU program free of charge to recipients of its Military Heroes Fund and Asset Recovery Kit.

Young consumers often don’t know how to negotiate an auto loan or lease or even check their credit score before they go to the dealership. Without knowing the basics of auto finance and buying a new or used vehicle, younger consumers most likely end up paying more for their vehicle and auto loan or lease financing terms. PenFed currently offers auto loan rates as low as 2.99 percent for new, used and refinance auto loans.