Bitcoin is a monetary system for storing and transmitting an asset of value and is the
world’s largest and most recognized digital currency. Bitcoin is managed by its users and
enables financial transactions on a peer-to-peer network basis.
At this time, Bitcoin is the only supported digital currency. Our
partner, NYDIG, focuses on Bitcoin because it has a track record of security and has the
greatest regulatory clarity of all digital assets.
The price is determined by the current market. Magnifi Financial
does not set or determine pricing.
Bitcoin accounts and associated monies are not federally-insured by NCUA, are not
obligations of the Credit Union, are not guaranteed by the Credit Union, and do involve
Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”).
NYDIG is authorized by the New York State Department of Financial Services to engage in
virtual currency business activity. To receive bitcoin services, you must open an account with
NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s Terms
and Conditions for more information, including applicable eligibility criteria.
Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance
Corporation (FDIC), National Credit Union Share Insurance Fund (NCUSIF), the Securities
Investor Protection Corporation (SIPC), or any other public or private insurer.
NYDIG does not make any recommendations regarding buying or selling bitcoin. There are
risks associated with bitcoin trading, including possible loss of value. See Terms and
Conditions located within the Digital Banking crypto widget for details.
Join the Magnifi Family!
At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.
Sometimes, sometimes not. If you have already found your vehicle to purchase, we can set up financing right away and you won't need a pre-qualification letter. However, if you get pre-qualified and then shop around for vehicles, we'll send you a pre-qualification letter to bring to dealerships. Some dealerships may also contact us to confirm financing as a business practice.
Your pre-qualification offer is typically valid for 90 days with Magnifi. If we have not heard from you about purchasing a vehicle within those 90 days, then your loan application will be closed and you will need to reapply if you decide to obtain financing after the expiration date.
That's great! Go ahead and fill out an application and we'll help you get the financing together as quickly as possible. If you are working with a dealership, we'll just need the Purchase Agreement and Insurance Card. Our lending staff will help walk through everything with you to get you on the road faster.
We have several methods for you to make your loan payments:
• Magnifi Digital Banking or Mobile App: You can transfer funds from your Magnifi or external checking/savings account into your loan account.
• Online: Use our online loan payment system to set up a single or recurring payment with your debit/credit card or routing/account number.
• Mail: Send a check to: PO Box 232, Glenwood, MN 56334. Please include your Account Number and Loan ID. You will not receive a payment receipt by mail but you can verify the transaction within Digital Banking.
• Branch: Visit any Magnifi location to make a payment.
You can avoid paying as much interest if you make larger or additional payments on your vehicle loan. This will pay down the principal of the loan which means you pay less interest and you could pay off your loan quicker. However, this does not advance your due dates... Meaning, if you make twice the payment amount one month, you will still need to make a payment on the same due date the following month.
Frequently Asked Questions
We have several methods for you to make your loan payments: Magnifi Financial
Internet Banking: You can transfer funds from your Magnifi Financial
checking/savings account into your loan account. Learn more here. Magnifi Financial Mobile
App: You can transfer funds from your Magnifi Financial checking/savings
account into your loan account. Learn more
here. Phone: (888) 330-8482 Pay over the phone with a debit card
or Magnifi Financial account transfer. Mail: PO Box 190, St. Joseph,
MN 56374. Please include your Account Number and Loan ID. You will not receive a payment
receipt by mail but you can verify the transaction within Internet
Banking. Branch: Visit any Magnifi Financial location to make a
Great question! Our members can qualify for membership very easily. You will just need to
work, worship, go to school, or volunteer in one of the 18 counties of our field of
membership. So, when you open your account with us, you will open a one-time $5.00 “Share”
account which makes you a member of Magnifi Financial and an equal owner of our credit
union. And if you ever decide to close your account, you will receive your $5 deposit
back. You can learn more here.
Yes, Magnifi Financial offers additional protection for members to add on to their loans in the event that something unexpected occurs.
Work with your assigned Magnifi Financial team member to discuss the right options for you.