SANTA FE, N.M. — State Employees Credit Union of New Mexico shared ways new and current members can win the grand prize of its new auto loan promotion contest. Now running through Aug. 31, the credit union is prepared to award $15,000 cash to vehicle loan customers.

Officials explained how participants can enter the contest.

One way is to refinance an existing vehicle loan from another financial institution with State Employees Credit Union of New Mexico.

SECU of New Mexico insists the borrower can receive a loan with an interest rate that is 2 percent lower than the interest rate on their current loan. However, the minimum interest rate of 3.24 percent APR will apply.

Officials added the new borrower also will receive $100 for refinancing with SECU of New Mexico and another $50 for establishing a new account, but they must be a new member to receive the $50 cash for establishing a new account.

SECU of New Mexico added that to qualify for the contest, the auto loan amount must be $5,000 or higher, but there are no payments due for 60 days. Management also said the loan account must remain open for six months.

Another way SECU of New Mexico is welcoming contest registrants is if members finance a new-vehicle purchase through the organization.

As mentioned previously, the contract must be for $5,000 or higher and remain open for six months. The minimum interest rate is 3.24 percent APR.

Management suggested all potential borrowers can get preapproved through SECU of New Mexico's online application

Vice president of lending Emilio Atencio believes the credit union's contest is "a great deal."

Atencio went on to say, "We are looking forward to seeing some great results from this new auto loan promotion. We cannot wait for September to roll around to see who is going to be the big winner of the $15,000 cash prize."