Interest rates on loans are at all-time lows. But if you took out an auto loan two years ago, does that mean you can’t take advantage?

Not necessarily.

Whether consumers are looking to save money by securing a better rate on an existing consumer loan or have lost their jobs recently, many will find that banks and credit unions are as willing as ever to help.

“If you are a good borrower, who has good credit and good income, a bank or credit union doesn’t want to lose any loan customers,” Larry Snyder, the president and CEO of Bend’s High Desert Bank, said Wednesday. “If you are a good customer and you want to lower the rate, very likely the financial institution will accommodate. They want to keep the customer, keep the loan. The other option is they go elsewhere and I lose that revenue or that loan.”

For borrowers with good credit and on solid financial footing, that can mean saving a fair amount of money compared with their current monthly payment.

SELCO Community Credit Union, for example, has a long-standing program that allows borrowers to lower their rate on their auto loans for a $50 fee, said Mike Stanley, manager of SELCO’s three Deschutes County branches.

Sometimes, all it takes is a phone call.

“In a rate environment that is decreasing, there is a good chance that if your credit score has stayed the same or improved, you might qualify for a better rate,” Stanley said. “We pull your credit report to make sure where you stand today, and if it merits a decrease of the rate, it is your decision whether or not it is worth the fee that we charge. It’s as simple as that, basically.”

Perhaps more importantly in a swooning economy, financial institutions are increasingly helpful to customers who have fallen on hard times.

Bill Anderson, the president of Mid Oregon Credit Union, said his institution has basically two rules: Communicate early and often, and don’t lie about your financial situation.

“You violate either one of those, all bets are off,” Anderson said.

He added: “The last thing any one of us want back is the collateral. The point of the credit union is the best interest of the people you are working with. If you are going to have any difficulties, you definitely want to communicate early and often. As far as collections and all that, we bend over backwards to try and help people.”

Stanley said that SELCO isn’t able to help every customer. But the only way to find out is by contacting your financial institution, he said.

“It doesn’t cost you anything to talk to somebody,” Stanley said. “It can certainly be a little humiliating at times if you are in a situation where you are in financial trouble. But we have some pretty darn good people who really want to talk and help. We can’t say yes to everything, but we generally try to give people the tools to get to a point where we actually say yes.”

The bottom line is that whether consumers are shopping for a better rate on an auto loan, looking for the best interest rate on a money market account, or trying to save themselves from defaulting on a loan, it would behoove them to do some research.

“You have to do your homework,” Snyder said. “Things have changed a lot in the last few years. Be on top of it, on top of your own financial situation and your finances.

“You can shop interest rates. You can turn on the TV, you can borrow money online. If you want to check every local bank, just go online, and my rates are posted. You can go to my Web site and click on it, and there’s your rates. I’m sure my competitors do that, too.”