October 21, 2020
Reasons to Refinance Your Auto Loan
Our mission is to help our members achieve financial peace of mind, and one way we do so is by saving you money. If you currently have a ride you love but an auto loan rate you don’t, here are a few reasons you should consider refinancing your auto loan with us:
- Lower Monthly Payment: We’re proud to offer some of the lowest auto loan rates in town, allowing you to save on your monthly payment. So, if your monthly payments are too high, we can look at different refinancing options that could help you lower that expense. For example, we offer terms up to 84 months, which can help you spread out the cost over time. We’ll take a look at your current auto loan and see if it makes sense to refinance it with us.
- Save on Interest: A better rate on your auto loan could save you money not only on your monthly payment, but also on the total amount of interest you’ll pay over the life of the loan. For example, an auto loan balance of $30,000 with a remaining term of 60 months and a 7% interest rate would mean a monthly payment of $594. But if you were to refinance this loan to a lower rate, say 3%, you could lower that monthly payment to $539, while also saving $3,297 in interest over the remaining 60-month term. Try our handy auto loan refinance calculator to see how much you could save.
- Profit Payout: Refinancing your auto loan with us could also increase your Profit Payout potential. As a not-for-profit credit union, we return our profit to those who bank with us in many ways—like better rates, lower fees and our Profit Payout. This year we gave back $8.5 million to our members. You can learn more about how our Profit Payout works here.
