The Top 5 Things To Know About Refinancing Your Car
If you love your car, but not the rate on your loan, refinancing just might be the right option for you. Let’s walk through a few questions about this money-saving scenario that we get asked every single day:
1. So you can actually refinance an auto loan?
Yes, indeed. You have probably heard how refinancing your mortgage can save you some serious cash. Well this is pretty much the same thing, just with your car loan. And it’s way easier and faster. We take your current auto loan with another financial institution and refinance it with a lower rate auto loan through CommunityAmerica.
2. Does it take a long time?
If you are fully prepared with everything needed, we can typically get things buttoned up the same day.
3. What do I need to have ready?
The items needed to make things go quickly are:
- a driver’s license
- the vehicle's registration
- insurance card
- 10 day payoff letter
4. How do I get a 10 day payoff letter?
To get a 10 day payoff letter, all you need to do is call the lender of your current loan. Sometimes people like to come into our office to make that call, and that's perfectly fine with us!
5. Is it worth it?
Yes, in most cases it is absolutely worth it! And, here’s the deal: We'll always look out for your best financial interest. Check out this auto refinance calculator to get a rough idea if a refinance is a good fit for you. Or just stop by any of our branches!
Real Member Story:
I recently had a member come into the branch to do a refinance on a used vehicle. While reviewing their credit report, I noticed that they also had a couple thousand dollars in credit card debt. I suggested a cash-out refinance to pay off their additional debt. Basically, we paid off their current auto loan and then used the extra cash from the equity in the car to pay off their credit card debt. Not only did they lower their monthly auto loan payment, but we were able to save them hundreds of dollars in future credit card interest. Needless to say, the member was thrilled!
I’m partial to having members come into the branch, but you can also get the process started by giving us a call at 913.905.7000 or 800.892.7957 or by filling out an auto loan application on our website.
With some of the lowest rates in town and our commitment to making the experience very easy on you, CommunityAmerica is the right place to make your auto refinance happen. If you have any questions, please feel free to give us a call at 913.905.7000 or swing by any of our many locations – especially Shawnee Station to say hi to me! We look forward to helping you!