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Refinancing your Auto Loan? See How With a Credit Union

Kara Yaquinta
By Kara Yaquinta - May 26, 2020

Remember when you were young and dreamed of being an adult? There was something about making your own money, having a quaint apartment and enjoying that morning cup of coffee at your “real job,” that just sounded glamorous. Unfortunately, being an adult is not so glamorous. In fact, it’s hard, but to make it a bit easier check out how refinancing your auto loan with a credit union could eliminate some of the not-so-fun parts of being an adult.

A couple in the process of refinancing their auto loan

Let’s start by explaining why refinancing an auto loan can help you.

One of the biggest parts of being an adult is paying bills. It’s not fun when you get paid on a Friday and have to watch the majority of your paycheck leave your account. By refinancing an auto loan you have the ability to extend terms, reduce payment and/or reduce rate. Credit unions are generally known to offer lower rates which means less money coming out of your account on payday!

So, when should I take advantage of refinancing?

Normally, people refinance their auto loans when purchasing a car if they have more to put down on a loan, if they’ve paid off debts or if they’ve seen an increase in their credit score.

Wondering how the process works?

It’s pretty cut and dry. Just follow these simple steps and you’ll be on your way to savingsready for a new ride let us help cta

  • Collect important documents
  • Apply (from mobile, desktop, tablet and even over-the-phone)
  • Run numbers and evaluate terms
  • Complete the process

Fun fact: some credit unions offer the ability to refinance from anywhere using your cellphone or tablet so you don’t have to wait to apply.

So, we can agree being an adult isn’t the most fun, but saving money to avoid FOMO (fear of missing out) on the fun things is. If you’re considering refinancing your auto loan our advice doesn’t stop here. Check out some more helpful info when it comes to refinancing your ride.

TFCU quick guide to auto refi