Your monthly car payment might be costing you if you got your current auto loan at a car dealership or another financial institution.
Stop losing money.
See how much money we might be able to help you save by lowering your monthly car payment in less than 60 seconds. Fill out the rate calculator to the right for your fast estimate!
Refinancing your auto loan can have many benefits, here are some of the top reasons many look to refinance an auto loan with a credit union (varies by credit union):
Getting pre-approved for a credit union auto loan refinancing puts you in the driver’s seat.
It’s important to know when to refinance an auto loan with a credit union. Check up on your credit score and current auto loan to make sure everything is healthy and up to date.
Be sure to have the following items to make the application process as easy as possible.
Ready to take the next step? Begin your credit union auto loan refinancing by applying today.
Once you’ve finalized your
In most cases you will receive an answer within 24 hours. It may take longer depending on your credit profile.
No, an appraisal will not be required. TFCU will use the NADA Blue Book Value.
To apply for an Auto loan, we will need your personal information; including name, address, social security number and employment information.
If you already own the car you want to finance, we will need the specifics:
Make, model and year of vehicle
Name of lender
Current loan rate and balance
Current monthly payment and account number
*APR= Annual Percentage Rate. Auto refinance does not apply to car loans financed at TFCU or through SFAC. TFCU membership required with $5.00 minimum in savings. $7,500 minimum loan balance required for cash incentive. Refinance offer limited to one per vehicle. $150 cash bonus will be deposited to your TFCU savings or checking account at loan closing. Offer cannot be combined with any other offer. Other restrictions may apply. Rate will not be lower than 2.74% APR and includes a .25% reduction for members with a Premium Checking account. Your rate may differ and is based on creditworthiness, year of vehicle, ability to repay, credit score, down payment and term of loan. This offer may be removed at any time without notice. Auto loan example: $10,000 loan at 2.74% APR with 60 monthly payments of approximately $178.53. Member must reside in a state within TFCU lending area. Rates are subject to change without notice. Current TFCU accounts must be in good-standing, not have any type of restrictions, and TFCU loans paid-to-date.
We all strive for that $200 car payment and while some of us have managed to get one, others are finding a way. You’ve heard the term refinancing and know some friends who have done it, but still aren’t sure what it is? Refinancing an auto loan is the process where an existing loan is paid off and replaced with a new one. The new loan normally has different terms and rates that are better suited for the consumer.
While researching refinancing an auto loan, you may find yourself asking many questions, which okay. Refinancing of loans isn’t something that is taught in an educational setting and is learned more through doing. We’ve compiled a list of the top three questions we’ve been asked before members have refinanced.
Of course. Not only can you refinance a car, you can also refinance a mortgage, motorcycle loan, RV and boat loan. However, before refinancing do your research on what the market is like, as rates can change daily. Once you see a rate you are happy with don’t wait, lock it in and begin the refinancing process.
It’s best to refinance an auto loan when you’ve made several consecutive on-time payments and have a better credit score than when you purchased the car. If you have made on-time payments, but have a lower score than when you purchased it’s recommended to wait until the score goes up and vice versa.
This is one of the biggest reasons people choose to refinance their car. There are many more benefits to refinancing an auto loan such as receiving a lower interest rate, paying less overall and changing the duration of the loan term. You can also lower your monthly car payments by putting more money down when you refinance.
For more information and resources on auto loan refinance savings check out our blog, website and online calculators. You can also call us to speak with a representative to get refinanced in seconds!
For more tips and tricks be sure to check out our auto blog here.