Is it time to refinance your auto loan with a credit union?
Is it time to refinance your auto loan?
You may think that taking out a loan happens at the time of purchase, and that’s that. You are locked in! However, refinancing your auto loan could save you money and provide better overall loan terms. Is refinancing an auto loan right for you? Here are three situations where that might be a good idea:
You don’t think you got a good deal: Many people feel overwhelmed with the car shopping experience and end up paying more than they intended or pressured into loan terms that were not ideal.
Your credit score has improved: Your credit score determines the interest rate you will pay on your loan. If your credit score has improved since you took out your current loan, refinancing might make sense for you.
You need to change your monthly payment: You may be in a position where you need to lower your monthly payment. On the flip side, you may want to shorten your loan term, pay more each month, and get debt-free faster.
How do you refinance an auto loan?
At MCFCU, we help members every day refinance auto loans from past purchases and save them money in the long run. You can apply online, through our mobile app, or give us a call. We’ll look over your current loan and let you know how we can help.
