Is it time to refinance your auto loan?

Many people feel overwhelmed with the auto buying process and, at times, get locked into loan terms that are less than favorable. Or perhaps your financial situation has changed since you took out your current loan. Refinancing your auto loan could save you money and provide better overall loan terms. Here are three reasons why refinancing your auto loan might be a good idea:   

You Have Less Than Favorable Loan Terms: 

You may have taken a loan through the car dealership with a marked-up interest rate. Or perhaps you are unhappy with your current lender. Bringing your auto loan to the credit union might be a smart move!   

You Need To Change Your Monthly Payment:

You may be in a position with a need to lower your monthly payment. You may also be in a place where you want to shorten your loan term to get out of debt faster. Both of these situations would warrant looking into a loan refinance.     

Your Credit Score Has Improved:

Your credit score determines your interest rate and loan terms. Has your credit score improved? If your credit score has improved since you took out your current loan, refinancing might make sense for you.  

Ready to see if refinancing is right for you? 

Apply online or give us a call. We help members every day review their loan options and save them money. As a non profit, we have minimal fees and will guide you on the path that is best for you financially.