Save on Interest or Lower Your Payment
If your car payment has been feeling a little too high lately, you’re definitely not alone. A lot can change after you first finance a vehicle, and refinancing could help you save money or lower your monthly payment. Here are five signs it might be time to take another look at your auto loan.
1. Interest rates have dropped
If rates are lower now than when you originally got your loan, refinancing could help you secure a better rate. Even a small drop can make a difference over time, especially if you still have several years left on your loan. Right now, CWCU's limited time auto refinance promo might be able to save you money.
2. Your credit score has improved
Maybe your credit wasn’t great when you bought your car, but things have changed since then. If you’ve been making payments on time, paying down debt, or improving your overall credit, you may qualify for a lower rate today.
3. Your monthly payment feels too high
Life changes fast. If your budget feels tighter than it used to, refinancing may help lower your monthly payment by reducing your rate or adjusting your loan term. A lower payment could free up room in your monthly budget without giving up the car you already love.
4. Your loan is with another lender
A lot of people finance through the dealership because it’s quick and convenient. But that doesn’t always mean it’s the best long-term rate. In fact, members who refinanced their auto loans with CWCU during this limited-time promotion have already saved a combined annualized total of more than $37,000.*
5. You want to save money over the life of your loan
A lower interest rate could mean paying less overall for the same vehicle. Depending on your current loan, refinancing may help you keep more money in your pocket over time while still keeping the car you already drive.
Refinancing doesn’t mean starting over or buying a new car. It just means finding a loan that works better for where you are today. If your current auto loan is with another lender, now could be a great time to see what refinancing with CWCU could do for you.