Love your car, but not your auto loan rate from another lender? Our Pen Air Member Advisors take a personalized approach to help you lay out all of your options to see if we can put money back into your wallet.
With the strong health of the economy, financial experts are predicting that we are likely to see rates continue to rise in 2018. If you are looking to refinance your vehicle (or any kind of loan) now is the time to do it.
Maybe your credit score has improved, you didn’t get the best rate the first time around, or perhaps you just need to lower your monthly payment. We can help.
Here are some things to keep in mind as you consider refinancing:
» Research your current loan details. Refinancing your auto loan is a great way to lower your payments. However, before you can lower your car loan payments, you first need to determine specific information about your current car loan. Find out how much the remaining balance is. When you refinance an auto loan you will be asked for this information. You will also be asked for the current interest rate, as well as the current loan term or the length of time you previously planned to pay the loan.
» Consider auto loan refinancing even if the annual percentage rate on your car loan is low. Do not rule out the possibility of getting a lower APR than your current loan. Even if your current APR is low, you have a chance to save money by refinancing your loan and finding a lender who will offer you a lower APR.
» The amount you could save with an auto loan refinance is largely dependent on the age of your current loan. Because car loans are paid by amortization, more interest is paid in the first half of the loan than the latter half. That means the earlier you refinance, the more you stand to save with a lower interest rate.
» Plug in the numbers into our BALANCE calculator to see what your potential payment could be.
» Document Checklist*:
- Copy of your current vehicle registration
- Written 10 Day Payoff Quote: Including the name of the current finance company, payment address, account number, and a 10 day pay off amount.
- Proof of Insurance (Valid Insurance Card)
*Other documents may be required.