Does Refinancing My Auto Loan Really Pay Off?
Let's face it, as the costs for almost everything continue to rise, it can be more challenging to save your hard-earned money. What can you do to help offset these costs? At RBFCU, we offer our members low to no-cost financial services. We may be able to refinance your higher-rate Auto Loan from another financial institution to a lower rate that can help keep more money in your pocket.
For example, if you have a 66-month auto loan at 6.5% APR and you financed $25,000, this makes your monthly payments approximately $452.
After six months, you decide to refinance your current remaining balance with us (which is about $23,078 by then). If you are eligible to refinance online at 1.8% APR for the remaining 60 months, your monthly payments will go down to $404 (a difference of about $48 per month).
How much will you end up saving overall? You could ultimately save more than $2,850 over the remainder of your loan if you refinance with us!
Get Pre-Approved Today!
Example does not include sales tax. Loans are subject to credit approval. The 1.8% APR is our best rate available when applying online for an RBFCU Auto Loan to finance a new or used vehicle purchase, or refinance an existing auto loan from another financial institution over to us. Payment per $1,000 is approximately $17.47 per month for 60 months at 1.8% APR based on deferment of first payment for 60 days. Auto loan rates and terms are subject to change without notice and are based on your credit rating and other factors. Loan term will be based upon amount financed, collateral and mileage. Longer loan terms are available at different rates. Contact our Consumer Lending Center for more details. Some restrictions may apply.