How Can I Change My Monthly Car Payment?

If you don’t like your monthly car payment, you’re not always stuck with it. See if you can change your monthly payment and stay in the car you love by refinancing your loan.

RBFCU can refinance vehicles from another institution, allowing qualified members to:

• Save money — a lower rate could potentially cut thousands of dollars from the final cost of your vehicle

• Choose a loan term that works for you — you could reduce the term of your loan and pay it off faster, or extend the term and possibly get lower monthly payments

• Make equity work for you — the equity you have in your vehicle can be used to borrow money at a low rate

If you qualify, refinancing with RBFCU is easy. Follow these steps to answer the question “How do I refinance my vehicle with RBFCU?”:

• Complete an application, which can be found online. You’ll need information about your current vehicle (vehicle identification number or VIN, make, model, year and mileage). How long do you want to finance your loan? What’s your current employment and income information? Will there be any joint borrowers you would like to include on the auto loan (including date of birth, address, income, employment, Social Security number and contact information)?

• Review your offer. RBFCU will contact you regarding your application and provide information about the approved rate, term and amount. You can review these options and make a decision on the loan.

• Complete your paperwork. When you’re ready to finalize, you’ll need to electronically sign your paperwork or visit an RBFCU location to complete the loan process.

Before you get started, there are other things to look for according to NerdWallet. Determine if there is a prepayment penalty on your loan. Check your credit score and make sure there are no mistakes on your file. Use a refinancing calculator to get an idea of the best loan for you and what term you should consider choosing.

For qualified members only. Auto loans are subject to credit review and approval. Rates are subject to change without notice. Some restrictions may apply. Proof of income required for deferred payments. For complete details, contact the Consumer Lending Center.

Information in this article is general in nature and for your consideration, not as financial advice. Please contact your own financial professionals regarding your specific needs before taking any action based upon this information.