But what many people don’t realize is that you can also refinance your auto loan
. It works just like refinancing a home loan and can give borrowers much needed financial flexibility.
Want to save more? Refinance and reduce your vehicle’s monthly payments. Want to drive payment-free? Refinance and pay off your auto loan quicker.
Auto loan refinancing may be less known than home refinancing, but it’s no less powerful a tool for taking control of your finances. Keep reading to learn if this financial hack could help you save more.
Is an Auto Loan Refinancing Right For Me?
To determine if auto loan refinancing may be right for you, ask yourself the following questions:
- Did you buy your vehicle a little while ago when interest rates were much higher?
- Did you finance your current auto loan through a dealership or another lender that is not Sikorsky Credit Union?
- Have your financial circumstances changed, making it harder to afford your monthly payment?
If you answered yes to any of these questions, an auto loan refinancing might be right for you. At Sikorsky Credit Union, we’re currently offering rates as low as 1.99% APR*
on refinances from other lenders.
It’s smart to always be on the lookout for more ways to save!
How to Start Refinancing Your Auto Loan
Applying for an auto loan refinance at Sikorsky Credit Union is very easy. You can easily apply online
, visit the branch closest to you
or call 203-377-2252 to speak to one of our friendly representatives. Approvals are fast — it’s our goal to make the process as stress-free as possible.
Not a member? Don’t worry; if you live in Fairfield, New Haven, or Hartford County, you can join Sikorsky Credit Union and start banking better.
If you have any questions about auto loan refinancing, feel free to contact us
. Our auto loan representatives are more than happy to help.
*APR = Annual Percentage Rate. A payment example for a $15,000 used car loan for a person with a 760+ credit score who has a loan term of 60 months and is enrolled in autopay for the entire period of the loan at an APR of 1.99% is approximately $262.85 per month. Rate reflects a .25% discount for automatic payments from a Sikorsky Credit Union account. Up to 115% financing including tax, warranties and license. Rate is determined by your credit history and term and may range from 1.99% to 10.99%. May not be combined with other promotional rates or offers. Existing Sikorsky Credit Union auto loans are not eligible for refinance. Terms and conditions apply. Rate is subject to change without notice. Used auto rates apply to model years 2017 or newer. Older used vehicle terms and rates also available. Other terms and rates are available for model years 2012-2016.
Standard vehicle financing guidelines apply. Vehicle loans are available for the purpose of purchasing a new or used vehicle (automobile, truck, or motorcycle) or refinancing an existing vehicle loan. Commercial vehicles, vehicles over 10,000 pounds Gross Vehicle Weight (GVW), and vehicles with rebranded titles (total loss, flood, rebuilt, etc.) are not eligible for financing.
When you think of refinancing, you may immediately think of home loans.