Did you know you aren’t tied to that auto loan you took out with another lender? Maybe the payment is higher than you would prefer or you didn’t get as great of a rate as you would’ve liked. The good news is, you can refinance.

Why you should consider refinancing:
Rates Are Lower Now Than They Were Over the Last Few Years
Maybe you bought your car a couple years ago when rates weren’t as low as they are now or maybe you jumped into the first offer you had because of necessity. Whatever the case may be, rates are low making it a good time to consider refinancing your loan. Even a small percentage rate drop can result in hundreds of dollars of savings over the life of your loan.

You Need to Lower Your Payment
Are you looking to save a little each month? Refinancing to a lower interest rate can lower your monthly payment allowing you to save more money or use that towards other financial obligations. When you are looking to make some budget cuts, refinancing can help.

How do you refinance your vehicle?
It’s easy! You can apply right online. After a quick credit check you will find out if your loan has been approved. After signing some paperwork, you will be driving home a great rate in no time. 

Not every car loan should be refinanced. If you are near the end of your term or if your car has a lot of miles on it, you may be better off waiting to purchase a new vehicle instead. At that time, we are still here to help. Sikorsky Credit Union has great low rates on new and used auto loan purchases and refinances. Learn more.