Why Should I Refinance My Vehicle at allU.S. Credit Union?

Are you drowning in high payments with a high-interest rate car loan that you simply can’t afford?  Were you one of those car shoppers that smelled the new interior, gawked at all the gadgets, took a test drive and just wanted to hit the road in your new car no matter what the cost or the finance rate?  Like many others in your shoes, after the initial excitement wore off you realized the interest rate was higher than you expected, and now it’s squeezing your budget.  

You might want to think about refinancing your vehicle.  Refinancing could save you money if you qualify for a better rate.  And, at allU.S. credit union you may benefit from more flexible repayment terms and certainly more personalized customer service.

How Does Refinancing Work?

The process is similar to refinancing your home – only much simpler.  Just like a home refinance, you’re using a loan from another lender to pay off an existing loan, and doing so at a much more affordable interest rate.  The point of refinancing is to get a better deal.  A lower interest rate could result in hundreds of dollars in savings while a longer term may make paying off the debt easier on your budget.

When Does Refinancing Your Vehicle Make Sense?

  • If you didn’t get the best interest rate available the first time. perhaps you were in a big rush to buy your vehicle and you didn’t shop around first for the best rates with local lenders.  Credit Unions, like allU.S. in particular, are known for offering favorable interest rates on auto loans to their members.
  • An auto refinance can be useful for those people who are saddled with high interest rate loans due to a poor credit score, lack of a credit history, or unemployment.  As long as you haven’t missed any payments, it’s worth seeing if you can grab a more attractive rate this time around.
  • If your financial situation has changed since you initially got your loan it may make sense to refinance your car.  If your credit score has improved, even by just 50 points, that improvement can earn you a lower interest rate.
  • Maybe you have discovered a mistake on your credit report that cost you a better rate.  If that mistake has been corrected it may be a good time to refinance your vehicle.  You can check for credit report errors on AnnualCreditReport.
  • If you have only one or two years left on your car loan, it might not make sense to refinance into a new loan with a longer term.  But if your objective is to reduce your monthly payments, a refinance may be the way to go.

Why Refinance Through A Credit Union?

Because credit unions are not-for-profit they work exclusively for their member’s benefit and often offer unique loan programs that might not be available from a traditional bank.

Lower Interest Rates:  At allU.S. credit union earnings are passed back to their members in the form of lower rates and fees.  According to the National Credit Union Administration the average car loan from a credit union was 2.61% lower than the average bank. 

Flexible repayment terms:  allU.S. credit union offers financing up to 100% of the vehicle’s value and provide numerous repayment options.           

Loan Protection Products:  You can usually buy GAP coverage from the auto dealer.   If you purchase that insurance from allU.S. you can usually save hundreds of dollars for this useful protection.

Skip-A-Pay:  allU.S. allow their members to skip a loan payment now and then if they are facing a financial crisis.  You can forget about asking a car dealer for that type of special treatment.

What’s better than a lower rate and a lower monthly car payment?

Because the auto refinancing application only takes a few minutes to complete and the entire process isn’t burdensome, you have little to lose by trying to get a better deal.  So, if you love your vehicle but not your loan it might make sense to refinance your loan with allU.S. Credit Union! 

Annual Update From The CEO

At allU.S. Credit Union we understand that no two people are the same and neither are their financial circumstances. It is our job to listen and offer solutions that make sense for you and your family. We have resisted the tight credit mentality and are saying “YES” when others may be saying “NO.”

Daily we hear from our neighbors who could not obtain a loan elsewhere and allU.S. was able to help. This year we helped members with medical bills obtain loans that they could not get anywhere else, provide financial relieve to obtain medical procedures to improve their quality of life and work out solutions to pay back taxes. Our philosophy is simple; we take applications from anyone who wants to be considered for a loan. We view each and every member as an individual. We take pride in providing financial solutions, not just lending money. This philosophy is one that you can be proud of; your credit union will continue to focus on granting credit and providing financial solutions for our friends and neighbors.

Let us assure you, the singular focus is and will be that of providing the best possible service to our members. Clear strategic objectives for growth and service have been developed to position your credit union to provide exceptional service to members, technology infrastructure and operational enhancements to support member expectations and financial discipline to ensure safety and soundness.

The foundation for growth and service excellence will be put in place when we relocate to North Main Street at year end.  We will improve the security of our staff and membership by leaving the Market Street location as well as provide additional accessibility and convenience to existing and new members.

Our belief is that everyone should be a member of a credit union and that allU.S. is the best of all. That belief is affirmed, as we have had the opportunity to work closely with a committed and member-focused staff.

As members, you can choose from the products and services that provide value to your financial life. And you can be proud of our community engagement and corporate citizenship that have long been a part of our culture. We will continue to stay true to who we are and where we came from. 

We want to ensure more people have the opportunity to experience the allU.S. difference. We encourage you to invite others to join so they, too, may become part of the credit union family. We are grateful to the members of allU.S.’s Board of Directors for the confidence they have placed in us. We appreciate the support and hard work of the entire credit union staff, as they work diligently to fulfill our mission, to be our members’ most trusted and valued financial resource.

Thank you for your continued support and patronage of allU.S. Credit Union. We look forward to serving you for many years to come.