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

May 26, 2015 - by Patrick Redo

 

Unleash the Savings with an auto refinance

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?

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!  

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