Refinancing your car loan with Members CU is simple!
With all car loans Members CU can:
- Reduce Monthly Payments
- Find Better Loan Terms*
- Secure Lower Interest Rates
- Include GAP Insurance, DMV Fees and Extended Warranty in Your Loan
- Offer Exclusive Members Only Benefits
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*Secure a loan for a maximum term of 84 months with a minimum monthly payment of $125. Existing loans with Members Credit Union do not qualify. Rates are subject to change. Loans are subject to membership eligibility, credit approval, the term of the loan, and loan to value ratio.
Frequently Asked Questions
What is auto refinancing?
Auto refinancing with Members Credit Union replaces your current car loan with a new one, potentially offering lower interest rates, reduced monthly payments, or better terms. It’s an excellent way to save money and improve your financial flexibility on your vehicle loan.
What are auto refinance rates?
Auto refinance rates at Members Credit Union refer to the interest rates offered when replacing your existing car loan. These rates are typically based on your credit score, loan term, and vehicle details, helping you secure lower payments and save money over time.
Does refinancing always lower my interest rate?
Refinancing with Members Credit Union doesn’t always guarantee a lower interest rate. It depends on factors like your credit score, loan terms, and market conditions. However, refinancing can still provide benefits like reducing monthly payments or extending loan terms to improve financial flexibility.
How can I qualify for the best auto refinance rates?
To qualify for the best auto refinance rates at Members Credit Union, maintain a strong credit score, keep a low debt-to-income ratio, and ensure your vehicle meets lender criteria. Additionally, applying during favorable market conditions can help secure lower interest rates.
What documents are needed to refinance an auto loan?
To refinance your auto loan with Members Credit Union, you’ll need proof of income (pay stubs or tax returns), identification (driver’s license or passport), current loan details, and vehicle information such as the VIN, mileage, and make and model of your car.
Will refinancing my car loan hurt my credit score?
Refinancing your car loan with Members Credit Union may cause a slight, temporary dip in your credit score due to a hard inquiry. However, if you continue making timely payments on your new loan, your credit score can improve over time.
Is it better to refinance through a bank, credit union, or online lender?
Refinancing through Members Credit Union often offers better rates and personalized service compared to banks or online lenders. As a credit union, we focus on members' needs, providing competitive rates, lower fees, and flexible terms to help you save money on your auto loan.
Will refinancing affect the ownership of my car?
Refinancing your car loan with Members Credit Union does not affect your car ownership. You remain the owner of the vehicle. The only change is that the lender holding your loan may change, while the terms and payments may improve.