Refinance Your Auto Loan
Lower your rate, payment or both when you refinance.
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Wish your car payments were less? Thinking about refinancing your car? From knowing when to apply for a refinance car loan to finding one of the lowest auto refinances rates, we can help.
Please note, membership is required to open a DCU Auto Loan. Visit our membership eligibility page for more information.
Refinancing your car means replacing your current auto loan with a new one. The new loan pays off your original loan, and you will begin making monthly payments towards the new loan. The application process for refinancing doesn't take much time, and many lenders can/may make determinations quickly.
Your monthly car payment is a combination of payments toward the car and interest. If you’re in a situation where you have less income or additional expenses, and need a lower payment, it might be a good time to refinance. Refinancing and/or extending your loan term can lower your payments. How?
If your credit score has improved since establishing your original car loan, you may qualify for a lower interest rate, which can result in a lower monthly payment. If you don’t qualify for a lower interest rate, you may be able to extend the loan term–that is the amount of time you take to pay off the loan. However, be aware that when you extend the loan term, you will pay more interest over time.
Now that you know what it’s all about, you’re probably wondering “how do I refinance my car?” There are some steps you need to take and preparation to do before you can refinance your auto loan. DCU has an easy, 6-step process to help you get ready:
Auto refinance borrowers saved an average of $1,158 per year, or about $97 per month, according to the State of Auto Refinance: 2022 Report. Depending on how and who you refinance with, you can get lower rates and more flexible terms, resulting in lower monthly payments.
Get your refinance auto loan with DCU for flexible terms and to get one of the lowest auto refinance rates. Lower your rate, payment or both. Explore our rates, read reviews, and apply online.
Please note, membership is required to open a DCU Auto Loan. Visit our membership eligibility page for more information.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.