The Benefits of Refinancing Your Auto Loan with SLFCU
For many, refinancing your auto loan can help save money. Here are three reasons you might want to refinance an auto loan from another lender with SLFCU.
1. LOWER YOUR MONTHLY PAYMENTS
Sometimes, an expensive occurrence such as having a baby, unforeseen medical bills, or a natural disaster can place you in a situation where you will need to reduce your monthly expenses. If you need lower monthly payments to make room in your budget, taking advantage of SLFCU’s low rates or extending the term of your loan could help. We offer competitive rates with flexible terms on new and used vehicles.
2. PAY LESS IN INTEREST; PAY OFF YOUR LOAN MORE QUICKLY
By refinancing, you can take advantage of lower interest rates and could save on the total amount of interest you’ll pay over the life of the loan. You could also opt for a shorter loan term to save on the total interest you pay.
Since SLFCU does not charge a penalty for paying off your loan early, many members choose a longer term with lower monthly payments with the intent to make larger payments each month. They generally pay less interest in the long run and can revert to making their regular monthly payment if they have unplanned expenses.
3. GET BETTER SERVICE
Managing your auto loan at SLFCU is easy and convenient. You’ll receive the same great service you expect from us and can see your loan balance and payments in online banking or our mobile app. Making payments is as simple as transferring money from your SLFCU savings or checking account, or using our other convenient payment options.
REFINANCE YOUR AUTO LOAN TODAY
You can apply online, or call 505.293.0500 or 800.947.5328.
Here are some tips to make the process even easier:
- Before you apply, call your existing auto lender and ask for your 10-day payoff amount as well as any payoff instructions they may have.
- Have your vehicle year, make, model, mileage, and VIN number readily available. We will need this information during the application process or soon thereafter.
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