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The Benefits of Refinancing Your Auto Loan on 5/25/2018

In many situations, refinancing your auto loan can help you meet your financial goals or save you money. Here are three reasons members decide to refinance their auto loans from other lenders with SLFCU.

LOWER YOUR MONTHLY PAYMENTS

If you need lower monthly payments to make some room in your budget, taking advantage of SLFCU’s low rates or extending the term of your loan can help. SLFCU is currently offering rates as low as 3.00% APR for up to 72 months for used vehicles and up to 84 months for new vehicles.*

PAY LESS IN INTEREST; PAY OFF YOUR LOAN MORE QUICKLY

Refinance your auto loan to take advantage of lower interest rates and 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.

GET BETTER SERVICE

Managing your auto loan at SLFCU is easy and convenient, and you’ll receive the same great service you expect from SLFCU. You can see your loan balance and payments by logging in to online banking or our mobile app. Making payments is as simple as transferring money from your SLFCU savings or checking account, and we also offer other convenient payment options.

REFINANCING YOUR VEHICLE IS EASY

You can apply online, call 505.293.0500 or 800.947.5328, or visit any branch.

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.

*Annual Percentage Rate effective 5/25/2018. Offer applies only to loans new to SLFCU. Available rate is based on credit history and may be higher than rate listed here. Not everyone will qualify for the lowest rate. Rate subject to change without further notice. The maximum loan term available for a new auto, defined as being from the current or previous two model years and having less than or equal to 25,000 miles, is 84 months. All loans subject to approval based on credit.

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