Is Refinancing Right for Me?
There are a number of reasons you might want to refinance your current vehicle loan. We hope you have a deep sense of community and know that the loans you finance with CSCU go back into your community in many ways.
You might refinance to:
- Lower your monthly payment
- Lower your interest rate
- Extend the term of your loan
- Pay your loan off faster
The reasons vary, however, we are here to help you make the best decision on refinancing your vehicles.
We believe in community and we want you to Bank Happy, Spend Smart and Live Well in your community.
Want to Compare Payment? Check out a few examples**
| Loan Amount | Interest Rate APR* | Loan Term in Months | Estimated Payment |
|---|---|---|---|
| $75,000 | 7.49% | 72 | $1,296 |
| $75,000 | 4.49% | 72 | $1,190 |
| $45,000 | 7.49% | 72 | $778 |
| $45,000 | 4.49% | 72 | $714 |
| $30,000 | 7.24% | 60 | $597 |
| $30,000 | 4.24% | 60 | $556 |
| $20,000 | 7.24% | 60 | $398 |
| $20,000 | 4.24% | 60 | $371 |
*APR – Annual Percentage Rate. Rates shown are for shopping comparison only and not reflective of a rate you are guaranteed. All loans subject to credit approval and membership eligibility. Your actual APR (Annual Percentage Rate) will be determined at the time of your loan disbursement and will be based on your creditworthiness and other factors, including the collateral age and condition if applicable. Not all applicants will qualify for the lowest rate. Other terms and conditions may apply.
CALCULATE
Run your numbers
Get a better idea of what to expect out of your payments, percentage rates, or down payment with our free calculator tool.
Open CalculatorFREQUENTLY ASKED QUESTIONS
What do I need in order to apply to refinance my vehicle?
- You will need the make, model, mileage, year, and VIN (Vehicle Identification Number) of your vehicle.
- The payoff amount of your current vehicle.
- Submit your application with the remaining required information.
- The name of the current lienholder.
When is the best time to refinance?
Several factors can make it a great time to consider refinancing:
- Has your credit score improved since you financed your loan?
- Have you had a recent change in income, either up or down?
- Would you like to lower your rate?
- Would you like to lower your payment?
These are just a few things to consider.
How soon after I purchase a car through a dealer or another financial institution can I refinance?
Usually we can help you as soon as the former lender has received and processed your loan documents and established the loan. Contact us for help.
What if I bought an expensive GAP or Warranty product from another lender?
Gather your information regarding those protection policies. CSCU offers both GAP and Mechanical Repair Coverage. You will want to be sure to apply for a refund from the prior lender.
How will I know what my new rate will be?
If you know your credit score, we can help you determine about where your rate may fall. CSCU uses the Equifax FICO8 Auto Score to price Automobile loans and after you apply, we can give you the rate you would receive based on your score and collateral offered.
RELATED CONTENT
What is my vehicle worth?
Before you refinance, you probably want to know what the value of your current vehicle is. This can impact the refinance offers available to you. Visit the NADA Site to evaluate your vehicle.
Learn More link boxCar Loan Questions?
Learn more about Car loans in our Financial Foundations learning center. Scroll down to Car Loans to get started.
Learn More link boxGet Insurance Quotes
Now might be a great time to get a quote for your vehicle coverage. Visit our Insurance Center for more information and to obtain a quote.
Learn More link box*All loans subject to credit approval and membership eligibility. Your actual APR (Annual Percentage Rate) will be determined at the time of your loan disbursement and will be based on your creditworthiness and other factors, including the collateral age and condition if applicable. Not all applicants will qualify for the lowest rate. Other terms and conditions may apply.
**Rates shown are for example only not actual rates you would receive. Your actual rate may be higher or lower than the rate shown.