Now is a Great Time to Refinance Your Auto Loan | Cinfed Credit Union

Money Matters for Cinfed Members

Now is a Great Time to Refinance Your Auto Loan

Posted on August 03, 2020
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Now is a Great Time to Refinance Your Auto Loan

By Michael Mason, Vice President, Lending

Looking for ways to make every dollar count? Your auto loan is a great place to start. If you’re looking to update your vehicle or lower your payments, now is a good time to take advantage of lower rates.

It pays to shop around when you buy a vehicle. In the same way, it’s a great idea to shop for lower loan rates while you’re paying down your auto debt. In addition, you’ll have 90 days before your first payment is due, giving you more money in your pocket for the next few months.

Lower your monthly payment

When you refinance your auto loan to a lower interest rate, you can lower your monthly payment. What’s more, you’ll save on the amount of interest you pay over the life of your loan. Typically, the ideal time to refinance an auto loan is any time within the first two years. That lets you take advantage of greater savings over the life of the loan.

Shorten the life of your loan

You can get a better interest rate — and be out of debt sooner — when you shorten the life of your loan. Your monthly payment might increase slightly, but you could save money on interest in the long run.

Looking to replace your vehicle? Auto bargains offer a silver lining.

There’s no doubt the American economy took a hit with the COVID-19 outbreak. Car dealerships largely sat idle from March to May, and now they’re driven to move inventory. That means you might find a great deal on a new or used vehicle.

Before you start shopping for a vehicle, it’s a good idea to:

  • Know your credit score.
  • Learn why it pays to be pre-approved for an auto loan. For example, a Fast Lane pre-approved auto loan from Cinfed literally puts a blank check in your hand. With your financing already in place, you're free to focus on finding the best deal on the car you want.
  • Use a car loan calculator to help you predict your monthly payments and stay within your budget.

Take advantage of credit union car loan benefits

When you combine a great deal on a new or used vehicle with a loan from a credit union, all the better. Credit Karma details several benefits to a credit union car loan. Apply online for a Cinfed auto loan and get information about your trade-in. It’s quick and easy – and you’ll typically hear from a Cinfed loan officer in less than 24hours.

Learn more about auto loans

Watch this short video to learn more about how auto loans work. If you have questions, please call your local Cinfed branch to chat with a financial coach. If you’d rather visit or apply for an auto loan in person please read our COVID-19 updates to know what to expect.

*APR = Annual Percentage Rate. APR is based on credit history, vehicle year, and term of loan. Proof of current rate required. Rate discount floor limit is 2.24% APR. Not applicable to current loans with Cinfed. For new Flex Loans, promotional rate discount can be applied; floor rate limit is 3.24% APR, 90 days to first payment not offered. Subject to credit approval. Offer expires September 30, 2020. Federally insured by NCUA


Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656


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