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3 Reasons to Refinance Your Auto Loan

3 reasons to refinance your auto loan

Published: July 10, 2018

3 Reasons to Refinance Your Auto Loan

If you're still making monthly payments on your car and feel like you're paying too much, then it may be time to explore your auto loan refinancing options. At Santa Clara County Federal Credit Union, we're happy to offer low-rate auto loans to suit your needs. Our auto loans have terms of up to seven years, and we'll gladly finance both new and used vehicles.

So, what are some of the benefits of refinancing your auto loan?

1. Lower Your Interest Rate

The first and perhaps most compelling reason to look into refinancing is the possibility of lowering your interest rate substantially. If you had poor credit when you were approved for your current auto loan, there's a good chance your interest rate is quite high. If you've improved your credit since or if average interest rates have simply dropped since you first took out your loan, you may be able to secure a much lower interest rate on your auto refinance loan through County Federal.

2. Save on Your Monthly Payment

When you're paying less in interest, you may also be able to lower your overall monthly payment on your vehicle. This means you can have the opportunity to free up some extra spending money or set aside more money in savings each month while still paying off your loan in a timely manner.

3. Pay Off Your Car Sooner

On the other hand, when you refinance to achieve a lower monthly payment, you can always continue to make your old car payment and apply the extra directly to your principal balance. If you do this month after month, you'll actually pay off your car sooner and thus pay even less in interest over the life of your loan. And of course, when you pay off your auto loan, this will only have a positive impact on your credit—making it a win-win situation all around!

On the other hand, when you refinance to achieve a lower monthly payment, you can always continue to make your old car payment and apply the extra directly to your principal balance. If you do this month after month, you'll actually pay off your car sooner and thus pay even less in interest over the life of your loan. And of course, when you pay off your auto loan, this will only have a positive impact on your credit—making it a win-win situation all around!

These are just a few of the many benefits to consider when refinancing your existing auto loan. Ready to explore your refinancing options? Allow our experienced loan advisors at County Federal help you get started. Contact us today to find out more about our auto refinance loans and other services offered.

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