Why You Should Consider a Credit Union to Refinance Your Auto Loan
When you’re in the market for a new or used car, you’re probably thinking about financing the vehicle. While dealerships make their own financing programs seem attractive, it’s always a good idea to shop around for the best auto loan rates – starting with local credit unions. Credit unions are often able to provide better rates and service than commercial banks.
Here are some reasons to consider a credit union for your next auto loan, or to refinance your current loan:
Competitive Interest Rates on Auto Loans
Credit unions are not-for-profit, so we operate for the benefit of our members, not shareholders. Since we aren’t profit-driven, we are able to provide the best possible rates for our members. Our earnings go right back to you in the form of lower loan rates and no hidden fees.
Just like any other financial institution, your interest rate will vary based on your credit score and credit history. A long and healthy credit history will ensure you receive the best rates, but even members with limited credit history will find better opportunities with a credit union. At Robins Financial Credit Union, we work with all types of credit history.
Time Saving Services
You won’t be limited on your online account management options with a credit union. We invest in the technology and services that best serve our members to ensure you are always able to access your accounts. At Robins Financial, we offer several features that will save you time and help you take a load off of your to-do list. Here are just some of services and features available to help you manage your accounts:
- Digital Banking, accessible through any online or mobile browser as well as our mobile apps for Apple® and Android™
- Schedule automatic payments
- Online loan portal
- Bill Pay
- Money Manager
- And so much more!
Personalized Loan Application Experience
We care deeply about our community, and as a member, we want to ensure you don’t feel like just another number in the system. Credit unions strive for a more personalized approach. You’ll work with a team interested in seeing you succeed, which means we create loans that feature both a competitive interest rate and a reasonable term repayment.
New and Used Auto Loan Options
Not everyone is ready to buy a new car, which is why we offer competitive options for both new and used vehicles. There are plenty of benefits for buying a used vehicle, namely a cheaper price tag and depreciation isn’t as steep.
Great Refinance Options
The healthier and more established your credit is, the better interest rate and terms you will qualify for. If you’ve had your auto loan for a while now and it doesn’t seem to be going away, you may be paying too much in interest. If your interest rate is 7% or greater, it’s likely you’re overpaying on your car loan. This is where refinancing at a credit union comes in. Getting a better rate on your new and improved loan isn’t is hard as you may think. Just review your current loan terms to make sure you don’t face any prepayment penalties or early termination fees on your current loan, and you will be in better financial shape when you refinance your auto loan with a credit union.
Refinance and save with Robins Financial to drive home your savings and see for yourself what sets credit unions apart. Check out our auto loan calculators to help you estimate your monthly car payments. To find out how much you could save, give us a call or stop by any of our branch locations. If you’re ready to refinance, apply online today.