Why You Should Refinance Your Auto Loan with a Credit Union
When shopping for a new car, many buyers accept the loan package they are offered at the dealership. While car dealerships make their own financing programs seem appealing and it’s certainly convenient at the time, you may later come to regret the terms of your loan package. Once you’re down the road of making payments, you may realize the interest rate is higher than you anticipated and is straining your budget. If you’re wishing you could get a do-over on your current loan, refinancing your auto loan with a credit union could be your saving grace. Unlike commercial banks and other lenders, credit unions are often able to offer the same great features with better rates and better service.
Here are some reasons why you should choose a credit union to refinance your auto loan.
Lower Interest Rates
Because credit unions are not-for-profit, we operate for the benefit of our members rather than shareholders. Since credit unions aren’t driven by profits, our earnings go right back to you in the form of lower loan rates and low to no fees. We are able to provide the best possible rates for our members with no hidden fees. As with any other financial institution, the interest rate you qualify for is based on your credit. A good credit score and healthy credit history will ensure you receive a great rate, but even members with limited credit will find better financing opportunities with a credit union. At Robins Financial, we work with members with all types of credit to ensure you receive the best rate you can qualify for on your auto loan.
Convenient Digital Services
A common misconception about credit unions is that we don’t offer the same convenient services and features as banks. But that’s simply not true! Credit unions invest in the technology that best serves 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 make managing your accounts even easier. Here are just some of our time-saving services to help you make the most of refinancing your auto loan with a credit union:
- Digital Banking
- Convenient loan payment options
- Bill Pay
- e-Statements
- e-Alerts
- Financial Tools
- Easily view loan payoff
- And so much more!
Personalized Member Experience
Credit unions care deeply about our community and those we serve. As a member, we want to ensure you don’t feel like just another number in the system. We strive for a more personalized approach in everything we do. At Robins Financial, you’ll work with a team that cares about seeing you succeed. We create loans that feature a competitive interest rate and reasonable term repayment. We’re here to work with you by providing the auto loan solutions that work best for you while giving you the tools and knowledge you need to successfully manage your finances and achieve your goals.
New and Used Auto Loans
We offer competitive loan options for refinancing both new and used vehicles. With great rates, fast approval, less fees, and convenient payment options, Robins Financial makes refinancing your auto loan easy and affordable.
Better Loan Terms
If your current auto loan interest rate is 7% or greater, it’s likely you’re overpaying on your car loan. This is where refinancing your auto loan with a credit union comes in. Getting a better rate on your new and improved loan isn’t is hard as you may think. The healthier and more established your credit is, the better interest rate and loan terms you will qualify for. Review your current loan terms to make sure you won’t face any prepayment penalties or early termination fees on your current loan and make sure you have everything you need to apply for a refinance. 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 make an appointment at one of our convenient branch locations. If you’re ready to refinance, you can apply online now.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.