If your auto loan isn’t working for your financial needs, change it up!
Trust us when we say we’ve all felt stuck in a one-way relationship with auto loans at some point along our financial journey. You aren’t alone in thinking that the decisions you made at the time of purchase were right for you. Plenty of people get stuck in a cycle of bad auto loans that started when they were young and had no credit, or when they stumbled and had a low credit score, or even bad credit.
They get pressured into a deal with a high interest rate, and the added taxes and fees start the loan off with negative equity (owing more than the vehicle is worth). That’s a hard wheel to jump off, but you can break the cycle when you refinance your auto loan from another lender with SunWest Federal Credit Union.
...the amount owed on your statement makes you want to jump into the nearest body of water. Please don’t do that. We have great rates so call us instead.When you look at your auto loan statement each month, the amount you’re paying in interest should be steadily decreasing. If it’s not, now is a good time for a change. Refinancing a vehicle is NOT like refinancing a home. Vehicle refinances are typically quick and painless transactions with a very low title transfer fee. Once you’ve been approved, it’s just a matter of collecting documents (most of which are accessible online within minutes) and sending out a check.
Reduce your monthly payments. A lower annual percentage rate gives you some budgeting room, and any additional you pay toward your monthly payment goes toward your principal balance – saving you money on interest.
Adjust your loan term. If your monthly payments are too high, and you’re constantly cutting out the things you enjoy just to pay your loan, it’s time to take a look at your term. You may be able to extend it and give yourself a little breathing room. Maybe you went for the longer term at the dealer because you got a rebate or a discount, but you find that now you’re paying a lot more interest. Let’s look at shortening your term. Loans are not a one-size-fits-all kind of deal.
Apply today and we’ll work together to lower your current interest rate, adjust your payment schedule, shorten your term to help you pay your loan off earlier, and save you some major cash on your existing auto loan from another lender.