Have an auto loan? Thinking of refinancing?

“Refinancing” is the financial buzzword now. It is not rocket science; it’s a simple money-saving act. Basically, an auto refinance means replacing your current car loan with a new loan that has different rates and terms, typically with a new lender. You may be thinking: “I’ve already been through this process. Why fill out forms again?” Here’s why:

Refinance = Smart Financial Decision = Better Living

Let’s explain how refinancing an auto loan translates to better living:

Save money!

We all love hearing these words. You found another lender, such as Travis Credit Union, that offers a lower interest rate than what you’re currently paying on your auto loan. What do you do? Refinance! Now you’re paying less every month so you get to keep the extra cash.

Extend payment term

If your monthly car payment is more that you can afford in your budget, refinancing to a longer term can help lower your payment. You can breathe at the end of the month because you’ll have extra money available to pay your auto loan.

Use your car as collateral (Lien)

You may be thinking, “Is this even possible?” Yes, at Travis Credit Union we offer lien-only loans that allow you to consolidate your high-interest rate bills into a low-rate auto loan. This is another way refinancing your auto loan is handy and saves you money.

All of these reasons to refinance add up to more peace of mind.

When to refinance

Life happens. Things change. Your credit scores change. There are many reasons as to when you should take advantage of refinancing. For example, changes in the stock market may mean interest rates have lowered since you originally received your auto loan. You can qualify for an auto loan refinance for various reasons. You will only know for sure when you apply.

That’s where Travis Credit Union comes in. Give us a call at (800) 877-8328, apply online at www.traviscu.org or visit a branch nearest you. We’re always here to help, educate and make your financial life better.

Refinance with Travis