Refinance Auto Loans
If your auto loan requires inconveniently large payments or has an interest rate that is too high, consider refinancing your loan with SMW. You might think that such a move will be difficult or take a long time, but we understand that everyone’s time is valuable, so we make every effort to smooth the process for you. You can apply online, at your convenience.
Refinance Your Ride. Reclaim Your Budget
When you refinance your auto loan with SMW, you have the opportunity to reset your budget and to possibly lower your monthly payment. The best way to estimate the effect that terms and rates could have on your monthly payments is to try out your preferred values in our Simple Loan Calculator.
Refinance your current auto loan from another lender and enjoy:
- A lower monthly payment
- A better rate
- A smoother, stress-free refinancing process
Don't let a high interest rate or unmanageable payment keep you from your financial goals. Explore the benefits of refinancing your auto loan with SMW Financial Credit Union today and discover how much you could save. Contact us to learn more or start your application online today.
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FAQs
Is auto loan refinancing right for me?
Refinancing an auto loan is ideal for individuals who:
- Are looking to lower their monthly payments and their existing auto loan has a higher interest rate than current rates.
- Have improved their credit score since taking out their original loan.
- Want to pay off their loan faster.
- Have accounts at SMWFCU and would like to bring a loan from another lender to simplify their finances.
How does refinancing an auto loan work?
- Start by completing an application online or at one of our branches, which will provide us details about your current loan and financial situation.
- An SMW loan officer will review your application to determine the best refinancing options available to you, including potential new rates and terms.
- Once approved, we'll guide you through the closing process, handling the payoff of your old loan and setting up your new, more favorable, SMWFCU auto loan.
How soon can I refinance my auto loan?
In a perfect world you could refinance your auto loan immediately after purchasing the vehicle. However, there are factors that can make that difficult such as the length of time it takes the title to be completed and your loan to be set up in the other lender’s system. Unless you have a pressing reason to refinance right away, it may be best to wait at least six months. The good news is that you can usually save when you refinance when you have at least two years left on your loan.