How to Refinance Your Auto Loan from Another Financial Institution with CFCU
If your current auto loan came from another lender, you might be paying more than you need to. Refinancing with Christian Financial could help you lower your rate, reduce your monthly payment, or even pay off your vehicle sooner, all while keeping your finances local and personal.
Here are five simple steps to refinance an existing auto loan with better terms at CFCU.
1. Know Why You Want to Refinance
Before you start, decide what you’re hoping to achieve:
- Lower your interest rate to save on overall loan costs.
- Reduce your monthly payment to free up room in your budget.
- Shorten your term so you can own your vehicle outright faster.
- Move your loan to a lender you trust (that’s us!).
Once you know your goal, you’ll have a clear idea of what to look for when you compare options. Curious how much you could save by refinancing your auto loan with us? Find out with our calculator below.
Should I refinance my auto loan at a lower rate?
2. Gather Your Current Loan Details
You’ll need your current lender, loan balance, rate, payoff amount, and monthly payment. Having this ready helps us calculate your potential savings quickly.
3. Review Your Credit and Finances
Your credit score plays a big role in what rate you qualify for. If your credit has improved since you first bought your car, that’s great news, you could qualify for a much better rate now. You can check your credit score for free right inside Digital Banking through Credit Coach, or we can help you take a look when you apply.
4. Apply for a Auto Loan
Apply online, in-branch, or by phone. Provide your driver’s license, proof of income, and vehicle details (VIN, mileage, make, and model). Our team will help you find the right loan option.
5. Approve the Offer and Let Us Handle the Rest
Once you accept your new loan, we’ll handle paying off your old lender directly, no extra steps needed from you. Then, your new CFCU loan begins with lower payments, a better rate, and the friendly service you know and trust.
Make the Switch & Save
Refinancing your auto loan from another lender is a simple way to keep more money in your pocket. These steps to refinance an existing auto loan with better terms at CFCU make it easy to lower your payment, shorten your term, or pay off your car sooner. We’re here to help make it happen.
Ready to refinance? Apply online below or visit your nearest CFCU branch to get started today.
