Ease the Squeeze on Your Wallet: Refinance Your Auto Loan
It happens every month when your auto loan payment leaves your bank account.
Your stomach somersaults.
Your wallet winces.
You check your bank balance compulsively on your mobile app, hoping your bottom line can withstand the strain.
Before you reach for the Pepto Bismol this month, however, you remember something you recently read on a credit union website — and a question follows.
Can I really pay less for my car each month and enjoy more peace of mind as a result?
Yes, you can—and we’re here to tell you all about it!
Make your painful monthly payment a thing of the past by applying for an auto refinance loan — otherwise known as an auto “refi.”
That’s right. You can leave your old loan behind and apply for a new, improved loan for your vehicle that won’t leave you panicking about your pocketbook every month.
The Benefits of an Auto Refinance Loan
What are the benefits of refinancing? Let us count the ways a refi can ease the squeeze on your wallet.
Lower Interest Rates: Let’s say you made the mistake of financing with a car dealership. Their rates tend to be sky-high. It doesn’t help that they pressure people through the purchasing process, which includes financing in-house, to achieve their sales objectives.
Refinancing gives a do-over of sorts. A chance to lock in a lower interest rate so you’ll pay less over the life of the loan.
Oh, and did we mention that credit unions offer lower interest rates for auto refi’s than banks?
Lower Monthly Payments: While lower interest rates will also result in lower monthly payments, there’s another way to achieve this result.
When you refinance, you can lower your monthly payments by adjusting the loan repayment schedule.
Let’s say you currently have a 60-month loan. You will pay less each month if you opt for a 72-month or 84-month loan term instead.
Keep in mind, however, that when you opt for a longer repayment period, you pay more over the life of the loan because interest has more time to accrue. At the same time, your monthly payment will be more manageable — and that may be exactly what you need now.
Improved Loan Terms: If you have a variable-rate auto loan, you know what it's like to wonder when your monthly payment is going to increase, and by how much.
When you refinance, you can choose a fixed-rate loan so you will pay the same amount every month.
No Prepayment Penalties: If you pay off your refinanced auto loan early, your credit union won’t assign prepayment penalties, which is another reason to breathe a sigh of relief.
Credit unions can cut you some slack here because they are not-for-profit organizations that are structured to encourage the financial flourishing of their members. They are member-owned, and therefore their members come first!
Why Refinance with Millstream Area Credit Union?
At Millstream Area Credit Union, our commitment to member-focused service means we do everything we can to make the auto refinance loan application process easy for our members.
Members can launch the auto loan refinance application process electronically and finalize the process with eSignatures. We also text you updates during the approval process to keep you in the loop!
If you’re not a member, you can become one. In fact, we’d welcome you with open arms—really and truly.
If you live, work, worship, or attend school in Allen, Hancock, Hardin, Putnam, Seneca, or Wood counties—or are a relative of a current member—you’re eligible to apply for membership.
If you’re already a member, or simply curious about our current rates, you can plug your numbers into our loan calculator to get a glimpse of what your new monthly payment might look like with us.
On the other hand, if you’re a member and you’re ready to roll with your refi, you can launch your auto refinance loan application on our site right now. Once it’s finalized, we’ll give you a $100 gas card, and you won’t pay a penny on your loan for the first 60 days. Sounds pretty good, right?
So put down that Pepto Bismol and let us help you lock in a monthly auto payment that’s easier on you and your bottom line. Life’s hard enough without being saddled with the unnecessary stress of a car payment that costs more than it should.
Let Millstream Area Credit Union ease the squeeze on your wallet today. You deserve better, and we both know it—get started today!
