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How to Refinance a Car: A Simple Guide to Saving Money
Refinancing a car can be thought of as hitting the reset button on your auto loan. You simply replace your current loan with a new one that has better terms. You can do this with your current lender or a new one.
To help you navigate the process, let’s look at the benefits, the steps to take, and when it makes sense to do so.
Why Should You Refinance Your Auto Loan?
Most people refinance a vehicle to save money. If your credit score has improved or interest rates have dropped since you bought your car, you might be in a great position to get a better deal.
When you secure that lower rate, you generally have two choices for your monthly payment:
Lengthen your term and reduce how much you pay each month. This helps your monthly budget feel more comfortable.
Shorten your term and get a lower rate. Your monthly payment might go up slightly, but you’ll pay off the car faster and save a lot on interest.
| Payment Period | Refinance APR* "As Low As" | Minimum Loan Amount | Payment per $1,000 |
|---|---|---|---|
| Up to 48 Months | 5.49% | No minimum loan amount | $23.26 |
| Up to 66 Months | 5.99% | $10,000 | $17.83 |
| Up to 75 Months | 6.49% | $12,000 | $16.26 |
| Up to 84 Months | 6.74% | $20,000 | $14.97 |
Rates shown are fixed Annual Percentage Rates for vehicle model years 2024 and newer. Rates are subject to change. Your actual rate and terms are affected by your creditworthiness, term selected, vehicle type, and model year. Rates only apply to refinances of non-SCCU auto loans. You may be asked to furnish a down payment. Florida loans are subject to Documentary Stamp Tax. The tax amount is not included in the quoted APR. Certain restrictions apply.
Actual APR may vary; member eligibility approval conditions are subject to credit approval.
Your car is an asset with value that you can use as a means to get extra funds. This is called a cash-out refinance.
Here’s how it works:
Car Value: Your car is worth $15,000.
Loan-to-Value (LTV) Ratio: The lender allows you to borrow up to 75% of your car’s value.
Calculation: $15,000 × 0.75 = $11,250 (amount you can borrow).
Current Loan Balance: You owe $4,000 on your current car loan.
- Subtract the loan balance: $11,250 - $4,000 = $7,250 (cash you keep).
Result: You get $7,250 in cash, which you can use to pay off high-interest credit cards, cover tuition, or fund a vacation. All at a much lower rate than a personal loan.
"I purchased a vehicle very recently and SCCU had the BEST interest rate of all other financial institutions."
Mike V.Payment examples are estimates and do not include taxes, insurance, or fees.
Important Things to Watch Out For
Before you jump in, there are a few details to check.
- APR vs. Interest Rate: When shopping around, look at the Annual Percentage Rate (APR).
- The interest rate is just the cost of borrowing, but the APR includes fees and other costs. It gives you a better apples-to-apples comparison.
- Fees: Some lenders charge application or origination fees. The fewer fees, the better. (Some institutions, like Space Coast Credit Union, don’t charge application fees to refinance).
- Prepayment Penalties: Check your current loan. Does it have a penalty for paying it off early? If the penalty is high, refinancing might not save you money right now.
- Vehicle Equity: Lenders look at your car’s value versus what you owe. If you owe more than the car is worth, or if the car is older with high mileage (over 100,000 miles), it can be harder to find a loan, but it’s not impossible.
5 Steps to Refinance Your Car
Ready to get started? We’ve broken the process down into five manageable steps.
1. Weigh the Pros and Cons
Ask yourself: Will this save me money? Will it free up cash? If the answer is yes, don’t wait too long. Interest rates change often, and locking in a good rate now is a smart move.
Read more about whether refinancing now is the right time for you with our How Soon Can You Refinance a Car Loan article.
2. Check Your Credit Score
Your credit score helps lenders decide your rate. Scores generally range from 300 to 850.
You can check your credit report for free once a year. If your score has gone up since you bought your car, you’re a prime candidate for a better rate.
3. Gather Your Documents
You’ll need to share some personal info like your address, Social Security Number (SSN), and details about your income (like pay stubs). You’ll also need your vehicle info:
Make, model, and year
Mileage
Vehicle Identification Number (VIN)
Proof of insurance
Current loan details (balance and lender info)
4. Compare Lenders
Just like any other important transaction, you can ask your friends and family for lender recommendations. Explore your options for interest rates, APRs, and loan terms. Also check for any available discounts like rate drops for using Autopay.
At SCCU, we offer Hero Auto Loans with special rate discounts for first responders, medical professionals, law enforcement, educators, military personnel, and Department of Defense and government contractors.
If you’re not sure about a lender, check the Better Business Bureau to help you find one that you trust.
5. Apply for the Loan
Fill out the application online or in person. If approved, you’ll sign paperwork and your old auto loan will be paid off from proceeds, allowing you to begin paying on your new loan.
You might be approved for multiple options from the lender, such as one with a shorter term and a lower interest rate or one with a longer repayment term and a higher interest rate. If presented with this type of choice, consider your goals for refinancing a car along with what you can comfortably afford.
The Credit Union Difference
Credit unions are not-for-profit cooperatives owned by their members. This often means lower interest rates on loans and higher interest rates on savings compared to banks. Plus, you get personalized service from people who want to see you succeed financially.
At Space Coast Credit Union (SCCU), we make refinancing efficient and as effortless as possible. We offer competitive rates, flexible terms up to 84 months, and fast approval decisions.
If you’re ready to lower your payments, apply now or learn more about the specifics of refinancing a vehicle.
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Credit cards can be an excellent tool for building credit when you’re financing purchases both big and small. Most credit cards today deliver some form of benefit with membership—accumulating points, cash back, airline miles, or other deals, consumers have a wealth of choices.
July 15, 2021 By Space Coast Credit Union
Traveling involves a lot of planning to have a memorable time with loved ones. The last thing you want is a fraudster ruining your vacation. These tips will help you prevent identity theft before, during, and after your vacation.
July 9, 2021 By Space Coast Credit Union
Most people have heard of a Home Equity Line of Credit (HELOC), but you may not be as familiar with how they work. In today’s deep dive, we’re going to explore all the ins and outs of this fantastic loan vehicle for homeowners to get the cash they need to do repairs, renovations, and more—all based on the equity they already have in their home.
July 7, 2021 By Space Coast Credit Union
It’s not always easy to save up for the large down payments that some types of mortgages require. The good news? There are other loan options that can help you reach your homeownership goals.
April 1, 2021 By Space Coast Credit Union
Here are 5 tips to building your dream home, from creating a prioritized list of wants and needs to choosing the best lender for your home construction loan.
August 26, 2020 By SCCU's Business Services
At SCCU, our Business Advisors meet with small business owners daily, as a free service offered to our business members. We’ve found that these six steps help business owners think through some of the important considerations when starting a new business- allay their fear of the unknown and growing their confidence.
August 26, 2020 By SCCU's Business Services
These practices will not only reduce your risks and stress but save you time and money in the future. Here are seven steps to hiring, while reducing your business’s risk.
June 30, 2020 By Space Coast Credit Union
Although you should move forward carefully in the homebuying journey, you do not have to put your dream home on hold.
March 12, 2020 By Gary Prager
Summer is here and there’s no better time to enjoy Florida’s great outdoors.
January 29, 2020 By Timothy M. Antonition
As we enter a new year, I want to say thank you to our loyal membership and wish you all a prosperous year ahead.
January 3, 2019 By Timothy M. Antonition
As we start another year, I wanted to share with you my insights on what we accomplished as a team in 2018.
May 2, 2018 By Space Coast Credit Union
Consumers are more aware than ever about the risk of data breaches, but weak passwords are still prevalent. World Password Day, celebrated the first Thursday in May, was established to promote good password habits.
May 2, 2018 By Nicole Williams
Never install applications outside of the Google Play store.
April 5, 2018 By Space Coast Credit Union
Wire frauds are similar to mail frauds except that they occur strictly through communications transmitted by wire.
May 13, 2016 By Space Coast Credit Union
The interest rate on your mortgage can affect your monthly payment by thousands of dollars each month.
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