Auto Refinance Calculator¹
Current Monthly Payment:
New Monthly Payment:
Interest rate / APR³:
Life of Loan Savings:
Current Monthly Payment: $0.00
Monthly Savings: $0.00
Interest rate / APR³:
Life of Loan Savings: $0.00
"I recently applied and was approved for an auto loan and took only minutes. I highly recommend this bank to everyone."
In some situations, borrowers would like to shorten the length of the loan to pay off their ride faster. While this is possible with a lower interest rate, it could still result in a higher monthly payment, but you could still significantly save overall when refinancing. Learn more about if refinancing will meet your goals here
3. If you’d like to switch lenders
You don’t have to stick with the same lender when you refinance your car loan. Maybe you’d like to switch because your current lender doesn’t offer good rates or good customer service. If you’re unhappy with your current situation, know that better options definitely exist. As a credit union, we offer low auto loan rates and place our members and their needs first. We also offer flexible terms9
and no payments for up to 120 days11
for those who qualify.
4. If you’d like to add or remove a borrower
Having a co-signer who has better credit will most likely help you score a better interest rate for your auto loan. Or, vice-versa, you now have good credit and would like to refinance to remove a co-signer from the loan.
5. If you’re leasing a car
As long as the leasing contract doesn’t have a buyback provision, you can refinance a car lease as soon as you’d like. But, it’s best to wait until the end of the lease so you’re not responsible for early termination fees and the payoff amount. Once you know the amount, you’ll need to find a lender that will issue you a loan. With good credit, you could even end up with a lower monthly payment.
6. If you’d like to cash out
Although this reason is less common, here is another potential scenario: You paid a large down payment when you originally purchased the car or you’ve paid extra chunks of money to bring your balance down more quickly. In select circumstances, you may be able to refinance your ride to get cash to use for another purpose.
Even through the refinancing process, make sure you continue to make your payments on time because any missed payments could result in hurting your credit, fees, or disqualify you.
Learn more about how to refinance a car loan with this guide
that cover benefits, myths, and the application process.
Effective Date: July 01, 2022
Refinance APR* "As Low As"
Minimum Loan Amount
Payment per $1,000
|Up to 36 Months
||No minimum loan amount
|Up to 48 Months
||No minimum loan amount
|Up to 60 Months
|Up to 66 Months
|Up to 72 Months
|Up to 75 Months
|Up to 78 Months
|Up to 84 Months
Rates shown are fixed Annual Percentage Rates for vehicle model years 2022 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.
When is refinancing a car not worth it?
It may not be worth it to refinance any time soon in these scenarios:
1. If you plan to apply for a mortgage, credit card, or other loan
Are you wondering if you should refinance your car before buying a house? Since applying for a loan (or credit card) involves a hard pull on your credit, it’s best to wait at least a year before auto loan refinancing to keep your credit scores in ship-shape.
2. If your car is old or has a lot of miles on it
Cars depreciate quickly. Therefore, a lender may not consider refinancing your auto loan if it’s a certain age or has too many miles on it because it no longer holds enough value (equity). Also, if you want to do a cash-out refinance, you could also risk ending up owing more than the car is worth (going “upside down”) in the end.
3. If you’ve almost paid off your loan principal
As previously mentioned, you pay more in interest in the early years of your loan, so you most likely won’t be saving much overall if you have less than two years left on your loan.
4. If the fees outweigh the savings
If your loan isn’t with SCCU, be sure to factor any pre-payment penalties or additional application fees into your decision-making process (you won’t have to worry about those fees with us). The costs of those fees, along with any extra costs involved with switching lenders or title changes, may not outweigh the potential cost savings, especially if your car has low equity, if your interest rate would be higher, or if you’ve almost paid off the loan.
5. If you’d like to trade in your ride
Perhaps after looking over the numbers or your qualifications, refinancing just isn’t in the cards, but you’d like to get a different auto loan. You could consider using any equity in your car as a down payment, or you could roll your remaining loan into your next one.
Why choose a credit union to refinance an auto loan?
Now that you know how soon you can refinance a car, it’s a good idea to consider a credit union as your lender. Credit unions are not-for-profit financial institutions that exist solely to benefit their members, with rates and fees that are typically lower than those at banks. So, you’re more likely to save more money over the life of your auto loan—a win-win!
When you refinance your auto loan with Space Coast Credit Union
, you don’t have to worry about an application fee or pre-payment penalties. Plus, we offer exclusive rates for community heroes
. It’s easy to become a member if you live or work in any of these counties
. Feel free to request more info
or contact us here
, and a Team Member will be happy to help.