Effective Date: June 01, 2023
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 2023 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.
See what your new auto payment could be with a lower rate at SCCU!
Auto Refinance Calculator¹
Current Monthly Payment:
Current Monthly Payment: $
Monthly Savings: $
Interest rate / APR³:
Life of Loan Savings: $
"I recently applied and was approved for an auto loan and took only minutes. I highly recommend this bank to everyone."
#2: You Can Get Cash From a Refinanced Auto Loan
If you need cash—perhaps to put towards wedding expenses, college tuition, or to fund a vacation—and your vehicle has equity, then refinancing can be an avenue to explore. Here’s an example:
- Value of your vehicle: $25,000
- Current loan balance: $15,000
- Loan to value (LTV) allowed by your lender: 80%
To find out if it makes sense to apply for a refinance, calculate the amount your lender will lend, based on their LTV allowance ($25,000 x 80% = $20,000). The amount of $20,000 would first be used to pay off the current loan with the rest available for your other uses ($20,000-$15,000 = $5,000). If the amount that you would receive helps solve your needs for cash, then it usually makes sense to refinance. Keep in mind that you’re going to increase the overall number of payments on an auto loan and pay more interest in the end. However, this might be better than using a credit card or taking out a personal loan. Check to see what rate and fees a lender charges to verify that it’s a good route to take.
#3: Refinancing to Buy a Leased Car
Some people lease a car rather than buying one. At the end of the lease term (typically 24-48 months), most agreements allow the lessee (person leasing the vehicle) to buy the vehicle instead of turning it in. Because leasing is considered the initial financing of the vehicle, people who buy their leased vehicles are actually refinancing.
The lease agreement will list a residual value, which is the estimated value of the vehicle at lease end—and also the amount that would need to be refinanced. In general, refinancing a leased car follows the same process as refinancing a car loan although the title would be transferred into your name, and, until the loan is paid off, include the name of the financial institution.
#4: Switching Auto Loan Lenders
Sometimes, people refinance auto loans because they aren’t satisfied with their current lender, or it's no longer convenient to have them as their financial institution. In that case, refinancing car loans from the previous bank or credit union to the new one accomplishes that goal.
Issues to Consider When Refinancing an Auto Loan
Issues that can make refinancing more challenging include:
- If someone has credit problems, lenders may decline to refinance or charge a higher interest rate.
- If the current lender charges a prepayment penalty, make sure to factor that in when deciding if it’s a good idea to refinance. The fee may make it less beneficial.
- If the loan is “upside down,” meaning the current loan balance is greater than the vehicle’s value, this can make it more difficult to refinance.
- If you recently bought the vehicle and didn't make a large down payment, there may not be enough equity yet to refinance.
Remember, any time you put up a vehicle as collateral for a loan, it can be repossessed if payments aren’t made. This is especially important to consider if you’re refinancing to get cash on a vehicle that currently has no loan.
Comparing Lenders and Their Loan Programs
When shopping for refinance auto loans, borrowers should get information about the interest rates and terms that lenders would change. Also, compare annual percentage rates (APRs). This is a metric that allows you to make more exact comparisons among lenders because it factors in both the interest rate and the fees charged by a particular financial institution.
The APR represents the true cost of borrowing. If there is a significant gap between the interest rate and APR of a specific loan, this indicates that fees are higher. Note: the APR also factors in interest that accumulates before the first payment is due.
Look at the fees charged by each lender and check to see if they charge a prepayment penalty.
Benefits of Refinancing Cars at a Credit Union
Credit unions are a special type of financial institution that are not-for-profit financial cooperatives created for and owned by its members (not by stockholders). This typically means that interest rates and fees are lower than loan programs at banks. Because the goal of a credit union is to enhance the financial wellness of members, lower loan rates and fees usually accompany higher rates on savings accounts and certificates of deposit.
Additional benefits of joining a credit union include:
- You can may have a better chance of getting your loan application approved because credit unions take a more holistic approach with requirements and aim to work with members.
- You receive more personalized service.
- You can typically obtain financial education that’s designed to help you meet goals.
- You’re part of a community, either in a geo-targeted way or because of a professional niche.
Refinance Car Loans at SCCU
To Create Value in Cooperative Ownership
To put our mission statement into practice, we return profits to our members through better interest rates and lower fees, exceptional member service, and enhanced services.
Founded in 1951 as Patrick Air Force Base Credit Union, SCCU began with 28 members and $372 in assets. Today, we’re Florida’s third largest credit union with more than 500,000 members, and more than 60+ branches.
Benefits of choosing SCCU to refinance your car:
- Low rates8
- Flexible terms up to 84 months9
- No application fees
- No prepayment penalties
- Fast approval decisions
- Simple electronic closing
- Automatic online bill pay
- Excellent member service
- Free online and mobile banking
Plus, it’s possible that you won’t have to make a payment for up to 90 days11
Any questions? Feel free to get in touch with us
, and a Team Member will be happy to assist you.