The current pandemic is straining economies both locally and internationally. It’s now time to find opportunities to save money.
One way for some people to minimize monthly payments is by refinancing their car loans at lower interest rates. These current rates are much lower than average, and it is important to consider what the refinancing of a car loan means.
RMLEFCU will help you navigate the refinancing of your auto loan to get the lowest rate out there.
Look at More than the Monthly Payment
A lower monthly payment can still mean paying more for your vehicle over time, particularly if your loan period is extended. This could get you in some other financial trouble later.
Pay attention to the rate of interest you’re paying, as well as when you’re actually going to get rid of the car payment. This is especially important if you don’t intend to keep your car around for a long time. Your aim should be to make the loan payments quicker.
Do Your Research
Just like all big financial decisions, it’s important to do your homework before you get a refinancing loan. Jumping in headfirst and committing to a new loan before you fully understand it could be a major mistake.
Your existing loan may be subject to a prepayment penalty, which means that you may have to pay a prepayment charge to substitute it with a new loan. Shop around a little to see what the prices are like before you commit.
Features Available at RMLEFCU
RMLEFCU offers low, competitive auto loan rates for new or used vehicles with a variety of repayment terms available. We also have a variety of buyer resources to make your car purchasing and refinancing process easier:
- Get fast financing with Credit Union Direct Connect.
- Easily browse inventory and make an informed auto buying decision with AutoTrek.
- Protect yourself against financial loss in the event your car is totaled or stolen with GAP Insurance.
- Be prepared for unexpected auto repair costs with RMLEFCU’s Mechanical Repair Coverage. Our benefits are usually hundreds less than the prices the dealerships offer.
We’re also offering an exclusive member-only special on our Relationship Rate! Normally, members can take an extra 0.5% APR* off our already low auto loan rates if they qualify for four out of five following services:
- Line of Credit (includes credit cards, overdraft protection, or a home equity line of credit)
- Kasasa Checking
- Online Banking
- Direct Deposit
- Automatic Payments
This month, for Member Appreciation Month, we are offering an EXTRA 0.25% APR** off the Relationship Rate. This means you can get a total of .75% off our already low rate of 3.5% APR*! That means your rate could be as low as 2.75% APR*! With auto loan rates currently low, it might be the perfect time to refinance your auto loan.
*Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change.
**Annual Percentage Rate. With approved credit. Some restrictions may apply. Rates subject to change. Offer valid for the month of September 2020.