Posted by ACCU Staff ● Mar 31, 2020 10:16:22 AM

4 Reasons To Consider An Auto Loan Refinance


One way we may be able to help during this season is to help you limit cash outflows. If you have an existing auto loan (even outside of ACCU) we can refinance it to restructure it in a way that makes sense for your current budget. This may include lowering your interest rate (if possible), or re-amortizing the loan, so your monthly payment is reduced. Also, when you refinance auto loans or take out another form of a personal loan with ACCU, you have the option to defer your first payment up to 90-days!

COVID-19 has certainly brought some unique challenges to every day life. We want to assure you we are here to help you in any way we can. Our mission is to assist our members in communities across the country in responding to hardships and recovery efforts. We call this "Stronger Together" and it is our enduring rally cry - well beyond this Coronavirus epidemic.

4 Reasons To Refinance Your Auto Loan

1. Interest rates are now lower
2. Your credit score has improved since opening your current auto loan
3. You’re seeking to reduce total interest paid on your auto loan
4. You would like to lower your monthly payment obligations

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How It Works:

Below are a couple options generally taken when approaching an auto refinance.

Option 1: Refinance for a lower monthly payment with a new 5-year loan. This option will spread your payments out, across a new 5-year period, giving you an even lower monthly payment when compared to option two. While it will extend the time it will take to pay off the loan, this option can be helpful if reducing your monthly payment obligations is your primary goal.

Option 2: Refinance at a better interest rate for the remainder of your loan. This option will allow you to lower your interest rate, without extending the term of the loan. It can keep you on track to pay off your loan in the same amount of time and reduce your total interest expense paid on the remaining portion of your current auto loan.

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Stronger Together

Our Banking, Membership, and Lending teams have been working tirelessly with federal & state regulators to extend the breadth of services and options we have to serve you. Contact an ACCU representative as soon as you run into any hardships - Or even better, if you get a sense you may be in the near future. First, so we can pray with you and over your financial situation - then so we can tailor a solution that will work best for your specific situation. This includes, but is not limited to loan payment deferrals, fee waivers, and interest-free emergency loans. There is a whole host of options available, and they vary by state - we can guide you through them.

Our prayer is that God will continue to give you and your family all you need to be well and have peace.

"May the God of hope fill you with all joy and peace as you trust in him, so that you may overflow with hope by the power of the Holy Spirit."
- Romans 15:13 (NIV)

Have a question for our member representatives?
Call us at 1-800-343-6328