Auto Loan Refinancing

Refinancing your auto loan could save you money!

If you've been wondering whether refinancing can lower your car payment, the short answer is yes. For many borrowers, the savings can be significant. Whether your credit score has improved, interest rates have dropped, or you simply didn't have time to shop around when you first bought your vehicle, refinancing gives you a chance to replace your current loan with one that better fits your financial situation.

It can seem like an intimidating process, but at Town & Country Credit Union, we are here to make the process as easy as possible and ultimately help you make the most of your finances. Even a modest improvement in your rate can add up to real savings over the life of a loan, and it only takes a few minutes to find out if refinancing makes sense for you.

When Does It Make Sense to Refinance an Auto Loan?

The best time to refinance is when you can qualify for meaningfully better terms than your current loan. That typically means:

• Your credit score has improved since you financed the vehicle
• Available interest rates are lower than your current rate
• You've built a strong payment history
• You need more flexibility in your monthly budget

How Does Auto Loan Refinancing Work?

Refinancing replaces your existing loan with a new one. As your new lender, Town & Country Credit Union pays off your current loan balance and you begin making payments under revised terms. The process is typically straightforward: submit an application, provide details about your vehicle and current loan, and review any offers you qualify for.

Most borrowers save money in one of two ways:

• Securing a lower interest rate. A lower APR means less of each payment goes toward interest and more goes toward your principal. Reducing your APR decreases the total cost of borrowing over the life of the loan.
• Extending the repayment term. Spreading your remaining balance across more months reduces your monthly payment. Keep in mind that a longer term may increase the total interest paid, so it's worth comparing both monthly savings and overall loan cost before deciding. Town & Country's auto refinance calculator can help you run those numbers.
  

Why refinance with a credit union?

An auto loan from Town & Country Credit Union comes with more than just a great rate. Here are some of our members' favorite benefits: 

• Up to 100% Financing: Borrow up to 100% of the Manufacturer's Suggested Retail Price.
• Financing Available for Extra Costs: Roll additional fees into your auto loan, including taxes, document fees, Credit Life and Disability Insurance, GAP Coverage, and extended warranties.
• Predictable Monthly Payments: Access competitive, fixed interest rates that stay the same throughout the life of the loan.
• Stay on Budget: Our flexible terms are available for up to 72 months to help keep payments affordable.
• No Credit History Required: Qualify for a competitive rate even if you don't have an established credit history yet.

Before You Apply

A little preparation goes a long way. Here are some steps you can take before meeting with a Town & Country Credit Union Financial Services Officer.

Gather some important information:

• Your current payoff amount and interest rate
• Remaining loan term
• Your vehicle's current market value
• Any early payoff fees

Auto Loan Calculator

Explore if refinancing makes sense for you by utilizing our Auto Refinance Calculator.

Ready to Get Started?

Town and Country Credit Union's auto financing team is here to help you qualify for your next car loan. Whether you're ready to apply or just want to explore your options, you can complete a secure online loan application or speak directly with a lending specialist.

We're here to help you find an auto loan that fits.