Beyond the usual spring cleaning tasks, spring is also an opportune time to take a fresh look at your finances. For example, if you have an auto loan with high interest rates or high monthly payments, refinancing could be your key to big savings. Here are the three main ways that refinancing can help you save this spring.
Lower your payment
One of the biggest benefits of refinancing your auto loan is the potential to lower your monthly payment. By securing a lower interest rate or extending your loan term, you can free up cash in your monthly budget. This can provide you more flexibility for other expenses, savings, or even a spring or summer vacation!
Pro tip: Make no payment for 90 days with Credit Union of Ohio’s current auto loan special.*
Lower your interest rate
If interest rates have dropped since you first took out your auto loan, or if your credit score has improved, refinancing could help you qualify for a lower rate. A reduced interest rate means paying less over the life of your loan and keeping more money in your wallet. Use our payment calculator to see what your payment would look like with a lower interest rate and easily apply online.
Pay off your loan faster
Wouldn’t it feel great to own your car free and clear? Refinancing into a shorter loan term could help you pay off your auto loan more quickly, potentially saving you hundreds (or even thousands) in interest. While this option may increase your monthly payment, you’ll build equity in your vehicle faster and eliminate debt sooner.
Whether you want to lower your monthly payment, reduce your rate, or pay off your loan faster, refinancing can help put extra cash back in your pocket. See how much you can save by refinancing your auto loan with Credit Union of Ohio! Apply today or call 800.443.5698 to speak with a team member.
*Payment deferred for 90 days. Interest will continue to accrue during the deferment period. Rate as low as 4.99% current as of 03-02-2025 and subject to credit approval. 5.25% APR based on a $30,000 loan at the maximum term with a $225 processing fee. Promotion not eligible for Silver Advantage rate discount. This offer subject to change at any time. This offer may not be combined with any other offer.