Refinancing a car means you take out a new auto loan and use the funding to pay off your existing loan. You’ll still have car payments, but you’ll have a new loan agreement that might offer better monthly payments, a lower interest rate, or a different term (length) of the loan.
If you have an auto loan with another financial institution, you may be able to save by rolling over that auto loan to PSECU. Your refinanced loan might:
- Lower your interest rate: A refinanced loan may offer a lower interest rate. Reducing the interest you pay can mean smaller monthly payments and less total interest.
- Make car payments more affordable: If your interest rate goes down, your payment might go down, too. A longer loan term also can lower payments. We offer terms up to 10 years.
- Pay off the car sooner: With a shorter loan term, you’ll own your vehicle free and clear sooner. You also could pay less interest overall.
When refinancing an existing PSECU loan, you’ll need to add $1,000 to the loan amount.