Refinance Your Auto Loan with MCCU!

Have you ever considered the possibility of refinancing your car loan?  There are times when refinancing an auto loan can be of benefit-especially when refinanced through MCCU! With a refinanced car loan through MCCU, you may be able to lower your monthly payments and save money. 

Should I Refinance My Car Loan?

Refinancing a car loan makes sense, especially when refinanced early on the loan term.  If you are close to paying off your current car loan, refinancing may not be beneficial.  
Refinancing a newer car has greater benefits than refinancing an older car or a car has more than 75,000 miles logged. 

If the fees associated with your refinanced car loan outweigh the savings on interest rates then it would not be helpful.  But hold on, you should see what MCCU has to offer! 

If you can lower your interest rate, that will in turn reduce your payments while still maintaining the current loan term, then “Yes” go for it!  Once you have paid off your  car loan, you may even be able to reduce your car insurance costs.   See how the clever experts at MCCU can turn your car debt into an asset through a car refinance loan that will help you pay off your auto loan sooner. 

Has Your Credit Score Improved?

Take advantage of an improved credit score status by refinancing your car loan with lower your monthly payments.   A refinanced car loan through Missouri Central Credit union can free up more of your hard earned money and lead to financial freedom.

What if your credit score could use some help? 
Refinancing your auto loan can help your credit score in two ways:

1) Lower payments you can manage to pay every month leads to a good track record that looks good.
2) Your original car loan will be recorded as “Paid in Full” and that also looks good.

Know that lowering your monthly payments with an extended loan term could increase your costs over the life of your auto loan.  Protecting your credit score could be worth it however.  And, if you do get into the position to make an extra payment or pay off the car loan early, there are no prepayment penalties at MCCU. 

Do You Have a High Interest Rate?

Interest rates may have dropped from when you first took out your car loan, or maybe your car loan was financed through the dealer.  Dealers often have higher interest rates on their loans to make money.    Why not save the money you are spending on interest to the dealer and put that money to work for your needs versus the dealer’s profit?  With a smooth and easy refinance car loan process, MCCU is here to make that possible for you. 

Sometimes you are enticed to finance through the dealer to get the rebates they are promoting.  If this happens, be sure to refinance with MCCU as soon as you’ve fulfilled the requirements by the dealer.

Has Your Financial Situation Changed?

Have you finally received the promotion you worked so hard to achieve?  You can make your extra income work even harder for you by refinancing your auto loan.  You could set up a shorter loan term for quicker payoff.   You are always advised to consider refinancing fees when changing your payments.  You will be pleased to see how MCCU is here to help you reach higher financial goals and financial freedom with no fees for refinancing auto loans.  

Sometimes our financial situation gets hit with a setback and we find ourselves with the need to cut back on expenses.

Refinancing an auto loan in these situations can protect you from defaulting on your loan with smaller more manageable payments. 

The financial experts at MCCU care about your individual financial needs and are here to use our financial finesse to benefit your financial future.

How to Refinance a Car Loan?

Call or come in and talk to one of our Member Service Representatives to discover how quick and easy refinancing your auto loan can be! 

To start the process, become a MCCU member (if you are not one already) and provide information where your loan is at currently along with the loan statement containing the account number.
To refinance your auto loan through MCCU there is only a $2.50 title fee. There are:

  • No Application Fees
  • No Refinance Fees
  • No Closing Fees

Your approval for your refinanced auto loan can happen in minutes, so you can check off this financial task from your to-do list and move on with the other activities your life demands.