Right car, wrong terms. Make your auto loan a better fit for your lifestyle and speed up your savings by refinancing with First Federal!
The primary purpose of refinancing a car loan is decreasing the overall cost of the loan as well as lowering your monthly payment. If interest rates are lower, your credit score is higher, or your budget has changed, refinancing could be the right option for you.
Discover your savings possibilities today!
Feeling overwhelmed by the decision to refinance? We’ll help you through it.
With traditional refinancing, your new lender will pay off your old loan in full and provide a new loan with new terms. The new loan will come with a fixed interest rate and fixed term.
With cash bank refinancing, you’ll borrow against the equity in your vehicle. If your car has a higher appraised value than your loan balance, you have equity in your vehicle. For example, if you have a $10,000 loan balance and your car appraised at $15,000, you have $5,000 of equity in your car. With this type of refinancing, you’ll receive a check for the amount of equity you wish to borrow against your vehicle. The amount you borrow is added to your new loan balance, and you will receive a new interest rate and loan term.
If you have more questions about the refinancing process, our lending team is available and ready to help!