Excite Credit Union

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refinance your auto loan and become a Member of Excite!

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DRIVE NOW. PAY LATER.

Cruise into powerful savings with every mile you drive.
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MAKE NO PAYMENT FOR 90 DAYS1 AND REDUCE YOUR CURRENT LOAN RATE BY 1%2! 

At Excite Credit Union, we’re more than just a lender.  We're your partner in every mile.
From the moment you drive off the lot to your daily adventures, we're here to support you.

New Member Bonus...Check it out!

New Excite Members receive a 5.00% APY3 bonus (on balances up to $2,500) on their new Go Savings for the first year, along with instant access to all our other valuable financial services. All this is available with a minimum opening deposit of just $5!

Benefits of Membership Open an Account


What is Refinancing?

When you refinance a loan, you are replacing a loan you already have with a new loan that pays off the balance or debt of the old loan.

When refinancing from one financial institution to another, the lender you are refinancing to will pay off your loan directly through the previous lender, and your vehicle will be (re)financed with a new loan at the rate and term you agreed to.

Not everyone will qualify for a refinance loan. Like applying for any auto loan, we will review several items including your credit history and income to determine your ability to make payments.  

How could I benefit from Refinancing?

Lower your payment
Lower monthly payments can free up cash for other expenses or savings.
Change your loan term
A shorter auto loan term means you could pay off your car sooner and pay less in overall interest. 
Lower your rate
A lower interest rate could mean a lower monthly payment and paying less interest over the life of your loan.
Cash Out Options
Refinancing can offer the option to take out cash against the equity in your vehicle.4
Refinance a New Car
Many new car loans start with higher interest rates. Refinancing after a few months may secure a better rate.


Cash-out auto loan refinancing: How does it work?

Refinancing an auto loan could be a smart financial move under certain circumstances. A cash-out auto refinance loan might help you lower your payment and/or better manage your budget.

Whether or not you can get cash depends on how much equity you have in your car, your credit score, and the lender’s unique requirements.

A cash-out auto refinance gives you a new loan which pays off and replaces your first loan. The new loan would include an extra sum of money (cash out) that you receive at funding.

The minute you walk in a branch you're greeted with a smile and you can tell that everyone enjoys helping you.
- Tom, Member Since 2010

Complete An Auto Loan Refinance In 3 Easy Steps

Step
1

Apply Online

Quick and easy online application.

Step
2

Sign Your Paperwork

Agree to the loan amount, rates, and terms.

Step
3

Refinance & Save

Use your new APR to save more every month.

Complete the form below to get started:

FAQs

Auto refinancing is when you take out a new loan to pay off your current car loan. This can help you get a better interest rate, lower monthly payments, or change the loan term

Absolutely! Refinancing can help lower your monthly payments or interest rate. We’ll work with you to see if refinancing makes sense for you.

Refinancing can save you money by lowering your interest rate or monthly payment. It can also help if you want to change the length of your loan or if your credit score has improved since you first got the loan.

If your credit score has improved, interest rates have dropped, or you need lower monthly payments, refinancing might be a good option. Our team can help you decide what's best for your situation.

The following components are a few of the factors that help determine your loan’s interest rate:

  • Your credit score
  • Your debt-to-income ratio
  • The age of the car (new vs used)
  • The amount and term (how long you will take to pay off) of the loan

For our interest rates, see the chart above.

Cash-out refinancing is when you refinance your current auto loan for more than what you owe and take the difference in cash. This can be useful if you need extra money for things like home improvements, debt consolidation, or other expenses. Just keep in mind that your new loan amount will be higher, and you’ll need to repay it with interest.

Disclosure

1 No Payment for 90 days offer is subject to restrictions and credit qualification. Interest on 90 days no payment loans will begin to accrue immediately upon loan disbursal and will be amortized over the monthly loan payments. Cash out refinances excluded.2 Existing Excite loans are excluded from this offer. Auto refinance loan must be at least $5,000. Vehicle must be 2010 or newer. Up to 1% rate reduction is subject to qualified borrowers and collateral approval. Rate cannot go below our floor rate of 5.99% APR. APR=Annual Percentage Rate A reduction in your monthly payment will be based on a number of factors, including: your current interest rate and term of payment vs. the interest rate and term offered by Excite. Please note that refinancing may increase the total number of monthly payments and/or the total amount paid when compared to your current situation. Although your refinanced monthly payment may be lower, you should carefully consider the amount of any costs associated with refinancing such as any state taxes and titling fees as well as the potential increase in interest charges you may pay and the additional years needed to pay off your loan by refinancing. Also consider whether refinancing may terminate any ancillary products included in the loan you are refinancing such as GAP insurance/waivers. Requests to cancel a loan will be processed as a loan payoff and require the outstanding loan balance to be paid in full including any accrued fees and interest. This offer is subject to all Excite Credit Union loan policies and is subject to credit approval. 
3 APY=Annual Percentage Yield. 5.00% APY is offered to new Members only and is effective upon account opening. Earn 5.00% APY on up to the first $2,500 for the first year. Interest earned at the standard dividend rate for balances higher than $2,500. Offer subject to change without notice. Offer cannot be combined with other promotions.
4 Cash out refinance offer is subject to restrictions and credit qualification and not eligible for No Payment for 90 days offer.