Auto Refinance
Auto Refinance
Save Money with Auto Loan Refinancing
At Excite Credit Union, we believe in helping you save money wherever possible. That's why we offer competitive rates and flexible terms on auto loan refinancing. Whether you're looking to reduce your monthly payments or pay off your car sooner, refinancing your auto loan with us could be the smart financial move you've been searching for.
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.
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.
Auto Refinance Benefits
Hundreds of car owners choose to refinance their vehicles through Excite Credit Union. Here are some reasons why:
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Up to 1% Discount1
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Flexible Terms
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0 Payments For 90 Days2
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Cash Out options available3
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Fast Loan Decisions
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No Prepayment Penalties
Our great rates help you pay less!
New Vehicle Rates
New vehicles are model year 2023 or newer with less than 20,000 miles.
| Min. Loan Amt. | Term | APR (as low as) |
|---|---|---|
| $5,000 | up to 48 months | 5.25%* |
| $5,000 | 49 - 60 months | 6.00%* |
| $15,000 | 61 - 72 months | 6.50%* |
| $20,000 | 73 - 84 months | 6.75%* |
Used Vehicles Rates
Used vehicles are model year 2017 to 2022. Model year 2023 with more than 20,000 miles; 150,000 mile maximum.
| Minimum Amount | Term | APR (as low as) |
|---|---|---|
| $5,000 | up to 48 months | 6.00%* |
| $5,000 | 49 - 60 months | 6.25%* |
| $15,000 | 61 - 72 months | 6.75%* |
| $20,000 | 73 - 84 months | 7.00%* |
*Rate reflects a max. .25% discount for one of the following: 0.25% discount for having Auto Pay; 0.25% discount if the Loan to Value (LTV) ratio is ≤ 85%; or a 0.25% discount for Electric Vehicles. If the amount financed is under $10,000 there will be a 0.50% rate add-on. If the vehicle has 100,000 miles or more there will be a 0.25% rate add-on.
Auto Refinance Calculator
Curious just how much you could be saving with us? It’s easy -- type in your information and create a monthly payment plan that’s right for you!
Complete An Auto Loan Refinance In 3 Easy Steps
Apply Online
Quick and easy online application.
Sign Your Paperwork
Agree to the loan amount, rates, and terms.
Refinance & Save
Use your new APR to save more every month.
Complete the form below to get started:
Auto Protection
Looking to protect your investment? We got you, with GAP, mechanical breakdown and additional insurance through TruStage. Learn more here.
I've been a member here since May 2015, and gosh has this been an amazing financial establishment! I received an amazing interest rate on my jeep loan, plus this credit union helped me during hurricane Florence! I always recommend friends and family here!
Luis R.
Auto Loan FAQs
You should consider refinancing your car loan if you:
- Improved your credit score
- Want to change the term of your loan
- Have positive equity
You should avoid refinancing for the time being if:
- You have an older car
- Your loan has prepayment penalties
- You bought the car within the last six months
The following components are a few of the factors that help determine your auto 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.
Disclosure
2 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. Rates subject to change.
3 Cash out refinance offer is subject to restrictions and credit qualification and not eligible for No Payment for 90 days offer.