Social distancing doesn’t have to keep you locked inside. Take a drive, enjoy the warmer weather, and even save some money while you’re at it! For some drivers, refinancing an auto loan makes financial sense. Some of the benefits to refinancing your car loan include:
Getting a lower interest rate
A loan with a lower interest rate, even if it seems like a small difference, can save you a lot of money over time. You may also be able to get a lower interest rate if your credit score has improved significantly since you first took out your loan.
Getting a longer term
Going from a 36-month loan term to a 72-month loan term won’t save you money overall — longer term lengths usually mean you wind up paying more over the life of the loan — but it will lower your monthly payments. If you’re struggling to keep your head above water each month, lower monthly payments might be helpful.
If you are paying more than 10% on your current auto loan, now is the time to finance and save money with WSCU.