Save Money on Your Auto Loan

With interest rates at historic lows, many members have taken the opportunity to refinance their homes. However, they are often surprised to learn they can also benefit from refinancing their auto loans. An Auto Refinance is a loan that pays off your existing auto loan, similar to a mortgage refinance, but the process is much simpler and faster, and there is no cost to the member.

Who can Refinance at HUECU?

Any Credit Union member in good standing can refinance their auto loan as long as they meet these basic criteria:

  1. The auto loan is not currently with HUECU.
  2. The current loan balance does not exceed the value of the vehicle.
  3. The member’s credit meets HUECU’s minimum requirements.

Why Refinance?

Members typically refinance their auto loan for one of two reasons:

  1. To save money by lowering their interest rate and therefore reducing their interest costs.
  2. To lower their monthly payment by extending their loan term.

Other perks to refinancing with HUECU include the high level of personal service you receive and the convenience of having your auto loan linked to your other Credit Union accounts.

When Should You Refinance?

Deciding when to refinance really depends on your individual goals. Often, members will finance their vehicles at the dealership for convenience and then move their loan to the Credit Union before the first payment is due. However, because HUECU offers the same low rates on both new and used vehicles, members who have had their loans for a year or longer can also benefit from refinancing.

How Much Could You Save?

There are several factors that come in to play when determining if and how much you could save by refinancing your auto loan. Based on some very basic information that you provide, HUECU’s loan experts will review your current loan and help determine if refinancing makes sense for you.

 

 

Getting Started

Finding out if you could benefit from refinancing is quick and easy. Simply complete the form below — it takes about 2 minutes to complete the request and we will get started on your review right away. You can also call us at (617) 495-4460 to submit your request over the phone.

A Credit Union representative will be in touch within two business days to let you know how we can help or to congratulate you on the great deal you already have!