Bring your Loan to Chelsea Employees FCU

Quick tips to shave dollars off your payments and total interest paid.

Ever thought about refinancing your car loan to capture a lower interest rate? It can be done. Unlike refinancing a home mortgage, the process is quick and easy, with relatively low out-of-pocket costs. Typically, it is just the transfer of title.

So, if it’s that simple, why aren’t more people doing it?

One reason is that the difference in your monthly payments once you refinance isn’t nearly as significant as with a home mortgage since the amount borrowed is less, and car loans are shorter-term loans. But, in certain circumstances, an auto refinance might be worth looking into.

Reasons to Consider Auto Refinance

• You’ve significantly improved your credit score since you took out your original loan.
• If you didn’t shop around for the best rate on financing the first time.

Auto Refinance Example

To provide some context, let’s look at an example.

5-year, $20,000 loan two years ago at 12% interest, and your monthly payment is $445.

• 10% interest rate. Refinancing the remaining amount – about $13,400 – into a three-year loan now, at 10% interest, would drop your payment by about $13 a month. That means you’d save a little more than $400 over the life of the loan,.
• 3.99% interest rate. Refinancing at our special 90^th Anniversary rate of 3.99% would put you saving closer to $50/month or $1,800 over the remainder of the loan — some serious cash.

Take advantage of CEFCU’s 90^th Anniversary Rates!

Chelsea EFCU is offering refinanced car loan rates as low as 3.99% APR on 2025 and 2026 model years and as low as 4.99% APR for years 2022-2024. 

Apply today to move your car loan to CEFCU and Save $$$.