Refinance Vehicle Loans with TEG FCU
Love your car, but not the payment? Say hello to lower payments!
Refinancing your auto loan can reduce your monthly payment and give you more competitive loan rates, resulting in more manageable loan payments. When you auto refinance with TEG FCU, you enjoy access to a variety of benefits, products, and services.
The Sooner You Refinance, the More You Can Save
If you’ve only had your vehicle a few months, you may think it’s too early to refinance. That may not be the case. If you can get a lower rate, the sooner you refinance, the more you may save.
Helping you get more for your money is what we do best here at TEG FCU. As a not-for-profit credit union, we are always looking to deliver better rates and terms with amazing service.
Consider Refinancing If:
- You didn’t get the best rate available when you took out your original car loan.
- Your financial situation or credit score has improved.
- You are looking to extend your repayment terms to reduce your monthly expenses.
See How Much Can You Save With An Auto Loan Refinance
|Lender||Rate||Monthly Payment||Savings Over the Life of Loan|
|Other Lender||4.99% APR||$460.55||$859.20|
|Other Lender||5.99% APR||$469.68||$1,297.44|
|Other Lender||6.99% APR||$478.91||$1,740.48|
|Other Lender||7.99% APR||$488.26||$2,189.28|
|Other Lender||8.99% APR||$497.71||$2,642.88|
Apply to Refinance in Just 3 Easy Steps
Our quick and easy online application only takes a few minutes.
We review your information to determine eligibility, loan amount, rates, and terms.
Get a Check
Once approved choose whether you want to make payments via check or online, then set it up for worry-free loan payments.
When is refinancing a good idea?
Refinancing can make sense if:
- You didn’t get the best rate available when you took out your original car loan. Refinancing could give you access to lower interest rates.
- Your financial situation has improved. If your credit score has improved you could be eligible for lower rates.
- You need to extend your repayment terms to cut your payment. Refinancing could help you tailor your loan payments to fit your current budget.
Does TEG charge a fee when I apply to refinance my loan?
There is no application fee when you apply to refinance an existing car loan.
Do I need to be a member of TEG FCU to refinance a car loan there?
What are my options for automatic payments?
You can pay your bill online. If you’d like to sign up for automatic loan payments and avoid missing or being late on a payment, you can schedule regular payments.
You can apply for and make loan payments using our online and mobile banking services. Just click on Options and select Visit Bill Pay Site when you go to the Bill Pay screen. Next, select who you would like to to auto-pay.
Click on the Options prompt and select Setup Auto-Pay. Then, on the Auto-Pay Options screen, finish each required field and saving your answers.
What happens when I pay off my loan?
Once you’ve paid off your loan, a Satisfaction of Lien will be sent 10 business days later.
Is there any way I can set up reminders so I don’t miss any loan payments?
Absolutely. Set up Account Alerts so that you never miss a payment or are notified in the event that a payment is past due.
Account Alerts are a simple, effective way to stay on top of your budgeting and money management strategy through text messages alerting you to any attention that needs to be paid to your account.
Can I make loan payments from an outside financial institution?
Yes! It’s called an external funds transfer, and you can send over money from an outside account to your TEG FCU accounts at no charge!
We also make it easier for you to switch over your accounts to TEG FCU with ClickSWITCH. Learn more.
Auto Loan Refinance Resources
*Annual percentage rate.
All rates shown are “as low as” and are based on an evaluation of the applicant’s credit, term of loan and loan-to-value ratio. Your rate may vary from rates shown. Other rates and terms available. Rates are subject to change at any time without advance notice.
Promotional rates do not apply to auto equity loans. The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or money market account for the life of the loan. Different rates apply to internal refinances and auto equity loans – see credit union for details.
Payment example: $10,000 loan for 48 months at 2.99% APR will result in an approximate monthly payment of $22.14 for each $1,000 financed.