Man driving a car looking back at his dog

Auto Loan Refinancing

Low Rates and Flexible Terms To Save You Money.

Auto Refi Limited Time Special Offer

Get $350*

when you refi your current auto loans (from another lender) of $15,000 or more.

Refinance Vehicle Loans with TEG FCU

Love your car, but not the payment?  Say hello to lower payments with better rates that put you on the road to savings!

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.

  • No application fee
  • Loan discounts with automatic payments
  • Terms up to 84 months
  • Financing up to 135% for qualified buyers
  • No prepayment penalties
  • Mechanical Breakdown & GAP Protection available

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: 

  1. You didn’t get the best rate available when you took out your original car loan. 
  2. Your financial situation or credit score has improved. 
  3. You are looking to extend your repayment terms to reduce your monthly expenses. 

See How Much Can You Save With An Auto Loan Refinance

LenderRateMonthly PaymentTotal InterestSavings Over the Life of Loan
TEG2.49% APR$440$1,138
Other Lender4.99% APR$461$2,103$965
Other Lender5.99% APR$470$2,540$1,402
Other Lender6.99% APR$479$2,983$1,844
Other Lender7.99% APR$488$3,431$2,292
Other Lender8.99% APR$498$3,884$2,745
Here’s an estimate of how much a TEG auto refi could save you on a $20,000 auto loan with a term of 48 months!
APR = Annual Percentage Rate. The TEG FCU rate shown is “as low as”. Rate will be based on an evaluation of the applicant’s credit and term of loan. Your rate may vary from rates shown. Rates are subject to change at any time. The stated rate for TEG FCU is discounted by .25% and includes a requirement that loan payments are automatically transferred from your account for the life of the loan. The monthly payment is based on non-discounted rate and includes optional single TEG Payment Assurance.

Apply to Refinance in Just 3 Easy Steps

Step1

Apply Online

Our quick and easy online application only takes a few minutes.

Step2

Loan Review

We review your information to determine eligibility, loan amount, rates, and terms.

Step3

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.

Refinance FAQ

When is refinancing a good idea?

Refinancing can make sense if:

  1. 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.
  2. Your financial situation has improved. If your credit score has improved you could be eligible for lower rates.
  3. 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?

Yes, you’ll need to be a member to apply for and take advantage of an auto loan refinance through us. Fortunately, becoming a member is easy and straightforward.

If you meet all of the eligibility requirements, you can apply online to open an account and get started!


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

When Is It a Good Idea to Refinance an Auto Loan?

Is it the right time to refinance? Learn more about when and how you should consider refinancing your auto loan.

Understanding Your Credit Score

If you’re thinking about refinancing, you should understand as much as possible about your credit score and history, since they are the key to getting you a more competitive rate.

Debt Consolidation Loans

Dealing with various debts, each with their own interest rates? With debt consolidation loans, you can refinance several accounts into one affordable payment.