Why should you refinance your vehicle? Depending on your current financial situation, and your goals, refinancing could save you money. To help you determine which path is best, we’ve mapped out three ways that refinancing your Used Auto Loan with Yolo Federal could give you peace of mind and help you save!

Lower your rate. By refinancing to a lower rate, you could decrease your monthly payment and still pay off your loan within the same period. In the example below, you would save over $600 by decreasing your rate from 5.49% APR to 3.49% APR*.

Pay off your loan faster. If you’re financially comfortable, you could make larger payments each month to save even more! For example, using the same scenario as before, if you can afford to pay about $90 more per month, you could have your loan paid off in only 36 months. Plus, you’d save more than $900 in interest charges over the life of the loan.

Reduce your monthly payment. Has making your monthly payments become difficult? Refinancing to our lower rate and extending your term could reduce your monthly payment. Looking at the example below, if you extended your auto loan from 24 months to 36 months at a lower interest rate, your monthly payment would drop considerably—nearly $150—and you could still save on total interest charges. The longer you extend your term, the lower your monthly payment will be. However, the amount you pay in total interest charges could increase.

Keep your loan close to home by refinancing your vehicle with Yolo Federal. Whether you’re looking for savings now or over time, we’re here to help! To get started, schedule a call or an appointment with a local expert today or visit our website to learn more.

^{**Stated rate is for illustrative purposes only. Click here for current rates.} 

^{†Assumes original loan term was 60 months and the remaining term is 24 months.}