Have You Refinanced Lately?
As interest rates drop, people’s thoughts turn to refinancing their mortgage because it could save a serious amount of money over the life of the loan. Have you considered refinancing your auto loan, too? This is another area where you can save money by refinancing and it’s a lot easier and cheaper to do.
For example, let’s say you bought a new car six months ago and there were a few dings on your credit report. The dealer told you that your auto loan would be 11 percent on a five-year loan for a $23,000 car. Your monthly payments are $500.
Now let’s say that you checked with Aspire FCU and we offer you a lower rate. You could refinance the balance of your car loan and lower your payments to about $400 a month. That’s a savings of nearly $6,000 over the life of the loan!
In some cases, the savings could be even more dramatic depending on the existing rate and the lower rate. Even with some issues on your credit report, you may be able to save. Credit unions for example, will usually not go as high as banks with auto loan rates even for people with challenging credit. By refinancing at a competitive rate, your monthly payments could be slashed.
By choosing Aspire FCU for your auto loan, you can take advantage of member-only benefits, too. For example, we offer up to 100% financing on new and used vehicles, variable terms, vehicle history reports, and discounted auto insurance through MetLife.
You can use our FREE complete vehicle buying service, Motor Vehicle Certification Program (MVCP), which offers you assistance from knowledgeable Consumer Advisors, as well as low, pre-negotiated prices at participating dealers.
We also offer affordable Mechanical Breakdown Protection (MBP) and Guaranteed Asset Protection (GAP). MBP covers mechanical problems after the warranty on an automobile runs out. It’s a fact that one in three vehicles has mechanical problems each year, so it could happen to you. Be prepared, and potentially save yourself thousands! GAP covers the deficiency balance on your loan in the event of a loss. You’ll find that MBP & GAP coverage is offered for considerably less than what most dealers charge.
To top that off, you can enroll in our Member’s Choice Borrower Security Program. This program is a voluntary debt cancellation product that, depending on the package you select, cancels your eligible loan balance, up to the agreement maximum, should you experience a major tragedy before paying off your loan. Your family will not have to shoulder the financial burden of making loan payments if you cannot. Call our dedicated Loan Consultants at 888.322.3732 Option 2 for more information about any of these products.
Remember, as the federal interest rate drops, auto and loan rates follow. Why throw that money away paying interest? You could save big when you refinance. If you would like to speak to one of our Loan Consultants, give us a call at 888.322.3732 Option 2 or visit www.aspirefcu.org for more information.
Thomas J. O'Shea
President/CEO
