One of the best reasons to refinance your car is getting an opportunity to reduce your interest rate and monthly payment. If you previously had no credit or bad credit, it's worth checking into auto refinancing after a couple of years to see if you can get a better offer. Decreasing your monthly car payments frees up cash for other expenses—and we could all use a budget with more breathing room!
"Refinancing your auto loan can help you access new payment options that better fit your needs. Whether your credit has improved, interest rates have gone down or you’ve found a lender who can offer you better terms, it might be the time to refinance."
BayPort Credit Union Auto Refinancing
Get a better offer that fits your budget.
Check for savings and choose an offer that best fits your current financial goals. We've helped thousands of our members refinance their cars.
Reduced interest rate
Lower monthly payments
Financing terms up to 84 months
Up to $500 cash rebate (1% of your auto refinance amount up to $50,000)
Reasons to Refinance Your Car Loan
When should you refinance?
Interest Rates Dropped
Your Credit Score Improved
You Didn't Get the Best Offer
Rates change regularly, so it's possible rates have fallen since you took out your original auto loan.
A better score could qualify you for a lower interest rate and APR. (Psst! BayPort members get free access to their score and full credit report.)
Even if rates haven’t dropped or your credit hasn’t improved significantly, it may be worth shopping around for better auto loan terms.
Financial Situation Changed
To Gain Extra Cash Flow
Unhappy with Your Lender
A budget change can make a lower car payment your top priority. Even if you’re not able to secure a lower rate, refinancing your car for a longer repayment period can reduce your monthly payment.
If you've been paying on your car for a few years, you likely have positive equity. Auto refinancing can give you more cash flow to pay off higher-rate debts like your credit card.
Many people choose to refinance their car loans because they don't like the way their current auto financing lender does business. You don't have to continue accepting poor customer service.
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"I love this bank! They helped my husband, my son, and myself build our credit. Great group of people..."
– Mel T.
Apply for an Auto Refinance Loan
Claim your refinance rebate.
Get your rebate started and see how much you'll save with BayPort Credit Union! Tell us about yourself and your vehicle to start your online application.