Bank or Credit Union Refinancing?
If your financial situation has changed, improving for the better or worse, one way you might want to seriously consider affecting your pocketbook is the status of your current car loan. Refinancing a car is not something most people think about doing, but these days with car loans staying with us for five, six, or even seven years, a refinance could be the way to save thousands of dollars in interest over the life of your loan. So if you’re going to refinance, should you try the local credit union, or a large national bank?
How’s Your Credit Score?
Credit is everything, of course, but having less-than-perfect credit is no reason to believe you can’t refinance your vehicle. As with home loans or other long-term obligations, there are programs and plans out there to suit most credit standings. Generally credit unions are more lenient and forgiving of bad credit choices made in the past than the national banks will be. However, the national banks being larger as they are, are in a better position to offer you more favorable terms if your credit is good.
Shake Hands and Come Out Paying!
If you’re the type of person who has no problem looking someone in the eye and shaking their hand and being personable, then a credit union is probably the best way for you to go. Odds are, you can refinance a car online with one of the larger banks and never even seen a banker face to face. The smaller, local credit unions, however are more apt to have you come in, sit down with someone who will size up more than just an impersonal credit score when deciding the terms of your loan. For some, this could be a definite advantage.
Don’t Discount History
If you’ve been a member of a bank for a long time, now is not the time to consider giving your business to a credit union just because. If you have a checking, savings, money market or other account with one of the large, national banks and have been in good standing with them for years, the bank will take that into consideration when determining how to help you refinance your auto loan. This could work substantially in your favor, not only in lower payments and interest, but also in the convenience of keeping your accounts in one place.
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