Get $350 and save money on your monthly car payments when you refinance your current auto loan from another lender with us.
For many people, shopping for a new car is fun until it’s time to get down to business negotiating the price and arranging the financing. If the new car excitement has worn off a bit and you realize your loan payments are squeezing your budget, it might be a good time to think about refinancing your car.
Especially when you consider the money-saving options TEG FCU offers. Refinancing with us could lead to a better rate, lower your existing monthly payments, and put you on the road to savings. Even a small difference in rate could add up to big savings over the life of your loan.
Why you should consider refinancing your auto loan at your credit union:
- Your credit has improved since you opened your loan.
- Your current rate is higher than the rates we offer.
- You want a longer term and lower monthly payments.
Got Questions About a Refi?
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 TEGFCU. As a not-for-profit credit union, we are always looking to deliver better rates and terms with amazing service.
Why is refinancing a good idea?
We’re all familiar with refinancing a home mortgage. People do it all the time – often lowering the interest rate and saving hundreds on their monthly payments, but few people think about refinancing a vehicle loan. However, many of the same benefits apply. So, when does refinancing make sense?
1. If you didn't get the best rate available at the time.
Your financial situation may have changed since you first took out your original car loan. Refinancing could give you access to lower interest rates or a longer-term for your loan. Both of these options can lower your monthly loan payment.
2. If your financial situation has improved.
It’s also possible that your credit score has improved and now you’re eligible for lower rates. Or maybe you previously financed your loan through a dealer who didn’t give you the most competitive offer.
3. If you need to extend your repayment term to cut your payment.
Whatever your situation, refinancing your auto loan could help you tailor your loan payments to fit your current budget.
"TEG has been great [through] it all! My interest rate is lower on this car than any other place! Thanks TEG!" Jeffrey, TEG FCU Member
"[I] have been with TEG for over 30 years now. Just as happy with them now as when I first opened my account with them." Clinton, TEG FCU Member
"Awesome customer service! Very accommodating and friendly...Love this bank. Would highly recommend their services." Ida, TEG FCU Member
Terms and Conditions of Offer
1 Current TEG FCU loans are not eligible for refinancing with this offer. Subject to credit review. Members must be in good standing with the credit union to receive this offer. Not all applicants will qualify for the lowest rate. Certain terms and conditions apply.
2 APR = Annual Percentage Rate. Offer based on loan term of 48 months. TEG Federal Credit Union finances up to 135% of MSRP (new vehicles) or the NADA Retail value (used vehicles). The maximum interest rate for this offer is 17.95% APR and the minimum approved loan amount is $15,000. Rates current as of 1/4/21 and are subject to change based on market conditions and borrower eligibility. Other rates and terms available. Subject to credit review. May not be combined with other offers. TEG membership is required with a $5 initial deposit prior to loan closing. Payment example: $15,000 loan for 48 months at 2.99% APR will result in an approximate monthly payment of $22.25 for each $1,000 financed. Stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your TEG checking account for the life of the loan. Automatic payment is not a requirement to obtain a loan. Certain terms and conditions apply.
3 Maximum amount to be earned is $350. Valid on new or used vehicles loans refinanced from another financial institution applied for 6/15/21 through 9/15/21. Once available, cash back will be deposited into member’s account and then these funds will immediately be applied to the first loan payment. Funds earned are considered interest income and may be reported as such on IRS Form 1099-NT. Offer subject to change or be discontinued at any time without notice. See credit union for full details.