General questions
Who can apply for auto refinance loans? 

You must be an Affinity credit union member 18 years of age or older.

What types of vehicles can I refinance with Affinity? 

What types of vehicles cannot be refinanced through Affinity?

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Is there a prepayment penalty if I pay my loan off early? 

No. Affinity does not charge prepayment penalties on auto loans to members. However, there may or may not be a prepayment penalty for your existing car loan, so check with that lender.

Why should I consider a refinance loan? 

There are generally two reasons to refinance an auto loan:

  1. It can reduce your monthly loan payment, compared to the original auto loan, by lowering your interest rate and/or extending the loan term.
  2. It may help you lower the total amount of interest you pay over the life of the loan.

Can Affinity refinance my current auto loan if it's with another lender?

Yes. We can help you refinance your auto loan and lower monthly payments -- whether the loan is with Affinity or another financial institution.

Can I refinance my auto loan if the payoff balance is higher than the current value of my vehicle? 

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What is the process for refinancing a car?

Refinancing your car is generally quite simple: Apply for a specific loan amount and term. After loan approval, make sure that the annual percentage rate you qualify for is, in fact, lower than the original loan's interest rate - then sign the necessary paperwork. You may also be able to refinance your car using an unsecured personal loan, but the interest rate might be higher. [Please check/supply answer]

When is the best time to refinance a car loan?

Generally speaking, the sooner you refinance at a lower interest rate, the more you'll save. When interest rates drop or your credit score is upgraded, it's a good time to look into refinancing your vehicle

Can you refinance with bad credit?

It depends on your individual situation. If you want to refinance but are concerned about your credit scores and qualifying for a loan, call us at 800-325-0808.

Can you get money back when you refinance a car?

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