REFINANCING YOUR CAR OR TRUCK COULD BE A MONEY-SAVER.
But is it the right move for you? Thinking about refinancing your car loan? A refinance can help you save money, but it has to make sense for your own financial picture. Here are some things you need to consider before applying.
CALCULATE YOUR AUTO LOAN REFINANCE SAVINGS
Rates as low as
6.54%
APR* When you refinance your auto loan with MHV!
ARE YOU READY TO REFINANCE YOUR CAR?
Use this checklist to make sure you're ready to apply.
Find a lower rate or better term that you’ll qualify for. Run the numbers to confirm a refinance makes sense for you.
Confirm no prepayment/early payoff fees from your current lender.
Get a payoff letter from your current lender. This usually has an expiration date so don’t request the letter until you’re ready to apply.
Gather income verification documents such as paystubs or tax returns that may be required when you apply.
Request an insurance binder from your insurance company. Most lenders require proof of insurance.
Commonly Asked Questions About Refinancing
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MHV offers auto, recreational vehicle, boat, and motorcycle loans
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Yes, by setting up automatic payments from your MHV Checking or Savings Accounts. This qualifies you for a 0.25% discount.
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No, we do not charge any refinancing fees.
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When you have your car or truck loan with MHV, you must carry full coverage, including comprehensive and collision for the value of the loan. We do require the policy, not just the binder. The policy should list Mid-Hudson Valley Federal Credit Union as the loss payee (P.O. Box 1155, Kingston, NY 12402), and your deductible cannot be more than $1,000.
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Please visit our Rates Page to see our current rates.
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How much you will save depends on what your current term and interest rate are as well as what interest rate you will qualify for. You can use our refinance calculator to estimate your new monthly payment and interest paid.
*APR = Annual Percentage Rate. Rates are effective 9/27/2024, are subject to change and reflect a .25% discount for automatic payments from your MHV account. Rates vary based on factors including your credit ratings, term of loan and/or year of vehicle. Loans are subject to approval and exclude leases and other select products. Payment example: 36 monthly payments at 6.54% APR would be $30.63 per $1,000 borrowed. Federally Insured by NCUA.