Family and dog in car

Hudson Valley Car Loan Refinancing

Keep the car. Love the payment.


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.    

  • Interest Rate

    Interest Rate

    One of the most common reasons people refinance is to secure a better rate. Find out what rate you’re paying on your current loan and compare it to the rate you may qualify for with a refinance. If it’s significantly less, then a refi can save you money. If the rates are about the same, or the refinanced rate is higher, this may not be the right time to refi.
  • Your goals

    Your Goal

    It may be tempting to extend the term of your loan with a refinance because doing so lowers your monthly payment. But you’ll also end up paying more in interest. If your overall goal is to save money, you need to compare how much more you’ll be paying in interest with how much lower your payment will be. If cash flow is your issue and you just need to lower your payment, extending the term may be a realistic option.
  • No prepayment penalties

    Prepayment Penalties

    Check with your current lender. You’ll need to find out if there are any prepayment or early payoff penalties on your current loan. If there are, crunch some numbers. Is the amount you’re going to save with a refinance still more than the fee you’ll end up paying? If so, refinancing may still be a good option.
  • lender requirements

    Lender Requirements

    When you’re looking for lenders to refinance your loan, ask what their requirements are. Some lenders won’t refinance cars that are older than a certain year or that have exceeded a defined mileage requirement.
  • credit score

    Your Credit Score

    How’s that number looking? If your credit has improved since you bought your car, you may qualify for a better rate. But if your score has taken a dive, you may want to work on bumping that number back up first.



When is the right time to refinance? If you can say yes to any of these it may be your time:

  1. Your credit has improved.
  2. You’re struggling to make your current payments.
  3. Rates are a lot lower now than when you first purchased your car.

Get More Guidance on Refis

Rates as low as


APR* When you refinance your auto loan with MHV!


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

  • MHV offers auto, recreational vehicle, boat, and motorcycle loans

  • Yes, by setting up automatic payments from your MHV Checking or Savings Accounts. This qualifies you for a 0.25% discount.

  • No, we do not charge any refinancing fees.

  • 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.

  • Please visit our Rates Page to see our current rates.

  • 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 11/24/2023, 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 7.04% APR would be $30.90 per $1,000 borrowed. Federally Insured by NCUA.