Vehicle Loan Refinance

A vehicle loan refinance means you get a new loan to pay off your old loan. In that process, you can change your loan amount and term to get a higher or lower monthly payment. The steps are similar to getting your original vehicle loan:

• Provide your personal information and details about your existing vehicle loan.
• Get pre-approved and find out your new APR for the term that suits your budget.
• Agree on the details and sign the contract.
• Do it all on your smartphone, online or at our branch.
• Pay off your old loan in full and start making payments on your brand new vehicle loan.

You can get a vehicle loan refinance on new and used vehicles (including boats, motorcycles and RVS.)

The loan amount for your vehicle refinance will be determined by your credit qualifications and loan-to-value (LTV).

The annual percentage rate (APR) you get is based on your credit score credit qualifications, vehicle age and loan term. Higher scores get lower rates. You can find out exactly what APR you’ll get for your score when you get pre- approved for your vehicle loan refinance. When comparing refinance loans, make sure you compare the APR and not just interest rates because the APR shows the true cost of borrowing, including fees.

Repayment terms up to 72 months are offered. For higher-value vehicles, you might be able to negotiate a longer term. Shorter terms mean lower rates but a higher monthly payment. Longer terms mean higher rates but you can get a more affordable monthly payment to suit your needs.

Membership is available to persons who live, worship, work (or regularly conduct business in), or attend school in, and businesses and other legal entities located in these Ohio counties:

• Cuyahoga
• Geauga
• Lake
• Medina
• Portage
• Summit

In addition membership eligibility is extended to a members immediate family or household (spouse, child, sibling, parent, grandparent or grandchild, including stepparents, stepchildren, step siblings, and adoptive relationships) as well as spouses of persons who died while within the field of membership of this credit union; employees of this credit union; volunteers in the community; members of their immediate family or household; and organizations of such persons.*

Once you’ve determined your eligibility, all you need to do to become a Best Reward member is fill out our easy online application. Once you’re approved, getting started is as easy as opening a Regular Share Savings account with us, and maintaining a $5.00 minimum balance.

Simply maintaining this low balance means you are eligible to take advantage of all of the Best Reward products and services that we offer to our valued members! Membership is for life for you and your family, and doesn’t change if you move away, get a new job, or retire.

In order to apply, you’ll need to provide certain proof of identification in the form of primary and secondary documentation. Examples of primary documentation include a driver’s license, state ID, or passport. Secondary documentation can include utility bills, your Social Security Card, a school ID, or an insurance card.

Additional documentation may be required.