Vehicle Loan Refinance

Refinancing can make sense if rates have dropped since you took out your loan, your credit has improved or you want to change your monthly payment. Before you decide, compare the annual percentage rate (APR) and the total interest you’ll pay over the life of the new loan, not just the monthly payment. A longer repayment term can lower your payment, but longer terms come with a higher interest rate and more months of interest. A shorter term usually means a higher payment but less interest overall.

The best lender for you is the one that offers the lowest total cost on a term that fits your budget, so compare offers side by side. Look at the APR, the loan term, any fees and the total interest you’ll pay. Credit unions are worth including when you shop because they’re not-for-profit cooperatives owned by their members. In the Cleveland area, Best Reward FCU sets the rate and term of each refinance based on your credit qualification and the loan-to-value (LTV) of your vehicle.

Absolutely! It doesn’t matter which lender your original loan is with. When you refinance with Best Reward FCU, we’ll pay off your existing car loan in full. You’ll then start making payments on your new loan.

Yes, as long as the vehicle is titled. Your rate is based on your credit qualification, the loan-to-value (LTV) of the vehicle and its model year, with newer model years qualifying for lower rates. Lower credit grades and longer repayment terms result in a higher interest rate, and lower loan balances may be subject to higher rates. Rates and terms are subject to change without notice.

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 greater Cleveland and these Ohio counties:

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

Membership is also extended to a member’s immediate family or household (spouse, child, sibling, parent, grandparent, or grandchild).