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Yolo FCU Mobile

Finance

Free - On the App Store

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Yolo FCU Mobile

Finance

Free - On the App Store

Why should you refinance your vehicle? Depending on your current financial situation, and your goals, refinancing could save you money. To help you determine which path is best, we’ve mapped out three ways that refinancing your Used Auto Loan with Yolo Federal could give you peace-of-mind and help you save!

Lower your rate. By refinancing to a lower rate, you could decrease your monthly payment and still pay off your loan within the same period. In the example below, you would save over $600 by decreasing your rate from 5.49% APR to 3.49% APR*.

Loan Amount Sample Rate Number of Payments† Monthly Payment Total Interest Charges
$15,000.00 5.49% 48 $348.77 $1,740.94
$15,000.00 3.49% 48 $335.27 $1,092.84

†Assumes original loan term was 60 months and the remaining term is 48 months.

Pay off your loan faster. If you’re financially comfortable, you could make larger payments each month to save even more! For example, using the same scenario as before, if you can afford to pay about $90 more per month, you could have your loan paid off in only 36-months. Plus, you’d save more than $900 in interest charges over the life of the loan.

Loan Amount Sample Rate Number of Payments† Monthly Payment Total Interest Charges
$15,000.00 5.49% 48 $348.77 $1,740.94
$15,000.00 3.49% 36 $439.46 $820.40

†Assumes original loan term was 60 months and the remaining term is 48 months.

Reduce your monthly payment. Has making your monthly payments become difficult? Refinancing to our lower rate and extending your term could reduce your monthly payment. Looking at the example below, if you extended your auto loan from 24-months to 36-months at a lower interest rate, your monthly payment would drop considerably—nearly $150—and you could still save on total interest charges. The longer you extend your term the lower your monthly payment will be, however, the amount you pay in total interest charges could increase.

Loan Amount Sample Rate Number of Payments† Monthly Payment Total Interest Charges
$10,000.00 5.49% 24 $440.91 $581.55
$10,000.00 3.49% 36 $292.98 $546.94

†Assumes original loan term was 60 months and the remaining term is 24 months.

Keep your loan close to home by refinancing your vehicle with Yolo Federal. Whether you’re looking for savings now or over time, we’re here to help! To get started, schedule a call or an appointment with a local expert today at yolofcu.org/schedule or visit our website to learn more: yolofcu.org/auto-loan-refinancing/.

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*APR=Annual Percentage Rate. Rates listed above are sample rates and used for comparison purposes only. Rates and term are based on creditworthiness. 100% financing available. Some restrictions may apply.

To view our current rates, terms and for more information click here.

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