September 24, 2025
When Does It Make Sense to Refinance Your Loan?
Is It Time to Rethink Your Auto Loan?
Refinancing is often associated with mortgages, but did you know it can also be a smart move for your auto loan? If your financial situation or interest rates have changed since you first bought your car, refinancing could help you save money or improve your budget.
What Does Refinancing Mean?
Refinancing simply means replacing your current loan with a new one—usually with a better interest rate, a shorter term, or a more manageable monthly payment.
Signs It May Be Time to Refinance
Rates Are Dropping
Interest rates don’t stay the same forever—and right now, we’re seeing signs that rates may be coming down. That means you could have an opportunity to lock in a lower payment and save on the total interest you’ll pay over time.Your Credit Has Improved
If your credit score has gone up since you first got your loan, you may now qualify for a lower rate than before.You Want Lower Monthly Payments
Refinancing to extend your loan term can help free up cash each month—especially helpful if your budget has gotten tighter.You Want to Pay Off Your Car Faster
If your income has increased and you can afford higher monthly payments, refinancing into a shorter term helps you save on interest and own your vehicle outright sooner.You Didn’t Get the Best Rate the First Time
If you financed your car through a dealership, there’s a chance you didn’t receive the most competitive rate. Refinancing through your credit union could save you more than you realize.
Why Refinance with Journey Credit Union?
The Bottom Line
If your current auto loan no longer fits your budget—or you think you could save by refinancing—it’s worth exploring your options now. With interest rates starting to move downward, this could be the perfect time to refinance and get more out of your money.
Thinking about refinancing? Talk with a Journey Credit Union loan officer today and see how much you could save with our auto loan special.
Author: Alyssa Ballenger
