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 We’re all familiar with refinancing a home mortgage. People do it all the time – often lowering the interest rate and saving hundreds on their monthly payments but few people think about refinancing a vehicle loan. So when does refinancing make sense?

  • If current CRFCU auto rates are lower than when you made your original purchase through another institution.
  • You have improved your credit score.
  • You want to extend your loan term 
  • Best for those who want to lower their monthly auto loan payments from another financial institution.

 

Credit Unions offer great loan features the dealers can’t match! 

 

Guaranteed Auto Protection (GAP)**  at lower prices than the dealer. Don’t let a wrecked vehicle wreck your finances.
Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the
amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first
year you own it, half of which occurs the minute you drive it off the lot.¹ This leaves a gap between what you owe on your
loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or
eliminate the gap between what your vehicle insurance will pay and what you owe on your loan. Download the GAP brochure.

Debt Protection*** helps protect your family against the unexpected.  Life can be wonderful. But it can also get complicated when unexpected things happen. Protecting your loan balance or loan payments against [death, disability or involuntary unemployment] could help protect your finances. This protection could cancel your loan balance or loan payments up to the contract maximums so your family can worry a little bit less about tomorrow. It’s simple to apply for Debt Protection. It’s voluntary and won’t affect your loan approval. Download the Debt Protection brochure.

Route 66 Extended Warranty with Mechanical Breakdown Protection (MBP) at better prices with great coverage.  This product can protect you from expensive car repairs that aren’t covered by the original warranty. Having this type of coverage could prevent you from having to pay for that new transmission out of your savings. 

Discounts for Military, Veterans, Firefighters, Police and First Responders.  At CRFCU we want to thank all men and women in uniform. All active and retired personnel may qualify for a .25% rate discount. Click here for further details. 

Discounts for Community Partners. You may be eligible for a special discount if you are a member of one of our partner organizations. We’ve teamed with local businesses and organizations to provide discounts and services to their employees. To become a Community Partner, email [email protected] 

Better rates mean more savings.  If you have recently purchased your dream car and think you can’t refinance, give us a call. You usually have to pay more interest in the early months of the loan, so if you can get a lower rate, the sooner you do this, the more you will save. To lower your monthly new or used car payments with a great rate from Community Resource Federal Credit Union feel free to apply online, stop by a branch or call us at 518.783.2211.

*All rates quoted are the lowest fixed rates and are for individuals with excellent credit, who select our automatic payment plan. Individuals with less than excellent credit and/or who do not elect our automatic payment plan may be offered a higher rate. All loans are subject to credit, income, debt, and membership qualifications.  ¹Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018.Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee. ***Your purchase of  Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply.Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms ofDebt Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.