3 Myths of Refinancing Your Car Loan

If you’re thinking about refinancing your car loan, but feeling unsure, we can help clear up some common myths.

The point of refinancing is often to lower your interest rate and monthly payment to help save money in the long run. These savings are possible.

Here are some common myths you don’t have to worry about.

Myth 1: Refinancing won’t save me much money.

This depends on your current loan details and the new interest rate after you refinance. While refinancing doesn’t always save you much money right away, it can save you a lot over time.

Here’s an example of how much you could save on a $21,000 auto loan for 60 months‍¹.

Myth 2: Refinancing my car loan is a hassle.

Most people think the process of refinancing takes too much time and effort. But one of the benefits of refinancing with Connexus is that you can complete our online application in just a few simple steps. We make refinancing easy, so you never have to worry about a hassle.

Myth 3: There’s no extra incentive to refinance.

While this may be true at other credit unions or banks, you get way more than a loan when you refinance your auto loan from another lender with Connexus.

When you refinance with Connexus, you’re eligible for the following:

• No payments for 90 days‍³
• No prepayment penalties

Now that we’ve busted these three myths, you know refinancing is an easy way to save money. To learn more about refinancing at Connexus, check out our Auto Refinancing page. Then, get started with your application today!