Why Refinancing Your Auto Loan from the Dealership Is the Best Move

Remember that day at the dealership? You found your dream car, signed on the dotted line, and drove off into the sunset—happily ever after. Except here’s the thing: dealership financing might have been convenient at the time, but it probably came with a much higher interest rate.

Good news is rates have fallen! And now, it’s the perfect time to think about refinancing your auto loan. Let’s dive into why refinancing could be a total game–changer.

1. Lower Your Interest Rate (And Your Payments!)
Dealerships aren’t exactly known for offering the best rates. When you refinance through a credit union like Old Ocean, you could snag a much lower interest rate. This means your monthly payments could drop, giving you more breathing room in your budget. Who doesn’t love the idea of keeping more of their hard–earned cash?

2. Say Goodbye to Hidden Fees
Sometimes, dealership loans sneak in extra fees and costs that aren’t always obvious at first. When you refinance with us, we’ll help you cut through the fine print and eliminate any unnecessary charges. It’s all about transparency and making sure you’re getting the best deal possible—and that includes on your GAP insurance, too.

3. Get Rid of That “Upside Down” Feeling
If you owe more on your car than it’s currently worth – what we in the biz call “being upside down on your loan” – refinancing could help. By lowering your interest rate and adjusting your loan term, you might be able to get back on track faster and avoid that sinking feeling of losing money.

4. Enjoy More Flexible Terms
Did the dealership lock you into a loan term that doesn’t quite fit? Refinancing gives you the chance to choose terms that better suit your financial situation. Whether you want to pay off your loan quicker or extend it to lower your monthly payments, it’s your choice!

5. Boost Your Credit Score
If your credit has improved since you first got your loan, refinancing could mean even better rates and terms. Plus, making on–time payments on your refinanced loan could give your credit score a nice little boost. Win–win!

6. Quick and Easy Process
Think refinancing is a hassle? Think again. At Old Ocean Federal Credit Union, we’ve made the process as simple and stress–free as possible. You’ll be back on the road in no time, but this time with a loan that helps instead of hurts.

Ready to Refinance?

If you got your auto loan at the dealership and are unhappy with your payments, it’s time to explore refinancing. Lower payments, fewer fees, and the chance to adjust your loan terms—what’s not to love?

Reach out to us at Old Ocean Federal Credit Union, and let’s get started on putting more money back in your pocket!