Is It Time to Refinance Your Auto Loan? Here’s How to Know

We all love that new car smell—but not so much the monthly payment that comes with it.

Whether you drove off the lot last year or a few years back, now might be a great time to take another look at your auto loan from the dealer or another financial institution. At Old Ocean Federal Credit Union, we’re not just here to help you buy the car—you can count on us to help make the most of it after the keys are in your hand, too.

So, let’s talk refinancing. What is it, why does it matter, and how do you know if it’s the right move for you?

🚗 First Things First: What Is Auto Loan Refinancing?

Refinancing just means replacing your current auto loan with a new one—usually with a better interest rate or different loan terms. The goal is simple: save money or make your payments more manageable.

💡 5 Signs It Might Be Time to Refinance

1. Your Interest Rate Feels a Little Too High
   Maybe your credit wasn’t great when you first bought the car. If your credit score has improved or rates have dropped since then, you could qualify for a better deal.
2. You’re Stuck With a Big Monthly Payment
   Refinancing can help you lower your monthly payment by stretching the loan over a longer term. That could free up cash for savings, groceries, or just breathing room.
3. You Didn’t Finance With Your Credit Union
   Let’s be honest: dealership financing sounds convenient, but it often comes with higher rates. Refinancing with a credit union like Old Ocean FCU means lower rates and friendlier terms.
4. You’re Looking to Pay It Off Faster
   On the flip side—maybe you’re in a better financial position now and want to pay off your loan quicker. A refinance with a shorter term could help you do that, and save on interest.
5. You’re Just Not Sure What You’re Paying
   If it’s been a while since you reviewed your loan paperwork, you might not even know what rate you’re paying. Let’s fix that. We’ll gladly take a look and let you know if a refi makes sense.

🧾 What You’ll Need to Refinance

• Your current loan info (we can help you track it down)
• Your vehicle info (make, model, mileage, VIN)
• Proof of income
• A quick chat with our lending team to walk you through your options

Why Refinance With Old Ocean FCU?

At Old Ocean, we’re not trying to sell you something. We’re your neighbors. That means when you refinance with us, you get:

✅ Lower rates than most big banks or dealerships
✅ No-pressure guidance from local folks who know your name
✅ Quick and easy process—because your time matters

Ready to See if Refinancing Could Work for You?

Let’s do the math together. Stop by the office, give us a call, or start the process online. Even if refinancing doesn’t make sense right now, we’re happy to talk it through with you.

At the end of the day, it’s not just about the car. It’s about putting you in the driver’s seat of your finances.