Enjoy Monthly Savings When You Refinance Your Car Loan

Auto Loan Rates as of 6/24/2021^†

At Lanco Federal Credit Union, we offer competitive rates based on borrower qualifications, the vehicle being financed, and the loan amount and term. Our current automobile loans are provided below and are available for financing cars, trucks, SUVs, vans, and motorcycles.

Terms Available

^†Advertised rates are accurate as of 6/24/2021 and are available for members meeting standard credit criteria. Maximum loan amount is determined by vehicle age, vehicle value, and borrower qualifications. Payment examples: A $10,000 loan at 2.49% APR would require 36 monthly payments of $288.57. A $10,000 loan at 4.49% APR would require 36 monthly payments of $297.42. Speak with a lender for more information.

Lower Your Interest Rate

You can get a lower interest rate for several reasons. Has your credit history improved since your original loan signing, or have interest rates gone down? Perhaps your initial offers just weren’t as competitive as you’ve been able to find at the credit union. Whatever the reason, when you can refinance your car at a lower interest rate, that will help you pay off your loan for less money.

It’s ideal to refinance your car as early as possible. Most auto loans are amortized, meaning your interest is built into each month’s payment. So, you wind up paying most of the interest costs during the beginning of the loan term. The sooner you move to refinance your auto loan, the sooner you’ll start saving money.

Lower Your Monthly Payment

When you decide to refinance your car loan, it pays to consider your monthly car payment options. If your goal is to pay less interest overall, refinance at the better rate and keep the same loan term. With a lower interest rate, you’ll reduce your payment amount and pay less interest in total.

If you need to find more room in your monthly budget, refinancing into a longer-term loan can help you drastically lower your payment amount. Your monthly finances will be more manageable, and you still have the option to pay extra when you can. Just keep in mind, that with the extended loan term, there is the potential for increased interest payments.

Whether you choose to stick with your original repayment period or change your term to achieve a more ideal payment, remember that you’ll benefit most by refinancing your car early into the original loan.

Simplify Your Finances

Life can get busy. You have enough things to stay on top of every day. We can make keeping track of your car loan so much easier. You can add your auto loan to your current membership and see it alongside your checking and savings accounts when you log in to your online and mobile banking accounts. Plus, you can easily set up recurring transfers or automatic payments, so you never miss a due date.

Membership is not required to apply

You do not need to be a member of Lanco FCU to apply for a loan from the credit union. However, you do need to meet the credit union’s eligibility requirements.

Membership eligibility:

You are eligible to join Lanco Federal Credit Union if you live, work, worship, or attend school in Lancaster County, PA.
Additionally, if your immediate family or household member is eligible for membership, their eligibility may extend to you.

Membership is required to take a loan

If your loan application is approved and you want to accept the offer, you will need to become a Lanco FCU member to open the loan. Additionally, when you become a member, your whole family may be eligible to join and enjoy our member benefits.

How much does it cost to join the credit union?

There is no cost to apply for membership or join Lanco Federal Credit Union. The only requirement to maintain membership is that you keep a minimum deposit of $5.00 in your share savings account. This deposit is not a fee—it is the portion of your balance that shows your ownership in the credit union.

Use our refinance calculator to estimate your savings

We understand that you may want to see the how the numbers compare before you submit an application, which is why we provide a free and convenient calculator. If you have a general idea of what your current credit score is, view our current rates above, then use our Loan Refinance Savings Calculator to estimate how much you can save in total and each month.

Contact us with any questions

We know that there are many factors to consider when you’re trying to decide what the next best step is for your personal finances. Our member services team is happy to help answer any questions you may have. To connect with us, please fill out our contact form, text us, or call (717) 569-7180.

Our regular business hours are Monday through Thursday 9am–5pm, Friday 9am–6pm, and Saturday 9am–12pm.