Auto Loan Refinancing
Why Refinance Your Vehicle Loan?
As you’re working toward paying off your automobile loan, there are many reasons why you might want to refinance your loan. Click on the benefits highlighted below to learn more:
Lower Your Interest Rate
Has your credit score improved since your original loan signing, or have rates generally gone down? There may be many factors as to why you can qualify for a lower rate. No matter the reason, refinancing your vehicle at a lower interest rate can help you pay off your loan for less money.
Lanco FCU offers members competitively low rates. If your loan is elsewhere, apply for a Lanco FCU auto loan to see how much you can save by refinancing.
Lower Your Monthly Payment
When you decide to refinance your car loan, consider your monthly payment options. Depending on the difference between your original and new interest rates, you may enjoy lower payments while keeping the same repayment period. Or, if you need to find even more room in your monthly budget, lengthening your term can be a great solution. Your required monthly payments will be more manageable, and you still have the option to pay extra when you can.
No Payments for 90 Days
Lanco FCU recognizes that, sometimes, financial strain may be what prompts a borrower to apply for refinancing. That’s why qualified borrowers can opt to delay their first payment for 90 days.* You’ll get a break from your monthly payment just when you need it most.
How to Apply
Apply for your loan online in about 10 minutes, and you will receive a decision within 2 business days.
Please have the following information available for each borrower on the loan:
- Social Security number
- Valid Photo Identification
- Date of Birth
- Physical Address
In-person applications are currently not available, as Lanco FCU lobbies are closed during the Coronavirus outbreak. Please call us at (717) 569-7180 or (888) 318-4222 if you have any questions or would like to speak with a lender before applying online.
Current Car Loan Rates*
Automobile and Motorcycle Loan Rates
|Maximum Loan Term||APR (based on Credit Score)|
|Model Years 2014-2020|
|Model Years 2008-2013|
|Model Years 1996-2007|
|Vehicle Year||Amount Borrowed||Maximum Loan Term Available|
|1996–2020||Any amount +||36 Months|
|1996–2013||$5,000 +||60 Months|
|2014–2020||$5,000 +||48 Months|
|2014–2020||$10,000 +||60 Months|
|2014–2020||$20,000 +||72 Months|
|2014–2020||$25,000 +||84 Months|
*Advertised rates are accurate as of 4/13/2020 and are available for members meeting standard credit criteria. Maximum loan amount is determined by vehicle age, vehicle value, and borrower qualifications. Payment example: A $10,000 loan at 2.49% APR would require 36 monthly payments of $288.58. A 90-day deferral of the first payment is an option available to qualified borrowers with a minimum credit score of 660. With deferral, the first payment due date will be 91 days after loan signing. Without deferral, the first payment will be due 45 days after loan signing. Deferring a payment will delay the payoff of your loan and result in additional finance charges if you only make minimum payments. You need to make up the deferred payments. The 90-day deferral option is subject to change at any time; restrictions apply. Speak with a Lanco FCU lender for details.