Enjoy Monthly Savings When You Refinance Your Car Loan
It’s time to check your mirrors for savings!
Save $$$ by refinancing your auto loan with Lanco Federal Credit Union
Lower auto loan payments and big savings are closer than they appear. By refinancing your car loan at a lower rate with Lanco FCU, you’ll enjoy paying less each month.
- Rates as low as 2.49% APR*
- Enjoy 45 days until your first payment
Need extra cash for summer vacation? Qualified borrowers can opt to delay their first payment up to 90 days!**
- Optional GAP insurance and debt protection may also be available to help protect your assets and standard of living should the unexpected happen.
Apply and Sign Online
Applying for your loan
If you are already a Lanco FCU member or are eligible to join, you can easily start by applying for your loan online. Our lenders will review your application and reach out to you with a decision, generally within 2 business days or less.
Signing for your loan
Once your application is approved, you can choose how you’d like to sign. Whether you prefer to handle everything online, or would like to come into a branch near you, our lenders are happy to help serve you in the way you find most convenient.
Auto Loan Refinancing FAQs
What are your current auto loan rates?
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.
|Maximum Loan Term||APR (based on Credit Score)|
|Model Years 2015-2021|
|Model Years 2009-2014|
|Model Years 1997-2008|
|Vehicle Year||Amount Borrowed||Maximum Loan Term Available|
|1997–2021||Any amount +||36 Months|
|1997–2014||$5,000 +||60 Months|
|2015–2021||$5,000 +||48 Months|
|2015–2021||$10,000 +||60 Months|
|2015–2021||$20,000 +||72 Months|
|2015–2021||$25,000 +||84 Months|
†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.
What are the benefits of refinancing?
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.
Do I need to be a member of Lanco Federal Credit Union to get a loan?
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.
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.
Can I learn more before applying?
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.
*Advertised APR is accurate as of 6/24/2021 and is available for vehicles model year 2015 and newer. Additional rates and terms are available for vehicles with model years 2014 and older. Minimum loan balance required varies by term. Maximum loan amount is determined by borrower qualifications and vehicle age and value. Rates and terms are subject to change based on market conditions and borrower eligibility. Borrower eligibility is based on creditworthiness, proof of income, collateral, and membership eligibility. Must apply and meet credit requirements to obtain loan.
**If you opt to defer the first payment for 3 months, 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. Interest begins accruing from the date of the loan signing; deferring a payment will delay the payoff of your loan and result in additional finance charges if you only make minimum payments. Deferral option may be changed or withdrawn at any time.