When people think of “refinance,” 9 times out of 10 they immediately associate the word with refinancing a home. But did you know that you can actually refinance other things – like auto loans! YES! Many people think that if they have an auto loan, they are stuck with that same loan until the term is up. Well I have some good news for you – you’re not!
Because most people aren’t familiar with the idea of refinancing an auto loan, I wanted to take out some of the mystery for you! As a financial counselor, here are some frequently asked questions I get about the process:
Q: If I have my vehicle loan at another credit union or bank, do I have to call them to say that I’m moving my loan over to you guys?
A: You do not have to let the other institution know about the refinance. We will send them a check to pay it off (a.ka. a payoff) with a form that will allow them to transfer the title to us.
Q: What do I need to bring with me in order to refinance my vehicle?
A: We need the VIN# (which you can find on your registration) and a 10 day loan balance payoff from the current financial. It also isn’t a bad idea to bring in the original purchase agreement when you bought it.
Q: How do I get a 10 day payoff?
A: You need to call your financial institution and they will give that to you over the phone. We’d do it for you, but they don’t always give us the payoff without the member’s consent. What some people like to do is make the call while they are in the office with us and we can help facilitate the whole she-bang.
Q: How long does this usually take?
A: If you are an existing member, you are about 20 to30 minutes away from saving money.
Q: What if I’m not an existing Linn Area member? Do I need to open an account?
A: Yes, you do need a five dollar savings account at Linn Area Credit Union. This will provide you with a membership to the credit union and we can start saving you money right away!
Rates are super low right now and if you are looking for ways to cut corners or save a little cash each month, now is the time to capitalize. (In fact, you can bring any loan over to Linn Area and we can see how much we can save you!) It is a very painless process and, hey, if you are able to save money, it’s a win-win situation!
Just give us a ring-a-ding at 378-0101 x4 or pop into any of our locations. We look forward to helping you!