Refinance your auto and save big with Navigator Credit Union

Published: Mar. 21, 2022 at 12:53 PM CDT
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The following information was provided by Navigator Credit Union:

The car industry continues to deal with a significant shortage in key auto parts and a lack of new cars as a result of the pandemic. The lower inventory is causing a spike in the average car prices for both new and used cars.

Now could be a good time to cash in on rising car values by refinancing your auto loan. Navigator Credit Union offers some things to consider when deciding if an auto loan refinance is right for you.

You want a better interest rate If interest rates have dropped since you took out your original loan, it could be time to refinance. Even if the interest rate didn’t change, your credit score may have. If your credit score has significantly improved since you negotiated the original loan, you may qualify for a lower interest rate.

Navigator is offering interest rates as low as 1.99% APR on new and used auto loans for qualified borrowers. For a limited-time, borrowers who refinance can also choose between no payment for 90 days or $150 cash back.

You want to lower monthly payments Have you seen your income dip? Have difficulty covering your monthly payment? Refinancing to a longer term can bring your monthly payments down significantly. Depending on your situation, consider refinancing now but increasing your monthly payment once your financial situation has improved.

You financed with a dealership Dealers tend to charge higher rates to buyers who do not fall into the most qualified credit category. Consider checking with your financial institution for better rates. You’ll also find credit unions often offer lower rates to those with less than stellar credit scores, plus they typically offer more affordable extras such as extended warranties and GAP coverage.

You’re looking for extra cash You could take advantage of your vehicle’s appreciated value in today’s supply chain challenged market by cashing out the equity. Refinance to keep your payments the same and pocket the extra cash. And, if you don’t have an auto loan, you may find this is a good time to take out a secured loan using your vehicle as collateral.

Before refinancing, it’s important to understand your current loan. Refinancing an auto means you’re paying off your existing loan and replacing it with a new one. You want to make sure your current loan does not have a prepayment penalty clause. The fees could cancel out any financial benefit of refinancing. The goal, after all, is to save you money.

About Navigator Credit Union Navigator Credit Union has been guiding the Gulf Coast since 1939. Navigator is a not-for-profit credit union, here for Members, not Wall Street investors. That means the Credit Union can provide a full range of financial products and services, with better rates, fewer fees and more flexibility than most banks, including free checking, home loans, auto loans and credit cards. Navigator has 12 full-service Branches from Gulfport, Miss., to Daphne, Ala., and is committed to providing the strength, stability and financial resources Members need – no matter what happens on life’s journey. Visit to learn more or apply for membership!