Top 10 reasons to Refinance your Vehicle
Anyone in the market for a new or used car is probably well aware of the existing challenges. The post-pandemic global auto supply shortage, brought on by supply constraints as well as a global microchip shortage, has shrunken the overall availability of all vehicles while driving prices through the roof. The shortage has also forced many dealers to require internal financing in order to purchase from them.
But American Airlines Federal Credit Union is always looking out for you, which is why we’re offering vehicle owners our list of the Top 10 reasons why you should refinance with the Credit Union.
- Refinancing is available after purchase. Just because you financed your vehicle with a dealer doesn’t mean you can’t take advantage of what the Credit Union has to offer. As soon as you have the account number used to finance the vehicle, contact the Credit Union to roll the loan to us. Please note: Make sure to read the fine print in your financing terms to make certain you won’t incur a penalty for refinancing.
- We offer low rates and monthly payments. We’re currently offering rates as low as 1.80% APR* with the added discounts below. To find out more about how to get on the road to savings, click here. You can also speak with a representative about potentially matching or beating existing rates.
- Take advantage of other discounts. Members are automatically eligible for 0.25% discount for refinancing from another financial institution. You can also receive an additional 0.25% APR discount when you set up direct deposit into your Credit Union checking account.
- Enjoy an extended pre-payment period. After purchasing your vehicle, you usually enjoy a grace period before your first payment is due. After refinancing with the Credit Union, you’ll receive an additional 45 days to get your finances prepared before making your first payment.
- Opt in to an Extended Vehicle Warranty for less. Most major car repairs occur after the factory warranty period ends. A Vehicle Service Agreement (VSA) can reduce or even eliminate the financial burden from unexpected, high-cost repairs. It also provides additional benefits on towing, car rental, trip interruption expenses, breakdown insurance** and more. To learn more, click here.
- Protect yourself with Guaranteed Asset Protection (GAP)*** for less. If your vehicle is stolen, accidentally damaged beyond repair and declared a total loss, you may be liable for the difference, or the “gap” between your insurer’s settlement and your loan balance. GAP insures that you don’t come up short. To learn more, click here.
- Skip or defer a payment if necessary. We know that issues pop up from time to time which is why we offer you the option to both skip and defer a payment once a year when you really need it. You can opt to skip a payment each calendar year, repeating on the same month. To set it up, call us at (800) 533-0035 and speak to a Member Advocate. You also have the option to defer a payment for 30 days by submitting a request through online banking. Simply log in and click on the rotating loan deferral banner or contact us by phone.
- An auto loan contributes to your Bonus Dividend. While not a guarantee, our annual Bonus Dividend is enhanced by all our loan products. The more actively you participate as a member, the more you’ll receive at the end of the year. It’s just one of the many ways we give back.
- Work with someone you trust. Financing your vehicle with the Credit Union comes with the peace of mind of knowing that you’re working with someone who has your best interests at heart and won’t sell your loan to another institution.
- Refinancing is quick, easy and convenient. You can refinance your vehicle online via computer or your smartphone. Click here to get started. Simply click on “Vehicle Loans,” follow the three steps from there while making sure to select “Refinance” under “Purpose.” A loan officer will follow up with you after you submit your application.
*APR is Annual Percentage Rate. See our Rate Schedule for more information.
** Mechanical Breakdown Insurance (MBI) is available in states where required.
*** The information contained in the above announcement is intended to provide a general outline of the benefits of MEMBER’S CHOICE Guaranteed Asset Protection. Be sure to carefully read your MEMBER’S CHOICE GAP waiver or policy/certificate of insurance for complete details. Guaranteed Asset Protection may vary by state and then by credit union. In states where GAP protection is an insurance product, MEMBER’S CHOICE Guaranteed Assets Protection is made available and underwritten by CMFG Life Insurance Company. In states where GAP is a debt cancellation product, MEMBER’S CHOICE Guaranteed Asset Protection is made available through your credit union and administered by CMFG Life Insurance Company.