CPS IBEW FCU - Refinancing an Auto Loan: Is it Time?

Offering personal lending and financial services to CPS Energy® employees and their families since 1938

Federal Credit Union San Antonio | IBEW Credit Union | CPS Credit Union


Interest rates are down, which means you may be able to secure a lower auto loan if you refinance. Depending on your current terms, a refinance could save you thousands of dollars. If you first secured your auto loan through a car dealership as so many do, now is the time to consider refinancing through your Credit Union. Even new cars that are less than a year old or with less than 15,000 can be refinanced.

Give one of our loan specialists a call after asking yourself the following questions:

Has my credit score improved?

Auto loan rates are determined by several factors, including the value of your car and current federal interest rates. Your credit score is a critical factor, too. In fact, auto loan rates are tiered by credit score (the higher your credit score, the lower the rate). So if your credit score has improved since you secured your initial auto loan, it may be worthwhile to look into refinancing at within a lower rate tier.

Will changing my loan term help my financial situation?

Refinancing at a lower interest rate can help reduce monthly auto payments. If you need to lower your monthly payments even more right now, you could look into changing the terms of your loan when you refinance. Extending the term (lengthening the time it takes to repay the loan) will reduce monthly payments, but be careful: It will also increase the amount of interest you will need to pay over time. You should also be aware of any prepayment penalties that exist on your current loan, which might counteract the money you save by refinancing.

As a CPS IBEW Federal Credit Union member, it’s a great idea to look into an auto loan refinance right now to see if the timing is right for you. Our rates are highly competitive, with flexible payment terms up to 72 months, and no early payoff penalty. Plus, with our easy online application and e-signature option most loans can be completed from the comfort of your home.

Plus, for a limited time, you can fill up your tank on us! Receive a free $100 gas card when you refinance your current vehicle CPS IBEW FCU. Learn more here.