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Refinance Your Auto Loan

Lower your rate, payment or both when you refinance.


Membership Required

Please note, membership is required to accept a DCU vehicle loan. For more information about membership eligibility click here.

3 Signs You Should Refinance Your Car

August 20, 2020
Man driving convertible car

Money’s feeling tighter for many Americans these days. If you’re looking for ways to cut costs and you bought a car in the past few years, you might be in luck. Refinancing your auto loan can add up to big savings, but only if the time is right. Here are the three signs you should look for when considering an auto loan refinance.

3 Signs It Might Be Time to Refinance: 


  • Interest rates have dropped. The Federal Reserve sets target federal funds rates, which affect the loan rates that financial institutions offer consumers. From 2015 through 2018, interest rates rose nationwide. But since March 16, 2020, the federal rate has been close to 0%. So, if you took out a loan before March 2020, there’s a good chance you could get a lower interest rate by refinancing.

  • Your credit has improved. Lenders are more likely to offer you a low interest rate if you have a strong credit history. You may have better credit than you did before if: you’ve consistently made on-time payments on all of your loans; you’ve been making at least the minimum payment on your credit accounts; and you’ve paid off any old loans. Get an idea of how your credit looks to lenders by requesting a free credit report from At DCU, you can choose to receive your FICO® Score on a monthly basis. It’s free for members!

  • You want lower monthly payments. Even if you can’t get a lower interest rate by refinancing, you may still be able to lower your monthly payments. By refinancing to a longer term, you can stretch out the amount you owe, paying less per month. However, be aware that you may pay more interest over the life of the loan if you choose a longer term. You should also be careful not to end up “under water,” by owing more on the vehicle than it’s worth.

Calculate Your Potential Savings:  

See how a lower rate or change in terms will impact your monthly payments. To use this calculator, you will need a few details about your current loan including your current rate, monthly payment and outstanding balance.


This calculator is property of CalcXML and licensed for use on It is provided as a self-help tool for your independent use. The results shown are based on information and assumptions provided by you regarding your goals, expectations and financial situation. Applicability or accuracy in regards to your individual circumstances is not guaranteed. All examples are hypothetical for illustrative purposes only and are not intended to purport actual user-defined parameters. Default figures shown are hypothetical and may not be applicable to your individual situation. The calculations provided should not be construed as financial, legal or tax advice. Consult a financial professional prior to relying on the results presented.

Refinance Online

A low rate and monthly payment shouldn’t be your only considerations when refinancing a loan. You need a lender you can trust through these unpredictable times. At DCU, we aim to put our members first, which helped us land on the Best Credit Unions of 2020 list by GOBankingRates. View our refinance rates and apply online.

Please note that membership is required to accept a DCU auto loan.

This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.