Does Refinancing Make Sense?

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Have you ever considered refinancing your auto loan? Even if it decreases the rate by a few points, it could make a huge difference in monthly payments and the amount paid over the life of your loan.

For example:

You purchase a vehicle for $25,000 at 3.74% APR for five years and then you see that Bethpage is offering 3.29% APR* one month later.

The table below is for example purposes only. To see today's latest rates, visit our Auto Loan page.

Approximate Loan Comparison



Approximate Remaining Loan Balance



Annual Percentage Rate

3.74% APR

3.29% APR

Length in Months



Monthly Payments



Total Interest






The refinance kept you in a 5-year loan, lowered your monthly payment, and saved you $552 over the life of the loan.

When does an auto refinance make sense?

  • You need to lower your monthly loan payment and/or extend the loan term
  • Interest rates for auto loans have gone down since your purchase
  • Your credit score has improved and you qualify for a lower rate
  • The rate your dealer gave you is much higher than your credit union
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