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.

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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