Auto Refinance
Keep your car and upgrade your loan with a credit union auto refinance.
Just like breakups, there are many reasons to end your current auto loan. Maybe the problem is money, time, or a plain old personality clash. Luckily, help is just a few clicks away!
3 reasons to choose UMe for your car refinance
Enjoy better rates and terms
We’ll use our magic formula and see if we can lower your rate while you can choose a shorter or longer term to get the perfect payment.
Cash out equity to slay other debt
If you’ve paid down a chunk of your loan, a refi gives access to cash so you can get rid of high-interest debt for good.
Say hi or bye to a co-signer
A co-signer may let you borrow more at a lower rate — and you can let them go when it’s time to stand on your own cute feet.
Check out these UMe credit union auto refinance rates
|
TERM |
APR* AS LOW AS |
|---|---|
|
NEW Cars, Trucks, & SUVs | 2023-2024 | mileage up to 5k *APR is Annual Percentage Rate. Loan approval, term and rate are based on a verification of income and an evaluation of your creditworthiness and collateral. |
|
|
TERM 24 months |
APR* AS LOW AS 5.75% |
|
TERM 36 months |
APR* AS LOW AS 6.00% |
|
TERM 48 months |
APR* AS LOW AS 6.25% |
|
TERM 60 months |
APR* AS LOW AS 6.50% |
|
TERM 72 months |
APR* AS LOW AS 6.75% |
|
TERM 84 months |
APR* AS LOW AS 7.25% |
|
TERM |
APR* AS LOW AS |
|---|---|
|
USED Cars, Trucks, & SUVs | 2014-2023 | mileage up to 150k *APR is Annual Percentage Rate. Loan approval, term and rate are based on a verification of income and an evaluation of your creditworthiness and collateral. |
|
|
TERM 24 months |
APR* AS LOW AS 6.25% |
|
TERM 36 months |
APR* AS LOW AS 6.50% |
|
TERM 48 months |
APR* AS LOW AS 6.25% |
|
TERM 60 months |
APR* AS LOW AS 6.75% |
|
TERM 72 months |
APR* AS LOW AS 7.00% |
|
TERM 84 months |
APR* AS LOW AS 7.50% |
Interested in cashing out?
If you want access to cash at a low, fixed rate, you can explore a “cash out” car refinance from your friendly local credit union (UMe!).
So how does it work? First, you need to have equity in your car. This is when your car’s value is greater than your outstanding loan balance. You build equity by paying down your loan — and sometimes a car’s value goes up instead of down so you have even more equity!
Let’s run some numbers: If your current car is worth $25,000 according to Kelley Blue Book, but you only owe $20,000 on your existing loan, we can refinance your loan for the $20,000 balance AND fund an additional $5,000 at the same low rate. (Lower than a credit card or personal loan!)
You can then use the extra cash for anything — from paying off high-rate debt to taking a much-needed vacation. You’re the boss! This is just one of the many wonderful reasons to consider an auto refinance from a credit union.
— Savannah D., Burbank, CAAmazing customer service that pays attention to even the smaller details. Big thanks to Maria who helped me get better financing in comparison to the auto dealership.
How U do a credit union car refinance
1. Apply Online
Give us your information plus a few deets about your current auto loan from that other financial institution.
2. Crunch the Numbers
We’ll offer you a loan amount, rate, and new term so you can decide if a refi makes sense and can save you money.
3. Say Bye to Your Old Loan
We’ll give you a check so you can pay off your old loan in full and start making better payments to UMe.
Insurance Options
We offer more than just great loans. We also offer low-cost insurance options and loan protection.
Ways to pay your new improved auto loan
-
Automatic Transfers
Automatic transfer allows you to make credit union auto loan payments on a recurring schedule, whether it’s from a UMe account or most any other financial institution.
To set up an automatic transfer, fill out our Share to Loan Transfer Form or give us a call at (818) 238-2900.
-
Payroll Deduction
If you have a credit union car loan, payroll deduction is a convenient way to have your loan payments automatically deducted from your paycheck.
To find out if you’re eligible for payroll deduction, contact your employer’s benefits department. If you already have payroll deduction set up with the credit union and want to set up automatic loan payments, call us at (818) 238-2900.
Why choose UMe for an auto refinance in Burbank?
At UMe, our customers are members, which means you own part of UMe. We’re a not-for-profit so we can give you higher savings rates, better auto loan rates, and lower fees. Plus, friendly local service from our qualified professionals. But that’s not all.
As well as offering our members the best financial tools and tips you need to succeed, we do our best to support our community in every way we can. We strive to help everyone in Burbank thrive and flourish — not just survive and scrape by.
Check out these fun facts about what we gave back to Burbank in 2022:
- We provided $6,877 to the Burbank Unified School District in support.
- We donated $7,448 to local community organizations, including Leadership Burbank, Kiwanis Club of Burbank, Family Service Agency of Burbank, and HomeAgain L.A.
- We awarded $7,000 in scholarship funds to Burbank students through our UMe Super Awesome Scholarship and our UMe Marketing Intern Scholarship.
- Our members helped raise $18,631 for the Burbank Arts & Education Foundation by making donations matched by UMe
A few more reasons to choose UMe in case you’re sitting on the fence:
- We know you’re more than just a number. This means you can count on us to support your financial needs.
- We love dogs. You can bring Bowser when you visit our branch and we’ll even have a snack ready.
- We heart tech. That’s why our online and mobile banking lets you access your UMe accounts anytime.
Here’s a quick quiz to see if you can join us:
- Do you live in, work, worship or belong to an organization in Burbank? You’re in.
- Do you go to school in Burbank? You’re welcome to join.
- Do you think UMe sounds awesome but you didn’t answer yes to 1 or 2? You can still become a member! Simply make a $10 donation to the Burbank Arts & Education Foundation and you’re good to go. We’ll even help you do it!
Credit Union Auto Refinance FAQ
We make it super duper easy to complete the loan application for your auto refinance! At UMe, you can apply online 24/7, visit us, or give us a call at (818) 238-2900.
Whether you have a new or used vehicle, we will cover your remaining loan balance plus any fees you need to pay. Plus, we can cash out any equity you have and borrow those funds at the same low interest rate as your new auto loan.
An auto loan refinance is a chance to achieve your financial goals. You might want a lower payment to free up some cash each month, or you might want a higher payment to save on interest and get debt-free faster.
You can achieve these goals by choosing a new loan term and you may get lower rates for a number of reasons, like if your credit report shows you’re on top of your finances or if market rates have dropped. You may also qualify for certain rate discounts. Here’s what to consider:
- Market rates: The lowest annual percentage rate (APR) we can offer is based on what’s happening in the big old economy.
- Credit scores: Higher credit scores get lower rates.
- Loan terms: Shorter terms get lower rates but higher payments, while longer terms get higher rates but lower payments.
- Terms and conditions: You can read the fine print of any car loan contract to see exactly what’s going on.
GAP stands for Guaranteed Asset Protection and pays the difference between what you owe and what your insurance company will pay — filling the gap!
When you purchase a vehicle, it depreciates the moment you drive it away. So, if your vehicle is stolen, or totaled in an accident, you could end up owing more than the vehicle is worth. GAP Insurance coverage is designed to pay the difference between the insurance settlement and the loan balance, so you don’t owe money for a vehicle you no longer have.
To make things super simple and stress-free, we will make sure you get all the extra info you need before you start paying for any GAP insurance coverage. Plus, you can cancel GAP at any time. If you cancel your GAP within 90 days, you can get a full refund.