People understand that on a mortgage they can go out and they can refinance their loan lower their rate, thus lower their monthly payments.
But oftentimes people don’t understand that on their auto loan, they can do the very same thing.
Go on PenFed.org and come to auto. Once you’re in auto, scroll down to the left-hand side, auto refinance.
Go into the auto refinance and it will ask you a series of questions. What’s my current loan amount? Your current loan amount with us would be equal to the payoff of your existing loan.
What’s the term you’re interested in? We offer anywhere between 36 and 72 months. After that, what rate do I qualify for?
If you know your credit, just put in the best rate available to you. And then, what is my current rate? And then hit compare.
You’ll be absolutely surprised.