Is Now the Right Time to Refinance My Vehicle?

Wednesday, September 15, 2021
   
Cars sit in traffic on a two-lane road

Owning a car in Louisiana has become a necessity, but it isn’t cheap.

Louisiana drivers pay the highest monthly loan payments in the country for new and used cars at nearly $600 and $400, respectively. We also have the second highest loan balance in the U.S. at more than $24,000.

Factor in insurance and registration fees and your vehicle takes a big bite out of your wallet each month.

Refinancing your auto loan can help you reduce your car’s financial cost.

Reduce Your Rate and Payments

Across the U.S., drivers lowered their average interest rate by 5.4% with an auto refinance. That means cash that stays in their wallets.

How much cash? It could be more than $1,000 a year!

In 2020, Louisiana drivers who refinanced their car saved $1,087 a year! Think about what you could do with that extra cash!

Is Now the Right Time?

Maybe

Everyone and every car is different, but right now is a great time for most people to refinance their auto loans.

With interest rates still at historic lows and a lack of inventory for new cars, more Americans are choosing to refinance their current vehicles to save money. In 2020, drivers refinanced just 14.5 months into their existing auto loans. If your loan is older than that, you can still save depending on how much you owe and where you are in the repayment plan.

How Do I Refinance?

At La Cap, we’ll help you get the most savings. We work with you to figure out the best loan options and get you the lowest rate. We also help you out with our 90-day no payment option that can free up $1,650 on average for your immediate needs.1 We’ll also give you up to $100 for your trouble.2

Talk to us and see how you can drive away with more money with an auto refi from La Cap.

VISIT OUR AUTO REFI CENTER

* Data from Rate Genius State of Auto Refinance report

1 Loan products are available to qualified, creditworthy members. The actual rate for which you qualify will be based on your credit history, loan amount & the term of your loan. Eligible members may elect to defer payment for up to 90 days (some restrictions apply). Interest continues to accrue during deferment period. Offer is valid for transferred vehicle loans currently with other financial institutions and does not apply to vehicles currently financed through La Capitol Federal Credit Union.

2 Up to $100 incentive offer is valid for transferred vehicle loans currently with other financial institutions and does not apply to vehicles currently financed through La Capitol Federal Credit Union. Only balances of $8,000 or above qualify for a cash incentive under this offer: $50 for vehicle loans with a balance of $8,000 up to $11,999.99, $75 for vehicle loans with a balance of $12,000 up to $17,999.99 and $100 for loans with a balance of $18,000 or more. Offer valid on 2018 or newer year models.