![]() If your credit score has recently improved, you could receive a much better rate by refinancing to a longer loan term. Having a good credit score offers certain advantages, such as access to better loan terms and lower interest rates. Your credit score changes over time, depending on your credit decisions. If you have a reliable vehicle, an extended loan term may be well worth it. Purchasing a more reliable vehicle means that it should last longer, have fewer maintenance expenses, and come with a strong manufacturer warranty. Some do not require a tune-up until 100,000 miles per their owner’s manual. Modern cars are built to be more reliable than ever. Vehicles are built to last longer these days Whatever the reason, a lower monthly payment can give you more flexibility in your budget and increase your disposable income. Or maybe you could use a little extra money in your wallet for necessities. For instance, perhaps you have high-interest debt that you’d prefer to pay off first. When you have a lower monthly payment, you can put the savings towards something else. You’ll also be paying interest during that time, so finding a low-interest rate is ideal. However, remember that a longer loan term is a longer commitment, meaning that you’ll be making those lower monthly payments for longer. Having to pay less each month can help free up cash flow and give you more flexibility in your monthly budget. Since payments are spread out over more months, the monthly payment would be significantly less than the monthly payment of a shorter loan term. One of the most significant benefits of a longer loan term is a lower monthly payment. To take full advantage of a refinance, be sure to use a financial institution like Cedar Point Federal Credit Union, which consistently offers some of the lowest rates in the area. Combine all of this with a longer term, and you may be on the road to big savings on your monthly payment. Extending the term could have less impact on increasing negative equity. Second, if you have paid down your loan for several years, a lot of negative equity has already been paid off by your hard work. Think of refinancing this way: you’ve already spent time paying off a portion of your auto loan, so the total amount of the new loan will be lower when you refinance. When you refinance, you’re paying off your old loan with a new loan with new terms. Rates are accurate as of November 13, 2023īenefits of a Longer Loan Term Looking to refinance? Refinancing a used car can free up cash flow! You now have more options to apply for loans to fit with your lifestyle! Plus, you’ll receive a response within moments of applying. Rates are accurate as of November 13, 2023.Īpply For an Auto Loan or to Refinance Anyplace, Anytime, On Any Device!ĭid you know that we offer a quick, convenient way to apply for loans? You can apply for most any loan online or using your smartphone or tablet, any time of day or night, from anyplace you happen to be! No need to call a loan officer or drive to the credit union, unless you prefer one of those methods. Rates not available for vehicles already financed through Cedar Point. Refinance your existing auto loan and save.Build your vehicle with the latest features.Research millions of vehicles on one site. ![]() Top 5 Reasons to Shop for Your Next Car with Cedar Point View the refinance calculator by clicking the button below. It’s super easy to use and will provide you with valuable information, including what lower interest rates are available and how much you could save. ![]() Shop for a car on our siteĭid you know that you can save money on your existing auto loan and shop for a car online? Simply go to the “Get A Loan” tab on our auto shopping website and find your savings with our refinance calculator. Rates are accurate as of November 13, 2023. The road ahead is yours for the taking and Cedar Point will help you reach it. Cedar Point is here to make your journey more affordable so you can focus on your destination. With rates as low as 5.24% APR, blazing a trail has never been so easy. The highways are filled with adventure and possibility. We'll keep you going. With rates as low as 5.24% APR, Cedar Point is here to help meet your changing needs. The best way to get through life is forward, with an auto loan from Cedar Point.
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