Refinance Your Existing Auto Loan & Save

Refinance Your Existing Auto Loan & Save

The Basics

Pay off your existing car loan at another financial institution and replace it with a more affordable loan from Magnify Credit Union. Our refinance options can reduce your current payment and even give you cash back. We approve customers with all types of credit, even if you've experienced bankruptcy, credit counseling or repossession.


Now is the time to refinance your vehicle and enjoy flexible terms and more money in your pocket. Our easy and quick application gets you the rate you deserve, and puts you on the road to savings today!

What's more, if you automatically deduct your loan payment from your Magnify account or have direct deposit, sign your documents electronically, and allow us to quote your home or auto insurance, you can save up to 0.25% off standard auto loan rates.* Want to know how much you could save? Calculate your monthly payment using Magnify's Loan Calculators.

Calculate How Much You Can Save by Refinancing Your Auto Loan with Magnify

Having a lower monthly payment means more money in your pocket every month. That's money you could spend on something besides your car payment. Just because your loan is 3 years old doesn't mean that you still can't save money by refinancing your auto loan at today's lower rates!

One way to see just how much difference a drop in Auto Refinance Rates can make in your monthly payment is to use our Magnify's Auto Loan Calculator. By trying out various interest rates in an auto loan calculator, you can see quickly and easily how much money in interest you will save and how much lower your payment will be. First enter information about your current auto loan such as the current balance, rate and payment. Then enter the interest rate you would love to have if you qualify for it. You might be surprised just how much refinancing your auto loan with Magnify could save you each month. Most people have never considered refinancing their auto loan because they think it will be more trouble than it's worth. On the contrary, refinancing an auto loan is a very easy process. Unlike trying to refinance a mortgage, you won't have to complete a lot of paperwork in order to refinance an auto loan. It's easy to apply for a Magnify Auto Loan Refinance. Our online loan application lets you enter basic information about yourself and the loan amount to be refinanced. There are generally no application fees and you find out in no time if you have been approved. A small investment in your time could end up saving you thousands of dollars of interest by refinancing your auto loan with Magnify. If you've had some poor credit due to unforeseen events such as medical, divorce, loss of job, etc. and believe you are on the right track, let Magnify Credit Union try to help you save money and lower your interest rate and payment. Don't wait another day. Auto Refinance Rates won't stay low forever. If you are tired of paying a car payment that is just too high because you got stuck with a high interest loan then apply online to refinance your auto loan with Magnify. Save money and time and apply online today!

Cash-back Refinancing

Cash-Back Refinance today and you could:

  • Get up to $5,000 with our cash-back refinance option*
  • Access extra cash and spend it as you wish
  • Pay off high-interest obligations, like credit cards or payday loans
  • Tap into the value of your car and use it like an ATM
  • Free: No application fees
  • Fast: Apply online in just minutes and get an immediate decision
  • Simple: Once approved, download your documents, sign and return
Traditional Refinancing

Refinance today and you could:

  • Skip your auto payments for up to 60 days*
  • Lower your monthly auto payments
  • Lower your annual percentage rate
  • Switch to a lender with world class customer service
  • Free: No application fees
  • Fast: Apply online in just minutes and get an immediate decision
  • Simple: Once approved, download your documents, sign and return

*Automatic payments from a Magnify Account required. Rates as low as 1.89% APR are available for 3-year auto loans $10,000 and higher at 100% loan-to-value (LTV) or less. Loans to purchase a vehicle, smaller loan amounts, longer terms, vehicles older than 3 model years, or higher LTV loans may have higher rates. Loan payment and APR will vary based on the loan amount, the term, and any loan products purchased. Loan payment example: a $10,000 automobile loan at a 1.89% APR will have a $286.10 monthly payment. Offer is subject to credit qualifications. Rates are subject to change. Some additional restrictions may. Member NCUA.

Definitions & Other Information

APR

APR is the Annual Percentage Rate. The rate advertised can vary based on creditworthiness, age of vehicle and terms of the loan. APR is calculated according to the simple interest method.

Cash Back

Granting of cash back is subject to credit requirements and the loan-to-value of the vehicle. The cash-back amount will be made available to you via check or electronic transfer and will be added to your loan amount. Interest will accrue on your cash-back amount. Non-commercial vehicles up to eight years old may be eligible for up to $5,000 cash back.

Skip a Car Payment

Because the first monthly payment on your new auto loan may be due up to 30 days after the closing date, and the closing date may be zero to 30 days after the most recent monthly due date of your existing loan, you may not have a scheduled monthly payment due for 30 to 60 days after the most recent monthly due date of your existing loan. The actual number of days you will not have a scheduled monthly payment due will vary depending on the terms of your existing loan, your payments on the existing loan, and applicable state law. Interest will accrue on your existing loan until it is paid in full. Interest will accrue on your new loan beginning on the date the loan is funded.

Lower Your Payment Claim

Approved applicants may receive a lower monthly payment. The monthly savings is a result of a longer term, lower interest rate, or both and is based on a comparison of your new loan with Magnify and your prior loan. Savings may vary and your savings may be different.

View our current rates.