The Benefits of Refinancing

June 2, 2022

There are many different benefits of refinancing with your credit union.

Looking to for a way to lower your payments or pay your loan(s) off faster? Refinancing may be a great option for you. Refinancing is simply taking a loan you already have, likely with another lender, and bringing it somewhere that offers you a lower interest rate with a more favorable term. It’s a strategy that can help you meet your financial goals, and here at Grove City Area Federal Credit Union, we want to help get you there!

Why Refinance With Your Credit Union?

Reduce Your Interest Rate: If the rate you received from the beginning is less that ideal, you may be surprised at the low rate you could qualify for now. Credit Unions typically have lower interest rates than bigger banks so it’s a good idea to turn to your credit union.

Reduce Your Monthly Payment: A lower rate typically means a lower monthly payment. If you’re realizing the original loan squeezes your budget just a little too much, you may be able to increase the length of time on your loan to get lower a payment.

Pay Off Your Loan Sooner: If budgeting isn’t the reason for your refinance, you may be able to pay off your loan sooner. With a lower rate and a shorter term, you could pay your loan off months or even years sooner and keep a payment that is relatively the same.

Cash For Equity: Do you need cash fast for an emergency, like a leaking roof or car repairs, or for something more fun, like a family vacation? An equity loan may be your answer. We can look into financing or refinancing your vehicle, home, RV, or anything else with a title to give you cash to use as you choose. With a secured loan like this, you’ll get a better rate so payments will be kept low and you’ll get the cash you need quickly.

Get up to $100* Cash: As an added bonus, we’ll pay you up to $100* for every loan you bring to us! That’s quite the savings with a lower rate plus getting cash for your pocket.

Grove City Area Federal Credit Union’s Mission

Our mission is to get your score above 720 and help you keep it there. Stop in to see one of our professionals today, and we will review your individual credit report and share specific tips to get your credit score up there. With a stronger credit score you will qualify for better rates that could save you money.

Here at Grove City Area Federal Credit Union, we are Banking but Better.