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Paying Too Much for a Non-BayPort Auto Loan?


BayPort Refinancing Saves $$$

FP_carloan_refinancing.jpgMay 2012

Have you bought a new or used car recently? Did you finance with a lender other than BayPort Credit Union? If so, the chances are good that you may be paying too much for your loan. How can you know? Take a few minutes to check out refinancing opportunities at BayPort. You could save hundreds to over $1000 on the total cost of your loan. You may also be able to reduce the term of the loan and/or lower your payments.

How Much Can You Save?

Potential savings depend on the current interest you are paying, the remaining term of the loan (and current vehicle value) and your credit status. Over the last several years, BayPort’s Auto Loan Refinancing Program has refinanced members’ loans from other lenders and cut individual finance charges an average of $1000. Hundreds of members saved even more.

How Can BayPort Do This?

It’s simple. When you finance a vehicle at BayPort Credit Union, you’re always given the lowest possible rate you qualify for. But when you finance a vehicle at most other places, you are usually given the highest finance rate you’ll pay. This often happens even when you are participating in a special rebate/rate sale promotion.

Why refinance your auto loan?

If you haven't financed with BayPort CU you may be able to:

  • Save money with a lower interest rate.
  • Lower your payments.
  • Reduce the term of your loan.

BayPort’s first goal is to protect members’ financial well-being by giving you the best rate you qualify for on both new and used vehicles. That’s what membership means.

What Do You Need to Do to Take Advantage of BayPort’s Auto Refinancing?

It’s easy. You can pick up the phone and call or visit a branch. Have your current loan payment booklet or loan papers handy. It takes little time and no money to find out if you can save a handsome amount of money.

GetReal Tip: If you are thinking about buying a vehicle right now, stop everything. Read BayPort’s one-of-a-kind Car Buying Guide now. Then apply for a pre-approved BayPort vehicle loan before you go shopping.

Your Credit Union Is Working for You. We all deal with many businesses in the course of daily life, but in my experience, you won’t deal with many who work as hard as your credit union does to save you money. A refinanced or new auto loan from BayPort Credit Union is a good way for you to see that concern for your wallet in action.

Reviewed and updated August 2014.

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