Should I Refinance my Motorcycle Loan through my Credit Union?
Question: My motorcycle loan is effecting my budget, and I’d love to refinance to ensure I can keep my ride. What are the benefits of refinancing my loan through my credit union?
Answer: Refinancing a large loan, such as a motorcycle loan, into one that offers more affordable payback terms can make a huge difference in a monthly budget. Here are four reasons you may want to refinance your motorcycle loan through your credit union.
1. Lower interest rates
Credit unions consistently offer interest rates that are lower than those offered by banks. In fact, the most recent data shows the interest rate on an average 60-month new car loan through a bank is nearly two points higher than a similar loan taken out through a credit union. Refinancing your motorcycle loan through your credit union can help you save a significant amount over the life of your loan.
2. Favorable terms
When you refinance a loan through 802 Credit Union, you can count on favorable payback terms to help ensure your payments are affordable. Our member service representatives will work with you to come up with a repayment plan that works best for your budget.
3. Easy eligibility options
As a member of 802 Credit Union, we always have your back. Our primary goal is to provide you with services and products that enable you to manage and save your money in the most optimal ways possible. To that end, our loans are always accessible and open to our members. Eligibility requirements are reasonable, and as long as you manage your money responsibly by meeting the payback terms, you’ll likely be approved for a refinance on your motorcycle loan.
4. Quick approval process
No one likes filling out paperwork, and at 802 Credit Union, we get that. That’s why our loan approval process involves minimal paperwork and as little wait time as possible. When you decide to apply for a refinance loan, we’ll get you started on the application process and you can have the funds as fast as the next day.