Auto Loan Refinance

Is now the right time to refinance?

This might be the perfect time to take advantage of low interest rates and bring your car loan home to SF Fire Credit Union. There are five reasons why you should refinance your car loan now - but also some reasons to hold off.

Refinance Your Car Loan And Bring It Home to SF Fire Credit Union


With auto loan rates remaining low, it’s potentially a perfect time to refinance your auto loans from other banks and credit unions.

Low rates can help you save money on your monthly payments, save on interest in the long term, or possibly use the value of your car to get the extra cash you need for other expenses.


5 reasons to refinance your car loan with SF Fire Credit Union

  1. No refinancing fee* – while some lenders might charge you a fee to refinance an auto loan from another lender, SF Fire Credit Union does not. This means you can start benefiting from a lower interest rate immediately, with no need to calculate a break-even point.
  2. Lower your monthly payments - refinancing your loan can reduce your monthly payments by extending the term of the loan and lowering the interest rate. You can calculate a new payment to see how much you might save each month.
  3. Save on interest – with auto loan rates starting as low as 7.13%** for loan terms up to 48 months, you might easily save on the amount of interest you pay over the life of the loan. However, keep in mind this savings may depend on how long you have to go on your current loan; extending the loan term when refinancing could mean you will pay more in the long run, even if you are reducing your monthly payments.
  4. No pre-payment penalties – with lower monthly minimum payments, and no penalties for paying off the loan early, you can pay extra each month when you can to help pay off the loan faster, again saving you on interest.
  5. Get cash from your car – as long as your car meets our eligibility requirements, you can use the value of a car you own free and clear to get cash you need at a lower interest rate than you would get on a personal loan or credit card.


When it makes sense to refinance your car loan

There are certain circumstances that would make it an especially good time to refinance:

  1. Your credit score has improved since you first got the loan. A better credit score makes it more likely you’ll qualify for a better interest rate.
  1. You want to lower your monthly payments to change your monthly budget. Extending the loan term will usually reduce your payments (although you might pay more in interest over the life of the loan).


When you shouldn’t refinance your car loan

Before completing a refinance, consider if it’s worth it. There are a few factors that might mean you should hold off.

  1. If your credit score has dropped, don’t refinance. You will be less likely to qualify for a better rate, so there would be little point to refinancing in this case.
  1. Your current car is less than six months old. The equity in the vehicle might not have caught up with depreciation yet (however, this is usually an issue only if you bought the car new and were looking at a used auto loan with a higher interest rate).
  1. Your current auto loan has prepayment penalties. Not many lenders charge prepayment penalties these days, but if your current lender does, you’ll need to calculate whether the prepayment penalty outweighs your projected savings.


The information you’ll need

Please be sure to gather the following information from and about your current lender:

  • 10-Day Payoff Quote
  • Payment Address
  • Lender Name
  • Loan Account Number

You’ll also need to provide the year, make, model, and mileage information for your car.


Questions? We’re here to help

Ask us for more details when you visit the branch, or give us a call at 415.674.4800, 7:00 AM – 8:00 PM (Pacific), Monday through Saturday.

If you're already a member, you can also apply for a loan through Online Banking; expect a response within 1 business day.

Discover More

Nehemiah, international photographer.
Putting him first since 2012.

Checking you can count on

We offer the Bay Area’s best checking account. No minimum balance, no monthly fee, and up to 12 ATM surcharge rebates per month.

Learn More
Nehemiah, international photographer.
Putting him first since 2012.
Kundan, Bay Area artist.
Putting her first since 2016.

Get the low-fee card that pays you back

Our fee-friendly Platinum Visa Credit Card also comes with rewards, travel benefits, and a low APR.

Apply Now Check Rates

Kundan, Bay Area artist.
Putting her first since 2016.

Let's Talk

As a local credit union, we want to get to know you and help you achieve your goals. Come into a branch or call us today. Our people are happy to serve you.


(415) 674-4800
(888) 499-FIRE (3473)
Mon – Sat 7:00 AM – 8:00 PM


Stop by a branch

Branch hours
Mon – Fri 8:30 AM – 6:00 PM
Saturday 8:30 AM – 3:00 PM

Find a Branch or ATM

*Only applies to loans not already with SF Fire Credit Union. A $50 refinancing fee applies to refinance a loan you already have with us.  All loans are subject to credit approval and not all borrowers may qualify for the lowest rate.

**APR= Annual Percentage Rate. Lowest rates apply to vehicles 2013 or newer with less than 100,000 miles.

Rates, terms, and conditions are subject to change without notice.   Must be a member of SF Fire Credit Union to obtain a loan. All loans subject to credit approval. Rates will depend on an individual's credit, as well as amount financed, loan-to-value (LTV) ratio, and other vehicle characteristics. Vehicle must meet eligibility requirements including year and mileage limits. Speak to a loan officer for details.

Payment Example: Assuming a $15,000 auto loan for 60 months at 7.38% APR, the monthly payment will be $300.00.  Other rates and terms are available.