Auto Loan Features:
- New and used cars, trucks, or motorcycles.
- Use for your purchase from a dealership or private property.
- Lower your monthly payment.
- Enjoy a fast application and approval process.
- Receive prompt, professional attention.
Apply Online Today!It's quick and easy to apply online for an auto loan.
Refinancing Your Auto Loan
Refinancing isn’t just for mortgages! Lots of people have refinanced their mortgage recently, but have you ever considered refinancing your auto loan? There could be a surprising amount of savings available to you.
Refinancing an auto loan involves taking out a new loan to pay your current auto loan. When you refinance a secured loan, you receive a new loan agreement that includes a new interest rate and an adjusted repayment period. Generally, refinancing helps decrease costs, as the new loan may have a lower interest rate.
Although refinancing could potentially save you money, it is still a major decision you should carefully consider. You may want to consider refinancing your secured car loan if:
- Interest rates have dropped since you borrowed your original loan
- Your credit health has improved
- You want a better offer on your loan
- Making repayments has become challenging for you
Offering competitive car loan rates in Pennsylvania and Maryland, PeoplesBank is an excellent choice for refinancing your auto loan. Use our car loan calculator to estimate your potential new or used car loan rates and let us help you put some extra cash in your pocket.
Estimate Your Savings
Use our refinance calculator to estimate how much you could save in your monthly payment.Refinance Calculator
Benefits of Refinancing
Refinancing an auto loan can be a great financial decision for many people. Some benefits of refinancing include:
Lower Interest Rates
If interest rates have dropped since you borrowed your original loan, then refinancing may be a beneficial option for you. Even if the difference seems very small, a loan with a lower interest rate will generate savings over time. If your credit score has improved since the initial loan, you may also be eligible for a lower rate.
Longer Repayment Terms
If you can’t find a lower interest rate, it may still be beneficial to refinance for a longer repayment period. Finding a loan with an extended repayment period will not save you money in the long run, but it will reduce your monthly payment amounts.
The Ability to Borrow More Money
if your car is worth more than your current loan, you could get approval for a Cash-Out Refinance loan. This loan will refinance your auto loan and allow you to borrow extra money based on your car’s equity. You can use these additional funds to pay off other debts, such as credit card bills.
Refinance Your Auto Loan With PeoplesBank
If you’re looking to borrow or refinance an auto loan in Pennsylvania, PeoplesBank has competitive rates to fit your budget. Apply now for an Auto Loan with PeoplesBank.
Learn More About Auto Loans
Explore different steps you can take to apply for a car loan through an interactive playlist in our Financial Learning Center.Learn More