A better road for your auto loan
Why refinance with TEG?
- Explore a lower rate or a payment that works for you
- Choose from available repayment terms
- Loan discounts with automatic payments
- Financing up to 135% for qualified borrowers
- Vehicle and loan protection available
Auto refinance rates as low as
Auto loan refinancing
When should you consider refinancing your auto loan?
Auto loan refinancing replaces your current car loan with a new loan. It may be worth exploring if your credit has improved, you want to compare available rates, or a different repayment term would better fit your budget.
- Your credit has improved since you financed your vehicle.
- You want to compare your current APR with available refinance rates.
- You want to explore a different monthly payment or loan term.
Look at the full cost before you decide. A longer term may lower your monthly payment but increase the total interest you pay. TEG Federal Credit Union can help you compare your options.
Compare your options
Potential refinance savings with TEG
Auto refinancing may allow you to leverage the current rate environment to significantly lower your auto loan payments, secure better interest rates, and customize loan terms to fit your budget, especially if you purchased during peak rate spikes and have maintained or improved your credit.
| Loan | Rate | Monthly Payment | Total Interest | Refi savings with TEG |
|---|---|---|---|---|
| TEGFCU refinance | Rate5.10% APR* | Monthly Payment$461 | Total Interest$2,152 | Refi savings with TEG— |
| Current loan | Rate7.99% APR | Monthly Payment$488 | Total Interest$3,432 | Refi savings with TEG$1,328 |
| Current loan | Rate8.99% APR | Monthly Payment$498 | Total Interest$3,885 | Refi savings with TEG$1,781 |
| Current loan | Rate9.99% APR | Monthly Payment$507 | Total Interest$4,343 | Refi savings with TEG$2,239 |
| Current loan | Rate10.99% APR | Monthly Payment$517 | Total Interest$4,807 | Refi savings with TEG$2,703 |
About these estimates. *APR = Annual Percentage Rate. Each example assumes a $20,000 current balance, 48 payments remaining on the current loan, and a new 48-month TEG refinance, excluding fees and optional protection. “Current loan” APRs are examples, not your actual rate. “Refi savings with TEG” estimates the difference in total interest compared with the example TEG refinance; displayed amounts are rounded to the nearest dollar; savings are calculated before rounding. TEG’s 5.10% “as low as” APR, effective 10/1/2026, includes a 0.25% automatic-payment discount. Actual rates and terms vary by creditworthiness, vehicle year and mileage; approval is required. Rates may change. Promotional rates exclude internal refinances and auto equity loans.
Auto refinance calculator
Could refinancing change your car payment? Compare an estimate of your existing loan with a new loan using the rate and term you want to explore. See both the monthly payment and the estimated remaining interest.
Estimate only: Results assume fixed rates, monthly payments, and refinancing the same payoff balance. Entered APRs are used as interest rates for this estimate. Your actual payoff, payment, available rate, and term may differ. This calculator is not a loan offer or approval.
Your estimated comparison
Current loan
Refinance option
The math: current remaining interest − refinance interest = estimated interest difference.
Estimated monthly payment is calculated from the payoff balance, APR, and number of months entered. Estimated remaining interest equals the unrounded monthly payment × number of payments − payoff balance. Displayed amounts are rounded to cents. Your scheduled payment and final payment may differ. Compare the full loan terms before deciding. Rates and terms are subject to eligibility and approval.
Get a 0.25% Interest Rate Discount
In addition to a great rate, save even more on your Unsecured Personal Loan and Vehicle Loan when you set up automatic payments. Get a 0.25% interest rate discount on your loan when your loan payment is routinely deducted from your checking or savings account.*
A simple process
Apply to Refinance in Just 3 Easy Steps
-
Apply Online
Complete the online application and tell us about the vehicle loan you want to refinance.
-
Loan Review
Our team reviews your application to determine eligibility, available loan amounts, rates, and terms.
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Complete Your Refinance
If approved, review your final loan terms and choose how you want to make payments—by check or online.
Prefer to talk? Call 845.452.7323
Want a closer look at your options? Complete the car loan payment review form below, and a TEG representative can help you explore what may work for you.
Questions, answered
Auto Loan Refinance FAQs
Does TEGFCU charge an application fee for an auto loan refinance?
No. TEGFCU does not charge an application fee to apply to refinance an existing car loan.
Do I need to be a TEGFCU member to refinance a car loan here?
Yes. TEGFCU membership is required for an auto loan refinance. You may be eligible to join if you live, work, worship or attend school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan or Westchester County, New York. Immediate family members may also be eligible. Learn about membership and how to get started.
How can I figure out how much my monthly payments will be?
Use the auto refinance calculator on this page to explore an estimated payment. For a closer look, speak with a TEGFCU representative about your current loan, vehicle and goals. We can help you understand the options available to you; your actual rate and payment depend on the terms for which you qualify.
Can I make loan payments from an outside financial institution?
Yes. You can transfer money from an account at another financial institution to your TEGFCU account at no charge, then use those funds to make your loan payment. If you’d like to move your direct deposit or recurring payments to TEGFCU, ClickSWITCH can help you make the switch.
What happens when I pay off my loan?
After you pay off your auto loan, TEGFCU mails a Satisfaction of Lien document within 10 business days. If you’re considering another vehicle or a different loan, our team is here to help you explore your options and guide you through the application process. Any new loan is subject to approval.
Is refinancing my car loan worth it?
It may be worth exploring if a new rate or term better fits your goals. Compare your current loan with the proposed refinance, including the monthly payment, remaining term, total interest and any costs of paying off your current loan. A lower payment can help your budget, but a longer term may increase the total interest you pay.
Will refinancing my car loan affect my credit score?
Applying may involve a hard credit inquiry, which can affect your score. The impact varies. When you compare auto loan offers within a short period, credit scoring models generally treat multiple auto-loan inquiries as one. You can contact TEGFCU if you have questions about applying.
How soon after buying a car can I refinance it?
You may be able to explore refinancing even if you bought your vehicle recently. Timing depends on your current loan and the information needed to review your vehicle and application. Contact TEGFCU to discuss your options.
What credit score do I need to refinance a car with TEGFCU?
There is no single score that tells you which rate or term you will receive. TEGFCU reviews applications based on credit history and other qualifying factors, including the vehicle. Contact TEGFCU with questions about your situation.
Can I refinance if I owe more than my car is worth?
Owing more than your vehicle is worth can make refinancing more difficult. Your payoff amount and the vehicle’s value are among the details a lender may consider. Contact TEGFCU to ask whether your loan may qualify.
What information should I have ready to refinance my car loan?
Start with details about your vehicle and current loan, including your lender, interest rate and payoff amount. The payoff amount may differ from the balance on your statement because it can include interest through the payoff date. TEGFCU will let you know what information and documents are needed for your application.
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