FAQ Category: Auto Loan Refinancing
What is auto loan refinancing?
Refinancing replaces your current auto loan with a new one—usually with a different lender—to secure a lower rate, adjust your monthly payment, or change your term. PDCU pays off your existing lender and you make payments to PDCU going...
Continue ReadingWhen does refinancing make sense?
Common reasons include: your credit score has improved, market rates have dropped, your original rate was high, you want a lower monthly payment, you want to pay off faster with a shorter term, or you need to add/remove a...
Continue ReadingWhat rates and terms does PDCU offer?
For the most current APRs, please visit our Loan Rates page. Terms are available up to 72 months for eligible vehicles. Your approved rate and term will depend on factors like creditworthiness, amount financed, and the vehicle’s age, value, and...
Continue ReadingWhich vehicles are eligible?
Cars, trucks, SUVs, and vans that are new or used (5 years old or...
Continue ReadingCan I refinance my current PDCU auto loan?
No. This offer is for loans refinanced from another lender or for new loans...
Continue ReadingDo I have to close by a certain time?
Yes. Loans must close within 30 days of application to qualify for promotional...
Continue ReadingWill refinancing hurt my credit score?
We’ll run a hard credit inquiry during the application, which may have a small, temporary impact on your...
Continue ReadingHow much could I save by refinancing?
Savings depend on your new rate, term, and remaining balance. Many members save by lowering their APR, shortening the term, or both. We’re happy to run the numbers for you before you...
Continue ReadingCan I change my term length?
Yes. You can choose a term (up to 96 months) that fits your budget and goals—either lowering your payment or paying off...
Continue ReadingWhat documents will I need?
A valid ID and SSN, proof of income, your current loan statement/10-day payoff, and vehicle info (VIN, mileage, year/make/model). We’ll let you know if anything else is...
Continue ReadingHow does the payoff work?
Once approved, PDCU pays off your existing lender directly. You then make payments to PDCU under your new...
Continue ReadingCan I refinance a leased vehicle?
You generally can’t “refinance” a lease, but we can often help you finance a lease buyout if you’re purchasing the vehicle. Ask us for...
Continue ReadingAre there fees when you refinance a car?
State title/registration fees may apply, and any applicable loan fees will be disclosed upfront. We’ll provide a clear cost summary before you...
Continue ReadingCan I add GAP or protection plans when I refinance?
Yes. You can add GAP (Guaranteed Asset Protection) and Mechanical Breakdown Coverage during the refinance for added peace of...
Continue ReadingHow long does the refinance process take?
Many applications are reviewed quickly. Timing can vary based on documentation and title work, but remember: closing must occur within 30 days of application to retain promotional...
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