WHY REFINANCE?

Three good reasons to
make the move.

 
1
Better Rate

The rate you got when you bought your car doesn't have to be the rate you keep. Refinancing with LAFCU could mean a lower rate, a lower payment, and money back in your pocket from day one.

2
First Payment On Us

Switch to LAFCU and your very first payment is on us, up to $500. That is not a rebate, a cashback offer, or fine print. We simply cover it so you start saving from day one.

3
Lower Monthly Payment

A lower rate means a lower payment every single month for the life of the loan. That difference adds up to real money over time, and it starts the moment your loan funds.

Stop paying more than you have to. Apply now and lock in your rate before the offer ends August 21, 2026.

DO I QUALIFY?

If you have a car loan,
you are most of the way there.

No catch. If these three things are true, you can apply today.

  • You have an auto loan at another financial institution (bank, dealership, or finance company).
  • You live, work, worship, or attend school anywhere in Michigan.
  • You apply before August 21, 2026 to lock in the first-payment offer.

COMMON QUESTIONS

Answers before you even have to ask.

Most standard passenger vehicles, trucks, and SUVs qualify. The loan must be refinancing an existing loan from another lender, not a purchase transaction and not an existing LAFCU loan. Some vehicle age and mileage restrictions may apply. Your loan officer can confirm eligibility during the application.
A hard inquiry is required to finalize your rate, but it is typically a small, temporary dip. Rate shopping for auto loans within a short window is generally treated as a single inquiry by the major bureaus. Many members find that the ongoing savings and lower utilization offset the inquiry quickly.
Once your loan funds, LAFCU credits your first monthly payment up to $500. You simply skip that payment. Your second payment is your first out-of-pocket payment. Note: the loan must stay open with LAFCU for at least six payments or the credited amount gets added back to your balance.
It depends on the loan-to-value ratio. LAFCU reviews each application individually. If you are close to break-even or slightly underwater, it is still worth applying. The lower rate can meaningfully reduce total interest paid even without equity. Call or chat to talk through your specific situation before applying.
Yes. Membership is open to anyone who lives, works, worships, or attends school anywhere in Michigan. Joining takes just a few minutes online and you can apply for the refinance right after. The first-payment offer applies to eligible new members too.
The application itself takes about five minutes. Most credit decisions come back quickly. Payoff to your current lender and full funding typically happens within a few business days after approval. Your first payment is credited shortly after funding.

Offer ends August 21, 2026.

Lower your rate, keep your first payment, and feel the difference on your very next bill. The first-payment offer ends August 21, 2026, so there is no reason to keep paying more than you have to.

MEMBERSHIP

Not a LAFCU member yet?

Joining takes minutes and opens the door to the 10/6 ARM and every other benefit LAFCU offers. Membership is open to anyone who lives, works, worships or attends school in Michigan.

*APR = Annual Percentage Rate. Limited-time offer valid 5/21/26 - 8/21/26. Credit union pays first payment up to $500. APR as low as 4.74% for well-qualified borrowers; actual rate may vary based on creditworthiness, loan term, and vehicle details. Not all applicants will qualify for the lowest rate. Example: $20,000 loan at 4.74% APR for 36 months = $597/month. Subject to credit approval, membership, and underwriting criteria. Offer applies to new loans refinancing an existing auto loan from another lender or to eligible lease buyouts. Not valid for refinancing existing LAFCU loans (internal refinances) or for automobile purchase transactions. Loan must remain open with LAFCU for a minimum of six (6) payments or the amount paid by the credit union will be added back to the loan balance. Membership required; membership eligibility applies. Fees could reduce savings. Terms and conditions apply.

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