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REFINANCING
Refinancing your current auto loan with NASA Federal Credit Union is not just smart – it’s NASA smart.
CNN agrees that we're the best auto refinance lender in 2024!
Rates are as low as 5.19% APR,1 and you don’t have to be a NASA employee to enjoy the savings. Make the switch right now!
Benefits of Refinancing with NASA FCU
People who switched to NASA Federal saved an average of $1,128 per year!2
That's extra cash for:
- A vacation
- A wedding deposit
- Extra breathing room in your budget
- Anything you want!
Flexible repayment terms are available for up to 84 months, allowing you to tailor your loan to your financial situation. You'll also enjoy the added benefit from deferred payments for the first 60 days, offering financial breathing room. You can easily view and manage your loan in Online Banking or our highly-rated Mobile Banking app. Plus, Members get access to discounted auto insurance to help lower costs even more.
Apply online and refinance from anywhere, nationwide!
See how much you could save!
Select to Check Your Rate
No Impact to Your Credit Score!
When Should You Refinance Your Car Loan?
Refinancing makes sense in several scenarios:
- Interest Rates Have Dropped: If market rates are lower than when you first financed your car, refinancing could save you money. Check out our auto loan rates.
- Improved Credit Score: A better credit score may qualify you for more favorable terms.
- Change in Financial Situation: If your monthly budget has shifted, refinancing can help reduce your payments.
- Switching from a Dealer Loan: Dealer loans can carry higher rates or longer terms that desired. NASA FCU offers competitive alternatives.
How Does Refinancing Work?
Here’s a step-by-step guide to refinancing your auto loan with NASA FCU:
1. Check Your Rate: In just two minutes you can check your rate before you apply - without impacting your credit score.
2. Apply Online: Once you get your rate, follow the prompts to complete your application.
3. Loan Review: NASA FCU reviews your creditworthiness and vehicle details.
4. Approval & Funding: Most loans are approved within a few days.
5. Your New & Improved Loan: Enjoy lower payments and flexible terms, with no payment required for the first 60 days.
Frequently Asked Questions
What is an Auto Refinance?
Auto refinancing is the process of replacing your existing car loan with a new one - typically from a different lender - to secure better terms. This might mean improvements such as lower interest rates, reduced monthly payments, or better repayment terms. At NASA Federal Credit Union, refinancing is designed to be simple, fast, and beneficial for members looking to optimize their finances.
What are common refinancing mistakes to avoid?
Before you refinance your vehicle loan, be sure to think about the following factors. Check your credit score before applying. Not knowing your score can lead to unrealistic expectations about loan eligibility. NASA Federal members get free access to their credit score in digital banking - simply log in and navigate to Financial Planning.
You should also review your current financial institution's vehicle loan terms, to make sure they do not carry prepayment penalties. While NASA FCU does not charge those type of fees, other lenders might, so it is crucial to review all terms carefully from your current lender. Finally, delaying your refinancing decision can result in missed opportunities, as rates and offers may change over time. However, if you have any questions about refinancing, and want to take advantage of better terms and monthly payments, please reach out to us!
Can I refinance with bad credit?
Yes, but your rate may be higher. NASA FCU evaluates creditworthiness and offers competitive options based on your profile.
Will refinancing impact my credit score?
Checking your rate through NASA FCU does not impact your score. However, submitting a full application may impact your score.
What documents are needed?
You’ll typically need:
- Proof of income
- Vehicle details (VIN, mileage)
- Current loan information
- Government issued identification
How long does the process take?
Most applications are reviewed and approved within a few days, and funding follows shortly after approval.
Rates and offers effective October 1, 2025.
1APR = Annual Percentage Rate. APR is based on an evaluation of creditworthiness, so your rate may vary. Credit approval required. Membership and eligibility requirements apply. The refinance of an existing NASA Federal Credit Union fixed-rate loan is permitted one time only with a required $1,000 cash out. Verification of current rate is required. The minimum that can be refinanced is $5,000. Rates are higher for older model cars. The APR for model years 2015 - 2020 are 1% higher and model years greater than 10 years (≤ 2014) are 2% higher than the quoted floor or as low as rates.
2Monthly payment reduction claim is based on average payment reduction our members experience with their new loan (same term or longer) disbursed between 1/1/2025 – 5/31/2025, compared to their prior monthly loan payments. Monthly payment reduction may result from a lower interest rate, a longer term or both. Your actual savings may be different.
Payment Example: A $20,000 auto loan financed with NASA Federal at 5.79% APR for 63 months will have a monthly payment of $368.91.
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