2004 Main Street, PO Box 392, West Point, Virginia 23181
(804)843-2520 (888)843-2520 www.baylandsfcu.org

"Refinancing can be ... the most profitable legal act many humans are capable of performing," says consumer author Andrew Feinberg.

Think about it: At a time when it's hard to earn as little as an extra half a percentage point or more on your savings, you might be able to "earn" two or three percentage points by improving your auto loan rate.

Buying a new car or truck is a thrill. Many buyers will do just about anything to acquire the vehicle they want. Sometimes, that includes going for a "right now" loan instead of the best loan rate. If that happened to you, don't passively suffer buyer's remorse. Call BayLands Federal Credit Union, if the vehicle's still fairly new, and you qualify, we'll help you trade in that costly loan on one that won't dent your fenders.

How much can you save? Say you've had a 60-month car loan at 10% annual percentage rate (APR) for about a year, and you financed $15,000. At monthly payments of about $319, your balance is about $12,565. If you can refinance at 8% APR for the remaining four years of your loan, monthly payments will go down slightly, to about $307. But you'll pay about $573 less in total finance charges for the remainder of the loan. That's a deal with real road appeal!

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