Q: My motorcycle loan is killing my budget, and I’d love to refinance to ensure I can keep my ride. What are the benefits of refinancing my loan through my credit union?
A: Refinancing a large loan, such as a motorcycle loan, into one that offers more affordable payback terms can make a huge difference in a monthly budget. Here are six reasons you may want to refinance your motorcycle loan through your credit union.
Lower interest rates
Credit unions consistently offer interest rates that are lower than those offered by banks. In fact, the most recent data shows the interest rate on an average 60-month new car loan through a bank is nearly two points higher than a similar loan taken out through a credit union. Refinancing your motorcycle loan through your credit union can help save a significant amount over the life of your loan.
When you refinance a loan through T & I Credit Union, you can count on favorable payback terms to help ensure your payments are affordable. Our staff will work with you to come up with a repayment plan that works best for your budget.
Easy eligibility options
As a member of T & I Credit Union, we always have your back. Our primary goal is to provide you with services and products that enable you to manage and save your money. To that end, our loans are always accessible and open to our members. Eligibility requirements are reasonable, and as long as you manage your money responsibly by meeting the payback terms, you’ll likely be approved for a refinance on your motorcycle loan.
On the flip side, when applying for a loan through a bank, you may face tight restrictions and strict requirements. Why jump through so many hoops to get your loan when your credit union is looking out for you?
Quick approval process
No one likes filling out paperwork, and at T & I Credit Union, we get that. That’s why our loan approval process involves minimal paperwork and as little wait time as possible. When you decide to apply for a refinance loan, we’ll get you started on the application process and you can have the funds you need in as little as  hours.
In contrast, when you apply for a refinance loan through a big bank, you’ll likely waste valuable time filling out an application and waiting for the loan to be approved. Why waste all that time if you can do it in a quicker and easier way through T & I Credit Union?
When you apply to refinance your loan at T & I Credit Union, you’ll enjoy the personalized service and attention you’ve come to expect. As a member-owned and member-operated institution, we put your needs first. We’re always happy to explain a process, assist with an application, and answer any other questions you may have. Every member is part of the T & I Credit Union family, and is treated as such.
Alternatively, when you apply for a loan at a big bank, the representatives are unlikely to know your name. You may have a limited amount of time for questions and assistance. Additionally, the entire process is likely to be cold and professional instead of warm and personalized.
The interest comes back to you
As a member-owned cooperative, your credit union passes the “profits” right back to its members. This means that every time you pay interest on a loan that’s funded through T & I Credit Union, the money comes back to you in the form of dividends on savings accounts and share certificates, investment in technology, classes on financial education and lower interest rates on large loans, like mortgages and auto loans.
However, when you pay interest on a loan taken out through a big bank, your money is used to line the pockets of its CEOs and investors.
Are you looking to refinance a motorcycle loan? Call, click or stop by T & I Credit Union today to get started.
Have you refinanced a motorcycle loan through your credit union? Tell us about it in the comments.