When you refinance your car loan, you are replacing your current loan with a new one from a different lender. Your current car loan will be paid off by the new lender and you can (hopefully) start making lower monthly payments on your new loan.

If your credit has improved since the purchase of your new or used vehicle, consider refinancing your car loan. Refinancing may lower your interest rate, which may leave you with a smaller payment, shorten the time of the loan or lengthen it if you are having issues with paying your monthly payment.

When Should You Refinance

Do you have a higher credit score or more cash flow than when you first financed your vehicle? If the answer is yes, then these factors could mean that you may qualify for a lower car loan rate. This will save you possibly hundreds or thousands over the life of your loan.

Calculate your potential savings with our online auto loan calculator that will show you how much you can save through our car loan refinancing options.

Next Steps

If refinancing seems ideal for your situation then let us help you. When you refinance your vehicle through Credit Union of Richmond, not only are our rates as low as 1.99% APR*, but you will receive $100 deposited into your savings. To learn more, give us a call at 804-355-9684 or get started on our online loan application today.

*APR=Annual Percentage Rate. The Annual Percentage Rate is the advertised rate and can vary based on creditworthiness, age of vehicle and terms of the loan. Your rate can be higher or lower depending on credit performance. Financing up to the retail value of the auto may be available. The rate on a new/used vehicle could be as low as 1.99%. Rate is subject to change without notice. Auto loans currently financed through the credit union cannot be refinanced with this offer.


Credit Union of Richmond offers competitive rates that help our members keep money in their pockets.

Auto Loans

Whether your vehicle is new or used, you are looking for your first car or refinancing, our staff can assist you.

Special Offer

¹When you refinance your vehicle though Credit Union of Richmond, we will deposit a total of $100 into your savings.

¹Restrictions apply, all offers and rates are subject to change. Auto loans currently financed through the credit union cannot be refinanced with this offer.