Saving money is always a good thing!


Sometimes with car shopping, things don’t turn out like you thought they would. My problem wasn’t with the car (thank goodness) or even the dealer. But my journey to a perfect loan had some unexpected twists and turns.

Two years ago, I came clean in a post about refinancing a loan. It wasn’t your typical post - I was confessing my ignorance on the topic. My misconceptions were embarrassing, and I hoped my confession would help readers. Little did I know, my own article would help me just 18 months later.

True Love

Last year I found myself with a serious case of car fever. The love affair with my faithful steed was over - I was ready to move on. My better half and I determined it was time for a new ride.

For your sake, I’m going to skip over the boring car search details. I did research online and drove through some lots - you know, the usual symptoms of car fever. Once I found the right dealer and the perfect car, love had found my heart once again.

The only thing left was the paperwork with my new best friend - the dealership salesperson. Sometimes they get a bad rap, but my salesperson was young and eager. And he liked to answer my questions via text messages, a huge plus in my book. Unfortunately, the paperwork is where my plan took an unexpected turn.


After an hour of negotiations, the finance manager revealed that one of the rebates (which I was counting on) required me to finance my loan through the manufacturer. To make matters worse, their ‘best’ rate was higher than TTCU.

I was mere hours from driving away in my new car, but suddenly it seemed like the whole thing might fall apart. With pen and paper, we carefully weighed out both options. In the end, the rebate was just too much. I went with the manufacturer’s loan, despite my feeling of being a traitor.

Wait A Second

Do you remember that embarrassing confession earlier? Well, here’s another one! It was hours before I realized I wasn’t stuck in a loan I didn’t want. After my first loan payment with the manufacturer, I waltzed into a TTCU branch and refinanced my loan. All I needed was an updated payoff amount, the vehicle's title and information about my finances - that’s it.

I hate to pile on the good news, but there’s more! My timing was impeccable because an auto refinance promotion* was in full swing. I was able to tack on an additional half point off the already lower rate. When the dust settled, my new loan was 1.1% lower than the manufacturer’s best rate. That equals real savings – money in my pocket!

I hope my recent experience might get you thinking about your car loan. Could refinancing your car loan save you money? I don’t know the answer to that question, but I do know it’s simple to find out. Any of our lending specialists would be happy to help you and it doesn’t take long.

Remember, sometimes a curveball can turn into a good thing.