Rev up your savings with a vehicle refinance
published on 05/01/2013
Or boat, motorcycle or RV. Refinancing your vehicle loan (for a land or water cruiser) could save you money. With summer loan promotions like RCB Bank’s 1.91% APR* on new, used and refinanced vehicles, now is a good time to review your current loan, or consider buying that new vessel you’ve been eyeing.
Refinancing is not right for everyone, but it’s wise to know your options. RCB Bank Loan Officers Roger Evans and Liz Cochrane answer some frequently asked questions about auto refinances.
Refinancing can help you save money. RCB Bank Loan Officer Roger Evans (right) helps Jamie Moore reel in the savings on his new summer cruiser.
What is an auto refinance?
An auto refinance (or boat, RV or even an ATV) is when a customer is provided new financing for their loan in order to lower the loan interest rate or monthly payment.
How does a refinance help me?
Let’s say you bought a car and borrowed $20,000 at 2.99% APR for five years. Your monthly payments are $359.30. If you financed that same loan with RCB Bank at its 1.91% APR*, your monthly payments would be $349.78, saving you $571.20 over the life of the loan.
When should I consider refinancing?
Are you interested in lowering your monthly payments or shortening the term of your loan? Maybe you want to consolidate debt at a lower rate of interest? These are all reasons to consider refinancing. The best advice is to visit face-to-face with a lender. See what they offer and compare that to what you have and what you are trying to achieve. You can stop by any RCB Bank branch to talk to a lender at no obligation.
How is a bank loan different from a dealership or independent lender?
Most dealers sell their car loans to big out of state lenders. Not all, but most. Also, note that dealers will typically charge additional fees. At RCB Bank, our rates and fees are very competitive and, for used cars, are often lower. We also maintain your loan locally and provide personal customer service to you and your family for the duration of your loan, not just when you sign loan papers.
I just bought a vehicle from the dealership at a high interest rate? How soon can I refinance it?
If you have the valid title for your vehicle, you can apply for a refinance at any time. If you just bought a vehicle, you may have to wait until the perfected title comes back before you can apply.
RCB Bank Loan Officer Liz Cochrane (left) helps Ryan and Shawna Nichols of Ponca City save money on their new RV just in time for a summer vacation with their daughter Karlie.
What documents will I need to get started with the loan application?
You will need a signed loan application and a copy of your current paystubs, a valid driver’s license, your insurance verification and the title of the vehicle. Additional documents may be requested.
Ready to start saving? RCB Bank is currently offering great rates on new or used vehicles, and refinances. We’re offering 1.91% APR* for 2006-2013 vehicles, boats or RVs and 2.609% APR for 2004-2005 models. Loans can be used to buy a new or used vehicle, refinance an existing loan from another lender, pay off credit cards or fund a home improvement project as long as the loan is tied to a titled vehicle. Download our loan application at www.RCBbank.com.
You can also stop by any RCB Bank branch to talk to a lender or call 855-BANK-RCB. Barbara and Roger welcome you to stop by the Claremore RCB Bank Financial Center, located at the corner of Will Rogers and Lynn Riggs to speak to them in person.
Liz Cochrane is a VP Consumer Lender with RCB Bank in Ponca City. She has been with RCB Bank for 28 years, 12 years in mortgage lending and the last 16 in consumer lending. Cochrane is a member the Ponca City Chamber of Commerce and has served on various advisory boards in Ponca, including the Salvation Army, Literacy Council, Lions Club, United Way, Pioneer Woman Museum, St. Mary’s Church and Professional’s Today.
Roger Evans is Vice President of RCB Bank in Claremore, Okla., at the Financial Center. He has been with the bank for four years. In addition to being a consumer lender, he enjoys helping people understand their credit and how important it is.