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is it worth refinancing my car loan at a credit union

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What this guide covers

You have a car loan with a rate somewhere between 12% and 29%, probably from a buy-here-pay-here lot or a dealer. You want to know: is it worth calling a credit union about refinancing? This page explains the numbers to look at and what Florida law says if you fall behind. It does not tell you what rate you will get — no one can promise that without checking your credit.

The three numbers that matter most

Before you call anyone, know these from your loan statement or contract:

• Balance — what you still owe today.
• Rate (APR) — the interest rate on the loan.
• Months left — how many payments remain.

With those three numbers, you can figure out how much interest you'll pay for the rest of the loan, and what paying a little extra each month would save. The math uses the standard amortization formula, assumes your rate is fixed and there are no extra fees, and rounds to whole dollars.

When refinancing at a credit union is likely worth a call

Refinancing tends to make sense when your rate is above roughly 12% and your credit is fair or better, or when you're current on payments and more than 12 months into the loan. No one can tell you in advance what rate a credit union will offer — that depends on your credit, the car's age and mileage, and the lender. What you can do is ask for a quote and compare it: for example, "if a credit union offered 9%, your payment would be lower and you'd save money over the life of the loan" is a scenario, not a promise. Compare at least two real offers before you decide. See CFPB — Auto loans for how refinancing works.

When refinancing is unlikely to help

If you owe much more than the car is worth, if your credit score is very low, or if you only have a few months left on the loan, a new lender may not approve you, or the savings may be small. In that case, paying a little extra toward the balance each month, even once, can still save real interest — ask the calculator what an extra payment does before you decide either way.

If you're behind on payments in Florida

Call your lender before the due date. Ask, in writing, for a deferment or an extension. Do not stop paying, hide the car, or wait for it to be repossessed — none of that protects you.

• In Florida, a lender may repossess your car after default without going to court — but it may not breach the peace while doing it (Fla. Stat. 679.609).
• Before selling a repossessed car, the lender must send you notice, and you may still owe the difference between what the car sold for and what you owed, plus costs — this is called a deficiency (Fla. Stat. 679.611 · 679.614).

If you have GAP insurance or an extended warranty, ask your lender in writing about cancelling it for a prorated refund.

What to do next

Type your balance, rate, payment and months left into the free calculator. It reads your own numbers — nothing you type is stored — and shows you the interest left on your loan, what extra payments would save, and refinance scenarios at a couple of rates, all in plain math. It will ask for any number it needs, except the car's value, which you can skip. This is not financial or legal advice. Before you decide anything, talk to your lender, a credit union, or a nonprofit credit counselor — see NFCC — find a counselor. For a deficiency claim, contact Florida legal aid at floridalawhelp.org.

Car Loan Check shows loan math and explains Florida law in plain language; it can be wrong, and it is not financial or legal advice. Rates in scenarios are illustrations, not offers. For repossession or a deficiency claim, contact Florida legal aid (floridalawhelp.org). Nothing you paste is stored.