Refinancing
Refinancing is Not Just for Houses Anymore!
Why should you refinance your high-rate loans, bills and credit cards?
Lower your interest rate and pay off your loan for less money. Lower interest rates mean lower payments and more spending money for you.
Extend the length of your loan and lower the amount you pay each month. Lower monthly payments give you more money for the things you want.
Consolidate your debts into a fixed payment or lower interest rate loan. Simplify your life with fewer bills to pay. Relax and enjoy your new-found free time!
Apply the money you save through refinancing to your new loan and pay off your debt faster. Consolidating your debt can help you get closer to financial freedom!
Secure your new loan with collateral like a car or boat and get cash back for other purchases or to pay off high-rate debt.
Pay off your retail credit card balances with a fixed low-rate loan and improve your credit. Good credit will get you better interest rates and terms on future financing.
Frequently Asked Questions about Refinancing
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Why should I refinance my loans?
Although there are many reasons to refinance, the two most popular reasons are: Save money: By lowering your interest rate and not extending the length of your loan, you can save money over the life of the loan. Lower monthly payments give you extra spending money at the end of the month. Lower your monthly payments: By extending the length of your loan, you will have smaller payments each month. This is helpful if you want more affordable monthly payments and extra spending money at the end of the month. -
How does refinancing work?
Loan refinancing is similar to home refinancing but the process is much simpler, less expensive and faster to complete. A refinanced loan is a new loan that pays off loans or debts you already have, or it’s a new loan on something you own that is already paid off. Most likely the new loan will be at a lower interest rate or at a longer term, or both. You will save money either way because your monthly payment will decrease. If you are refinancing something that you already own like a car or boat, you can use the cash you get back for other purchases or to pay off high-rate debt. If applicable, the title of your vehicle or boat will be transferred to Keys Federal Credit Union as the new lien holder. -
How do I apply for refinancing?
Simply complete a loan application. It’s a quick and easy process that you can do in person at one of our convenient branches in Key West, Stock Island, Marathon or Tavernier, over the phone at 305-294-6622 or you can complete the application online. All loan decisions are made locally, by local lenders usually within 2 business days. If your loan is approved, we will take care of the refinance process for you. -
What do I need to qualify for refinancing?
In order to be considered for refinancing, you must be:- At least 18 year old.
- Eligible for membership at Keys Federal Credit Union.
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Does it cost money to refinance?
The minimal fees that may be incurred by refinancing with Keys Federal Credit Union pale in comparison to the finance charges you will save! -
How much money will I save if I refinance?
Each person’s situation is unique and our lenders will work with you to determine what works best for your particular situation. Your savings will depend on many factors such as the remaining balance of your existing loan, the difference between your old interest rate and your new interest rate, and the term of your new loan. For most people with high-rate loans and debt, lowering your interest rate will be a major factor in how much you save. All other things being equal, lowering your interest rate by even a few points can save you thousands of dollars over the life of the loan. Combine a lower interest rate with a longer loan length and your monthly payments will drop dramatically. -
What can I refinance?
Just about anything whether you still owe on it or it’s paid off! We refinance automobiles, motorcycles, boats, personal debt, RVs, scooters, jet skis, credit cards, and other loans. These items may have an existing loan or they may already be paid off. -
If I don't have a loan on my automobile or boat, can I still refinance it?
Yes! You can refinance your paid-off assets. These assets can be used as collateral to secure a loan. A loan secured with collateral like an automobile may have a better interest rate than an unsecured loan. You can use the funds from your new secured loan to pay off a higher rate loan or credit card and save money! -
If I just got a loan, do I need to wait before I can refinance it?
NO! Generally, there is no requirement to keep an existing loan or debt for a specific period of time. -
How long does the refinancing process take?
At Keys Federal Credit Union all loan decisions are made locally, by local lenders usually within 2 business days. -
What is the largest amount I can refinance?
The minimum and maximum loan amounts are dependent on several factors including current rates, the type of loan and your credit history.
“The past few months has been tough for us all. I want to thank Keys FCU for helping as much as you did. You refinanced my car loan and saved me a lot of stress and money. I don’t know what I would have done without Keys FCU! Thank you!!” Samantha A.
