Refinancing - Century Federal Credit Union
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Loan Refinancing & Debt Consolidation

Auto Loans

It’s easy to refinance your existing auto loan from another lender with a Century Federal Credit Union loan! We make the process easy and convenient, you can either speak with a Member Service Representative in the branch.
Or Apply Now 

Why Refinance Your Auto Loan?

When you refinance a car loan, you’re taking out a new loan with different terms to pay off your existing loan. Refinancing may help you save money by reducing your interest rate, decreasing your monthly payments or both:
  • Lower Interest Rate
  • Refinancing your car loan may lower your interest rate, which means a lower monthly payment and that you’ll pay less interest over the duration of your loan.
  • Decrease Car Payment
  • If refinancing your auto loan brings your interest rate down, it could mean your monthly payment will also go down.
  • Improved Credit Score
    If your credit score has improved, you may get a lower rate and a lower monthly payment by refinancing.
  • Shorter Loan Terms
    A shorter auto loan term means you can pay off your car sooner. A shorter loan could also mean you pay less in overall interest.
  • Cash Out Refinancing
    A cash-out auto refinance allows you to replace your existing auto loan with a new, larger loan and pocket the difference between the two. The new loan allows you to gain access to some of the progress you've made in paying off your vehicle, but it might not make financial sense in your situation. Here's what you need to know about how the process works as well as some of the potential risks involved.

There are a few situations in which it might be a good idea to tap your car's equity through a cash-out auto refinance:

  • You can get better loan terms
    If your new loan would have a lower interest rate than your current one, refinancing with or without cash back may be a good idea. Securing a lower rate is more likely if your credit score has improved or market interest rates have dropped since you took out your original auto loan. And if you need a little cash for something else, a lower interest rate could keep your monthly payment around the same as it was on your original loan.
  • You want to consolidate debt
    If you qualify for a low interest rate on an auto refinance loan, but you have higher-interest debt you want to pay off, getting cash back on your refinance loan could allow you to pay off that more expensive debt, essentially consolidating it into the low-interest loan. Consolidating unsecured debt this way will convert it to secured debt, meaning you risk repossession if you're unable to pay it back.
  • You have emergency expenses
    If your financial situation is tight, a cash-out auto refinance could be a relatively inexpensive way to get some cash to pay for emergency expenses. With good credit, you can get a much better rate with an auto refinance loan than with a personal loan or credit card.
If you still have questions, contact Member Services at 216-535-3200 or by emailing with your situation to determine whether a cash-out auto refinance can help you.

Don’t Forget!

Visit our Member Discounts page to find all of the auto discounts we have available with our car buying partners!

For more information about our Auto Loans and to view our current low rates, click here!

Personal Loans & Debt Consolidation

In addition to refinancing your higher-interest loans with Century Federal, we offer the option of debt consolidation with our low-rate Signature Loans! A signature loan is an unsecured personal loan you can get without having to put down any property or assets as collateral. It’s called a signature loan because you can get approved with just your signature and personal credit history.

What is Debt Consolidation?

Debt Consolidation is the process of taking out a new loan to pay off one or more unsecured loans you already have. Debt Consolidation lets you bundle your existing loans into a single monthly payment, may offer you a lower interest rate, or let you pay off your debt with a alternative method or length that may be more convenient for you.

Is a Signature Loan the right option for me?

If you have multiple unsecured loans that you would like to swap for a single monthly payment or if your current loan's interest rate is too high, you may benefit from consolidating debt with a Signature Loan with Century Federal. Debt consolidation gives you the opportunity to potentially save hundreds of dollars with a lower interest rate and can make payments more convenient for you-- with a single monthly payment.

What are the benefits of consolidating my debt with Century Federal?

  • Quick and easy online application
  • Single Monthly Payment
  • Several loan payment options available, including through Online Banking
For more information about our Signature Loans and to view our current low rates, click here!


Mortgage rates are at historic lows making it the optimal time to refinance. Refinancing can potentially lower your monthly mortgage payment, pay off your mortgage faster, or even get cash out for that project you've been planning.

If you’re considering refinancing your current mortgage, the Home Team can help you understand your options:

  • Take advantage of lower rates
  • If you get a lower interest rate, your monthly payment may go down and free up cash you can use to meet other financial goals. It may also mean you’ll pay less interest over the life of your loan.
  • Change your loan term
  • If you want to pay off your loan sooner, you can shorten your loan term. While it’s likely you’ll pay less interest over the life of your loan, your monthly payment may go up.  You can also lower your monthly payment by refinancing to a longer-term loan. While this will lower your monthly payment and free up some cash each month, you may pay more interest over the life of the loan.
  • Change your interest rate structure
  • Convert an adjustable-rate mortgage (ARM) to a fixed-rate mortgage and enjoy payments and rates that don’t fluctuate over time.
For more information about our Mortgages and to view our current low rates, click here!
Apply Now