Auto Refinance

Yes, you can. Refinancing an auto loan you have with another lender to Sikorsky Credit Union may save you money. Learn more on our Auto Refinance page.

The difference between what you pay for the vehicle and the residual value is used to determine the principal portion of your payment, which results in a lower monthly payment than conventional financing.

Residual value is established based on the term of the loan using industry approved guidelines similar to leasing. The Advantage Auto Loan uses standard industry residual values. The residual value is not inflated to arrive at an arbitrary lower payment. This means if you elect to keep the vehicle upon loan termination you will not have to pay an inflated price to pay off the loan.

You can select a 7,500, 10,000,12,000, 15,000, or 18,000 miles per year option. The excess mileage cost is only $.10 a mile, unlike leasing which can cost up to $.25 per mile. End of term fees only apply if you exercise the "walk- away" option.

No, we do not. Many leases require the first and last payments to be made at the time of loan disbursement-our Advantage Auto Loan does not.

Yes, you can. Because you own the vehicle you may pay the loan off, sell the vehicle, or use it as a trade-in at any time during the term of the loan—without any penalty. With a traditional lease, these options typically come with a stiff "early termination" fee.

With traditional leasing, if you decide to keep your vehicle, you have to buy it out. Which means you'll pay tax, title and license on the vehicle you've been driving. With the Advantage Auto Loan, you simply refinance your balance into a conventional loan, no additional charges. It's already titled in your name.