Refinancing my 2013 Toyota Prius

About two years ago I purchased a new 2013 Toyota Prius.  I immediately went down to my local credit union (Travis Credit Union) to refinance the loan, partly because I like to keep my business and money local to Solano County whenever possible, and partly because I wanted a slightly better interest rate than I was given on the initial loan financed at the dealership.

Now that I have had the car two years, I am again considering refinancing the loan, for several reasons:
  • Interest rates have dropped.  The interest rate on my current loan is 5.73%.  But Travis Credit Union is currently advertising refinance rates of 2.99%.  A lower interest rate means less money down the drain.
  • As I mentioned in a previous post, I am trying to prioritize my emergency fund.  Having a smaller car payment on a lower interest rate will free up some monthly funds for my emergency fund.
  • I have used my credit cards far too much the past few months, due to unforeseen expenses and cross-county travel for family obligations.  This is what an emergency fund should be for, so again having a lower car payment will allow me to direct more funds toward reducing/eliminating credit card debt.
Now the proverbial sixty-four thousand dollar question is whether I can refinance the loan right over the phone or whether I will have to truck myself down to Travis Credit Union to initiate the refinance application.

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