Procedure to Refinance Vehicle
Contact holder of car loan for the following information
- Present Loan Company
- Address of Loan Company
- Loan and/or Account Number
- Payoff Amount: (ask for a payoff amount with a date of at least 15 days after loan is applied for to allow time for the loan to be processed and the check to be mailed to the loan company.)
- Current Loan Rate (only need this information if you are re-writing an existing car loan with another financial institution using the same terms).
- Contact your insurance company to let them know you are refinancing your loan so they may change the lien holder to show the LSFEFCU as new lien holder. They can fax the new insurance binder to the credit union at 978-443-6737.
You will sign a blank form for the Registry of Motor Vehicles along with a check from your account for $25.00 so that the title will reissued with LSTEFCU as lien holder.