Author: Manix Phayvanh

Posted on June 18, 2020March 14, 2024 by Manix Phayvanh

How to Refinance an Auto or Vehicle Loan

If you haven’t already, now is a great time to consider refinancing an auto or vehicle loan. Interest rates are low and you could save money by reducing your monthly payment. To make the refinancing process as smooth as possible, you’ll want to follow these simple steps:

1. Review the Details of Your Current Loan

Before anything else, you should check how much is left to pay on your loan, what your interest rate is, and if there are any fees for paying it off early. If you don’t know, you can probably find this information in your Online Banking.

2. Gather Your Documents

To refinance your vehicle loan, you will want to be prepared with any necessary documents. At Wheelhouse, you will need:

Vehicle Registration
Current Auto Loan Statement
Proof of Insurance
Income verification may be required

3. See How Much You Can Save

Use our vehicle loan calculators to compare auto loans and see how much you can save. Consider if a lower rate or a longer term is your best option. You can view Wheelhouse’s auto loan rates here. Lastly, you’ll also want to be aware of any small fees that may be associated with transferring the loan.

4. Apply for a Vehicle Loan

Visit the financial institution you want to refinance with to start the refinancing process. Wheelhouse makes it easy with a 3-step online application. Of course, if you wish to apply in-person or over the phone, you may do so as well.

Interested in using your refinance to get cash out? Learn how today.

Posted on June 18, 2020March 14, 2024 by Manix Phayvanh

How to Refinance Your Car and Get Cash Out

Most people are not aware that they can refinance a car and get cash out to pay bills and/or to use for other expenses. The process of refinancing your car with cash out is very similar to refinancing your home, but much easier. Typically, there is no processing fees (just DMV transfer fee) and lenders only need a few pieces of documentation to finalize.

Refinancing your car and getting cash out is as easy as 1-2-3.

1. Make Sure You Have Enough Cash in Your Car for What You Need

Visit Kelley Blue Book to get an estimate of what your car is worth based on the year, make/model, condition and features.
If you have a current auto loan on your car, see how much you owe. Subtract the amount you owe from the estimated worth to see how much equity you have available to cash out.

2. Gather Your Documents

If you’re refinancing with us, you’ll want to gather the following documents:

Vehicle Registration
Current Auto Loan Statement
Proof of Insurance
Income verification may be required

3. Apply Online

Wheelhouse Credit Union offers this product and can quickly help you refinance your car with cash out.

Learn how to refinance a vehicle loan.

Posted on June 12, 2020March 14, 2024 by Manix Phayvanh

4 Things to Consider Before Buying an RV

Whether for local jaunts or a several-week adventure, purchasing a recreational vehicle can provide an unlimited amount of enjoyment for you and your family—particularly during a time where social distancing and contained forms of travel are preferred. It is also a significant financial investment, and as with any financial commitment, education is key to making the best decision. Here are 4 critical questions to ask when considering the purchase of an RV.

1. How Big of an RV?

Consider what classification is the right fit for you. RV Classification can be confusing, and with each step up in size, although you will have more rooms and amenities, you are almost certainly going to pay more. Plus, larger RVs tend to require more skills to navigate effectively.

Driving Options
Class-A are your largest RVs and most states, including California, require a non-commercial “Class B” license for motorhomes over 40’.
Class-B is a great choice due to the price, versatility, and ease of operation and are typically referred to as “Camper Vans”.
Class-C RVs are smaller versions of the Class-A RVs and are built on a classic truck or cab chassis. They come with an array of amenities and sleeping options, typically topping out at comfortably sleeping 4.

Towing Options
Towing options include small campers, pop-ups, fifth wheels and travel trailers. Trailers can be very convenient as you can park them and then use your vehicle to easily drive to places such as a local grocery store. If you go this route, you’ll want to check your vehicle’s towing capacity before purchasing a trailer.

Pro Tip: Unless you are seriously committed to RVing on long extended trips, multiple times per year, then a Class-C trailer is preferred over a Class-A trailer.

2. Where Will Your RV Rest?

You have two options here: your driveway/yard or a storage center. Many communities in Southern California have HOAs that restrict RVs on property, so check your Covenants, Conditions & Restrictions (CC&Rs) before purchasing. If you plan to store the RV, you’ll want to consider the additional cost of doing so; usually ranging between $200-$500 a month.

Pro Tip: If you plan to house the RV on your property, do precise measurements before committing—this includes accounting for any eaves and/or overhangs, and measuring no further than the sidewalk easement.

3. New vs. Used

RVs that are over 10 years old typically cannot be financed; and as a result, you will need to pay cash directly to the seller. For this reason, most RV Retailers do not carry old RVs. However, if you decide to take this route, you can hire a specialist to come inspect the RV with you—a few hundred dollars could save you thousands in repairs.

In addition to all the bells and whistles, newer RVs are eligible for financing. Plus, the newer they are, the lower the rate typically is.

Pro Tip: If you purchase an older RV, inspect the roof for any sign of leakage. Much like houses, once water gets through the roof and into the walls it will be a hidden curse on your ownership plans…unless you love self-renovating, in which case, you might score a deal.

4. Cash vs. Financing

Unlike a trip to Hawaii where the money is spent and only to return in the form of sunset selfies and memories, an RV is an asset and an opportunity to travel, while keeping your finances flexible and cash accessible. If you pay cash for your RV, the only way to is to liquidate or sell it; which might take some time and potentially put you in a desperate seller position. If your RV is financed and you want to sell it, you will be far more likely to wait for a “great offer” and not just the “best offer”.

Pro Tip: An older vehicle with low mileage can be a good option, but be sure that the low mileage does not also mean the vehicle was neglected. An RV that sat around unused for years can develop problems. You can pull the Carfax report for about $40 to see how mileage was accumulated over the years.

Interested in financing an RV through Wheelhouse Credit Union? Check out your options here.