The process refinancing a loan involves taking out a new loan to pay off the debt of the existing loan. People may choose to refinance an existing loan for a number of reasons – most often to get a lower interest rate.
With a lower interest rate, you could get a lower monthly payment or keep your monthly payment the same and shorten the repayment term to pay off the debt faster. During VacationLand Federal Credit Union’s Loan Refinance Special, you may be able to refinance a loan you presently have with another financial institution.
