We see you over there, paying your auto loan on time and being smart with your money. You’re doing a great job, and we applaud you. That’s why we created the Velocity Loan.
How It Works
Refinance your auto loan here at Honor and make your payments on-time every month, and we’ll cut 0.50% APR1 off your rate every 12-months for the life of the loan. Yes, it’s as simple as that! Why is this so awesome? Because just for making on-time payments, you’ll:
Pay less interest!
- Pay your loan off faster!
- Save a bunch of money!
Plus, there's no special enrollment or higher starting interest rate. If your new auto refinance qualifies, it will automatically be a Velocity Loan.
- Amount: $18,000 Auto Refinance
- Term: 60 Months
- Starting Interest Rate: 4.84% APR
|Term||5 Years||5 Years|
|13 - 24 Months||$638.05||$570.75|
|25 - 36 Months||$468.64||$367.34|
|37 - 48 Months||$290.84||$193.44|
|49 - 60 Months||$104.25||$62.26|
|We'll do the math for you, that's a savings of $308.00 over the course of a 5-Year / 60-Month loan just for making your monthly payments on-time!|
- I'm interested, but want to know how much this could save me personally? Simply call/text us at 800.442.2800, stop into any local branch or begin a chat session with us.
- This is awesome, let's get started! To begin the online application, it's as easy as clicking the button below.
1 Certain restrictions apply. Subject to credit approval. Twelve consecutive on-time payments required. On-time payment is defined as at least a full scheduled payment made within the grace period of the month due. Rate reduction may be up to 0.50% for qualifying loans. Rates will not be reduced lower than 2.99%. Rate reductions for qualifying loans will be processed within 60 days of the payment that qualifies the loan for the reduction. Skipped payments (deferred) do not count as an on-time payment. On-time payment count will resume once the next scheduled payment is made. One late payment will reset the on-time payment count back to 0. If the loan was funded with a lower rate than the Honor Credit Union posted rate the Member qualified for at the time of funding, the loan will not qualify for the program. If a loan is refinanced during the term of the loan, reductions applied on the previous loan will not be carried over to the new loan. Current auto loans financed with Honor Credit Union not eligible. Rates, terms and conditions subject to change without notice. Federally insured by NCUA.
2 This savings example is meant only to illustrate the Velocity Loan feature and does not apply to any specific rate structure. Your individual rate, terms, discounts, and savings will vary.Go to main navigation