Rev Up Your Savings

It’s lake time! Consider refinancing your boat (or automobile, motorcycle or RV) with RCB Bank.

RCB Bank Loan Officer Roger Evans (right) helps Jamie Moore reel in the savings on his new summer cruiser.

Refinancing your vehicle loan (for a land or water cruiser) could save you money. With summer loan promotions like RCB Bank’s 1.91% APR* on new, used and refinanced vehicles, now is a good time to review your current loan, or consider buying that new ­vessel you’ve been eyeing.

    Refinancing is not right for everyone, but it’s wise to know your options. RCB Bank Loan Officers Barbara Renfrow and Roger Evans answer some ­frequently asked questions about auto refinances.

What is an auto refinance?
    An auto refinance (or boat, RV or even an ATV) is when a customer is provided new ­financing for their loan in order to lower the loan interest rate or monthly payment.

How does a refinance help me?
    Let’s say you bought a car and borrowed $20,000 at 2.99% APR for five years. Your monthly payments are $359.30. If you financed that same loan with RCB Bank at its 1.91% APR*, your monthly payments would be $349.78, saving you $571.20 over the life of the loan.  

When should I consider ­refinancing?
    Are you interested in ­lowering your monthly payments or shortening the term of your loan? Maybe you want to ­consolidate debt at a lower rate of interest? These are all reasons to consider refinancing. The best advice is to visit face to face with a lender. See what they offer and compare that to what you have and what you are trying to achieve. You can stop by any RCB Bank branch to talk to a lender at no obligation.

How is a bank loan different from a dealership or ­independent lender?
    Most dealers sell their car loans to big out-of-state lenders. Not all, but most. Also, note that dealers will typically charge ­additional fees. At RCB Bank, our rates and fees are very ­competitive and, for used cars, are often lower. We also maintain your loan locally and provide ­personal customer service to you and your family for the duration of your loan, not just when you sign loan papers.

I just bought a vehicle from the dealership at a higher interest rate. How soon can I refinance?
    If you have the valid title for your vehicle, you can apply for a refinance at any time. If you just bought a vehicle, you may have to wait until the perfected title comes back before you can apply.

What documents will I need to get started with the loan application?
    You will need a signed loan application and a copy of your current paystubs, a valid driver’s license, your insurance ­verification and the title of the vehicle. Additional documents may be requested.

    Ready to start saving? RCB Bank is currently offering great rates on new or used vehicles, and refinances. We’re offering 1.91% APR* for 2006-2013 ­vehicles, boats or RVs and 2.609% APR for 2004-2005 ­models. Loans can be used to buy a new or used vehicle, refinance an existing loan from another lender, pay off credit cards or fund a home improvement ­project as long as the loan is tied to a titled vehicle. Download our loan application at www.RCBbank.com.

    You can also stop by any RCB Bank branch to talk to a lender or call 855-BANK-RCB. Barbara and Roger welcome you to stop by the Claremore RCB Bank Financial Center, located at the corner of Will Rogers and Lynn Riggs, to speak to them in person.

*Annual Percentage Rate (APR) as of 4/15/2013, and includes a 3% discount for automatic debit of monthly payment from an RCB Bank checking or savings account. Rate could increase if ­automatic debit is cancelled at any time during the term of the loan. APR is based on a term of 60 months and $50.00 document ­preparation fee. Requires credit score of 650 or above. Limited offer with approved credit for loans secured by titled vehicles. Financing available for 100% purchase price (new) or 105% NADA trade-in (used) 2013 – 2006 models. Refinance of current RCB Bank obligation may not qualify. Other restrictions may apply. Member FDIC. Equal Housing Lender.

For more information, contact

RCB Bank

855-BANK-RCB

www.RCBbank.com