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Support Home Applying to Refinance Your Auto Loan I’ve found the vehicle I want to buy. Can I apply for a direct auto loan with Philadelphia Federal Credit Union? Congratulations! Philadelphia Federal Credit Union currently only supports the r… Are Philadelphia Federal Credit Union loans available through any car dealerships? No. Philadelphia Federal Credit Union currently supports the refinancing of exi… Can I apply for a second auto loan with Philadelphia Federal Credit Union? If you currently have an auto loan from Philadelphia Federal Credit Union, in ord… How will applying to refinance my loan affect my credit? Checking your rate with Philadelphia Federal Credit Union will not affect your cr… What is the range of interest rates offered on loans, and what is the difference between APR and interest rate? All Philadelphia Federal Credit Union loans offer a fixed rate, but individual ra… Can I change my loan application after submitting it? You will not be able to edit your application once it is submitted. Please verify… What must I agree to in order to receive a loan? In order to refinance your loan, you must agree to the Borrower Platform Agreemen… How are interest payments calculated? Philadelphia Federal Credit Union uses simple interest to calculate interest paym… How do I apply to refinance my auto loan? Please complete the brief online application, which will include information abou… What is the difference between a soft and hard credit inquiry? There are two kinds of inquiries (or pulls) that can occur on your credit report:… Can I negotiate the rate or my loan terms? No, you cannot negotiate the loan terms or rate. Your rate is generated by our … Why do you need my social security number? We must collect and verify your personal information, including your date of birt… Can you withdraw or delete my application? If you wish to withdraw from the application process, please email us at philadel… Are loans through Philadelphia Federal Credit Union fixed rate or variable rate? All loans through Philadelphia Federal Credit Union have a fixed interest rate, w… What’s the difference between a co-borrower and a co-owner? Does Philadelphia Federal Credit Union allow either? A co-borrower is someone who is jointly responsible for repaying your loan, while… What are the insurance coverage requirements to qualify? Philadelphia Federal Credit Union requires a valid and current insurance policy. … Does Philadelphia Federal Credit Union provide gap insurance? Philadelphia Federal Credit Union does not offer this type of insurance. If you h… Can I refinance a commercial vehicle? How about a vehicle used for commercial purposes? Philadelphia Federal Credit Union does not support auto loan refinancing for comm… Can I get cash out when I refinance? No, you may refinance your auto loan to lower your monthly payment or reduce the … What do I need to do after my application is approved? After your application is approved, Philadelphia Federal Credit Union will work t… What fees am I charged? Fee Amount Frequency Description Late Payment Fee The greater of 5% of monthly pa… Can I apply for a second auto loan with Philadelphia Federal Credit Union? If you currently have an auto loan from Philadelphia Federal Credit Union, in ord…