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Hamilton Bank and Orrstown Bank have officially merged to provide you with a wider range of products and services through more locations and digital channels. As we continue the transition activities from Hamilton Bank to Orrstown Bank over the coming weeks, we developed a Welcome Guide that should answer the questions you might have.  A copy of this guide was recently mailed to you.  To access the electronic version of the guide, please click here.

For more information about our transition, please visit our welcome page by clicking the Learn More button below.

Effective May 1, 2019

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UPDATE: All Hamilton Bank offices are closed today (2/20/19) due to weather. Please be safe if you are on the roads.

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  • When to Refinance an Auto Loan August 31, 2018
    Article Image - When to Refinance an Auto Loan

    For many car owners, once a car loan has been obtained, it’s tempting to make monthly payments and never think twice about it again. However, before you leave your car loan behind you in the rearview mirror, you should consider the potential benefits of deciding to refinance an auto loan. A little bit of effort could save you a lot of money if you find yourself in any of these situations. Check out our current vehicle loan rates.

    Interest Rates Are Dropping

    Loan interest rates regularly fluctuate based on the Federal Reserve. While interest rates have gone up recently, the changes of the past indicate that rates will fall again. When there is a noticeable drop in interest rates compared to when you initially received your loan, it might be time to explore refinancing options. How much of a drop is noticeable? Anything 2-3 percentage points or higher.

    Your Credit Score is Better

    You’ve worked hard to pay off your credit card bills and make a dent in your existing auto loan. As a result, your credit score has improved. If your credit score has gotten a facelift, the decision to refinance an auto loan can be a great one. Since lenders look at credit score as an indicator of how trustworthy you are, they are more likely to offer you a lower interest rate when you refinance. If your debt-to-income (DTI) ratio has also improved, a lender might also extend a better auto loan if you refinance.

    You Want to Purchase a Leased Car

    Most car leases include an option that allows you to purchase a car at the end of the lease. When the lease on the car expires, you can choose to use a refinance loan to purchase the car once the lease is up.

    Your Original Loan Isn’t So Great

    Even if interest rates are about the same and you haven’t made much of a difference in your credit score, if your original loan isn’t the best deal it could be worth shopping around. If you settled on the first loan you were offered while other area lenders were offering lower rates, particularly if the loan is with the dealer itself, it might be worth looking around to see what your other options are.

    You Can’t Keep Up

    Even if you can’t get a lower interest rate or better loan terms, it could be worth finding a loan with a longer repayment period if you are struggling to stay on top of bills every month. Remember that the longer your loan is, the more interest you will pay. However, it’s much better to pay for longer than to be totally unable to meet your monthly obligation.

    Talk with Hamilton Bank to Refinance an Auto Loan

    At Hamilton Bank, we are committed to providing our personal banking and commercial banking customers with the best loan products possible. If you think it’s time to refinance an auto loan, we are happy to help walk you through the process. For more information, visit your closest Hamilton Bank branch, call us at 410-823-4510 or email a Lending Specialist today!


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