AUTO LOAN REFINANCE
Get a payment that helps you take pride in your ride
Refinance the car you already love and put cash back in your pocket
A refinance auto loan can lower your monthly payment through a lower rate, longer term or a combination of the two. It can also be used to shorten the term and reduce the total cost of financing.
The Benefits of Refinancing Your Vehicle with PenAir Credit Union.
Easy application process
Apply for your auto loan refinance from anywhere with our easy online application.
Better interest rate
As a not-for-profit, PenAir returns as much as it can to its members through better rates.
Lower monthly payments
Our rate and terms provide more ways to lower your monthly payment to create more room in your budget for other needs.
Current PenAir Credit Union Auto Loan Refinance Rates
A great rate matched with the right term could save you money when you refinance from another auto lender.
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Loan Type |
Term up to |
APR* |
|---|---|---|
|
Rates are effective as of October 15, 2024. *APR = Annual Percentage Rate. Rates are based on the evaluation of an applicant’s credit and may vary. All loans are subject to approval. Additional terms, conditions and restrictions may apply. Rates are subject to change without notice. Call toll-free 877.4PENAIR for more information. |
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Loan Type Used Auto/Truck |
Term up to 48 - 84 months |
APR* 4.99%-17.49% |
What You’ll Need to Refinance Your Auto Loan
You only need a few items to get started on your refinance loan application. For everything else, you’ll work with a PenAir expert and navigate the road together.
Identification
Valid Driver’s License & a copy of current registration
Written 10 Day Payoff Quote
Including name of current finance company, payment address, account number and 10-day payoff amount.
Proof of Insurance
Mail valid proof of insurance and lien holder information to:
PenAir Credit Union
PO BOX 334
CARAMEL, IN 46082
Take the plunge
Refinance your existing car or truck today.
Pros and Cons of Refinancing Your Vehicle
Refinancing your vehicle loan can be a strategic financial move, but it’s essential to weigh the pros and cons before making a decision.
Refinancing your vehicle can offer several benefits. By securing a lower interest rate, you can reduce your monthly car payment, freeing up extra cash for other financial goals. A lower interest rate can also significantly reduce the total amount of interest you pay over the life of the loan, saving you money in the long run. Another options, refinancing to shorten your loan term, could pay off your car loan faster and save on interest.
There are potential drawbacks to refinancing. Extending your loan term to lower monthly payments may result in paying more interest over the life of the loan. The refinancing process may also temporarily impact your credit score, as a hard inquiry will be made on your credit report. One other issue to be aware of if you refinance into a longer loan term is you may end up owing more on your car than its current market value, a situation known as negative equity, for longer than you would with your current loan.
PenAir Credit Union knows that refinancing your auto loan requires careful consideration. That’s why our refinance specialists are happy to help provide information to help you evaluate your options at any point during the application process.
Crunching the numbers
Save money on your vehicle
Read our tips, tricks, and generally good advice for getting the most out of your car or truck.
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Disclosures
© 2025 PenAir Credit Union. APR= Annual Percentage Rate. The APR may vary depending on each individual’s credit history and underwriting factors. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice. All loans are subject to approval. Used Auto/Truck: Estimated monthly payment of $18 per $1,000 borrowed for a term of 60 months. Other conditions and restrictions may apply. Call toll-free 877.4PENAIR for more information.
1GAP is not insurance; it is an optional debt cancellation product. GAP will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP Fee to the amount financed under your contract will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state-chartered credit unions in FL, GA, IA, IN, UT, VT, and WI may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you purchase a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state-chartered credit unions in CO, MO or SC may be canceled at any time during the loan and receive a refund of the unearned fee.