Used Auto Loans

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With new auto loans, used auto loans, and refinance auto loans, Pen Air has affordable options to fit your needs!

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Get behind the wheel of a new-to-you vehicle with PenAir on your side

At PenAir, we know that your car loan is more than just the money to buy your next car. It’s getting the keys to freedom and the power to go where your life takes you. We’ll help keep the financing on a used vehicle just as affordable so you have more room in your adventure budget.

Enjoy the ease of a Used Auto Loan with PenAir Credit Union

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Fast, free pre-approval

Stroll into the dealership with the confidence of a cash buyer when you have pre-approved used auto loan from PenAir.

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Low interest used auto loan rates

Since we’re not-for-profit, PenAir puts money back in your pocket by keeping interest rates low.

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No payment for up to 90 days

We’ll give you plenty of time to work your new car payment into your monthly budget.

Our Latest Used Auto Loan Rates

Used Auto Loan Rates

Loan Type

Term up to


Rates are effective as of January 30, 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.

Loan Type

Used Auto/Truck

Term up to

48 - 84 months



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Go Where Life Takes You

With new auto loans, used auto loans, and refinance auto loans, Pen Air has affordable options to fit your needs!

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How is a Used Auto Loan Different from a New Auto Loan?

At the most basic level, a used auto loan is the same as a new auto loan: you borrow money at a set rate and term to purchase the vehicle of your choice. Due to depreciation, used vehicles have a lower purchase price than new cars of a similar make and model, but the age and mileage of a used vehicle accounts for many of the differences between a new auto loan and a used auto loan.

  1. Depending on the term, the rate may be a bit higher for a used auto loan, especially for older or higher-mileage vehicles.
  2. Many used vehicles do not have any warranty coverage left, but you may be able to purchase an extended warranty at the time of closing on your used auto loan.
  3. Depending on the age of the vehicle, the available loan term may be shorter than for a new vehicle.

How Does a Used Auto Loan Work?

A used auto loan works in the same manner as a loan for a new vehicle. While the process can vary slightly depending on your credit history, in general the process to purchase a used vehicle with a used auto loan follows these steps:

  1. Pre-approval: Applying before you shop helps you understand the price range that you can afford, based on an estimated monthly payment.
  2. Shop: Search for the vehicle of your choice and negotiate the purchase price.
  3. Loan closing and funding: Submit the purchase price and vehicle details to the lender to finalize the loan so that the funds can be provided to the seller.
  4. Repayment: Begin making loan payments based on the loan agreement.
  5. Title: The title will be held by the lender until the loan is paid off. Once you have fulfilled the loan obligation, the lender will send you the title showing the lien has been released.

Car Loan Calculators

What other numbers can we work for you? Explore more calculators

Need a little more information?

Maybe you’ll find what you’re looking for here.

At PenAir Credit Union, there are three ways to apply for an auto loan: an online application, by phone when you call 850.505.3200, or in person at your local branch.

Many experts recommend putting at least 20% down on a new car (just like a mortgage) and 10% on a used car. But if you can pay more upfront, that could lower your monthly payments down the road (see what we did there?).

Didn't find your answer? Say: Browse our PenAir FAQs

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Go Where Life Takes You

With new auto loans, used auto loans, and refinance auto loans, Pen Air has affordable options to fit your needs!

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Specialty Appointments

For Wealth, Financial Counseling, and Mortgage Lending appointments, please follow the steps below.

Wealth Management

For help with retirement, rollovers, and portfolio management, call 850-505-3200 ext. 8332 to meet with a licensed Wealth Manager.

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For help with your finances, schedule an appointment with a Financial Counselor.
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Mortgage Lending

For all Mortgage appointments, please call 850-505-3200 ext. 8360 or email the Mortgage Department.


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.

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