Best credit union to refinance auto loan

Easy application process via our mobile app* or online
Competitive rates
24/7 access to a stateside member rep

Table of Contents Show

Auto Refinance Loan Rates3
Experience Our Car Buying Center
Can I refinance my existing auto loan through Navy Federal?
What will my monthly payment be?
How does the title process work when refinancing?
Does Navy Federal charge an application fee?
Does refinancing hurt your credit car?
Do credit unions offer the best auto loans?
Which bank is best for refinancing?
Who has the best car loans right now?

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Auto Refinance Loan Rates3

Loan Type	Up to 36 mos. APR as low as	37-60 mos. APR as low as	61-72 mos. APR as low as	73-84 mos. APR as low as	85-96 mos. APR as low as
New Vehicle	4.54%	4.74%	5.04%	6.94%	7.84%
Late Model Used Vehicle	4.54%	4.74%	5.04%	N/A	N/A
Used Vehicle	5.44%	5.74%	5.84%	N/A	N/A

Rates as of Nov 17, 2022 ET.

Late Model Used Vehicles: Year models 2021, 2022 and 2023 with 7,500-30,000 miles.

Used Vehicles: 2020 and older model years or any model year with over 30,000 miles. If the vehicle is 20 years or older based on the model year, the vehicle is considered classic or antique and subject to collateral loan rates.

Apply Now for an auto refinance

Experience Our Car Buying Center

Refinancing your car loan may lower your interest rate, which means a lower monthly payment and that you’ll pay less interest over the duration of your loan.

If refinancing your auto loan brings your interest rate down, it could mean your monthly payment will also go down.

If your credit score has improved, you may get a lower rate and a lower monthly payment by refinancing.

A shorter auto loan term means you can pay off your car sooner. A shorter loan could also mean you pay less in overall interest.

FAQs

Can I refinance my existing auto loan through Navy Federal?

Yes, if the auto loan is currently with another lender. Credit and collateral are subject to approval.

What will my monthly payment be?

Your monthly payment will be determined by several factors, including your loan amount, term and interest rate. You can estimate your monthly payment with our Car Payment Calculator.

How does the title process work when refinancing?

If you refinanced from another financial institution, verify with them that the title was mailed to Navy Federal Credit Union, P.O. Box 25109, Lehigh Valley, PA 18002-5109. Please note that within 3 months of refinancing your car, a Certificate of Title or other proof of ownership indicating Navy Federal Credit Union as the first lienholder must be submitted to Navy Federal. If the lien-recorded title isn’t received within that time frame, your loan’s APR may be converted to Navy Federal’s rate for signature/personal loans, which is typically higher.

Once Navy Federal receives the title, we will mail to your address on file any paperwork required for the lien-recorded title application. Navy Federal will debit the DMV titling fees from your savings account upon receipt of the completed and signed paperwork and submit to the DMV on your behalf.

Does Navy Federal charge an application fee?

No. Navy Federal does not charge an application fee.

Credit and collateral subject to approval. Existing Navy Federal loans are not eligible for this offer. Auto refinance loan must be at least $5,000. Loan must be open for at least 60 days with first scheduled payment made to be eligible for the $200, which will be credited to the primary applicant’s savings account between 61 and 65 days of the loan origination date. Offer may end at any time. Recipient is solely responsible for any personal tax liability arising out of this incentive.

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Credit and collateral subject to approval. Rates subject to change and are based on creditworthiness, so your rate may differ. Boat and recreational vehicles must be used for recreational purposes only.
Boats: New boat loan of $20,000 for 3 years at 6.95% APR will have a monthly payment of $620.
$25,000 minimum amount financed for 61-84 months. $30,000 minimum amount financed over 84 months.
New Motorcycles: 2021, 2022 and 2023 model years with less than 1,000 miles. New motorcycle loan of $15,000 for 3 years at 7.45% APR will have a monthly payment of $469.
$25,000 minimum amount financed for 61-72 months. $30,000 minimum amount financed for 73-84 months.
Used Motorcycles: 2020 and older model years, or more than 1,000 miles regardless of title history. $25,000 minimum amount financed for 61-72 months.
Other Collateral: Loan for other collateral of $15,000 for 3 years at 7.45% APR will have a monthly payment of $469.
$25,000 minimum amount financed for 61-84 months. $30,000 minimum amount financed for over 84 months. Collateral loans available for up to 180 months for home improvement on your primary residence.

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Credit and collateral subject to approval. Rates subject to change and are based on creditworthiness, so your rate may differ.
New Vehicles: 2021, 2022 and 2023 model years with 7,499 miles or less. Minimum loan amount is $30,000 for terms of 85-96 months.
Payment example: New auto loan of $20,000 for 36 months at 4.54% APR will have a monthly payment of $597.
Late Model Used Vehicles: 2021, 2022 and 2023 model years with 7,500-30,000 miles.
Used Vehicles: 2020 and older model years or any model year with over 30,000 miles.
If the vehicle is 20 years or older based on the model year, the vehicle is considered classic or antique and subject to collateral loan rates.

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Navy Federal Credit Union is in no way responsible for any product, service, purchase or lease provided by or through the Navy Federal Car Buying Service, TrueCar, CARFAX, TruStage, Liberty Mutual or SiriusXM.

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CARFAX is a registered trademark of CARFAX, Inc.

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Liberty Mutual Insurance is made available through the TruStage® Auto & Home Insurance Program. TruStage Auto & Home Insurance Program is made available through TruStage Insurance Agency, LLC. Coverage provided and underwritten by Liberty Mutual Insurance Company or its subsidiaries or affiliates, 175 Berkeley Street, Boston, MA 02116 USA. © 2022 Liberty Mutual Insurance. Discounts are not available in all states, and discounts vary by state. Certain discounts apply to specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. A consumer report from a consumer reporting agency and/or motor vehicle report will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specific coverages and limitations. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by Navy Federal Credit Union. Navy Federal Credit Union enables this insurance program to be offered and is entitled to compensation from TruStage Insurance Agency, LLC. Navy Federal Credit Union is in no way responsible for any products or services provided by or through TruStage, Liberty Mutual or their affiliates, subsidiaries, and insurance company partners.

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The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.

Does refinancing hurt your credit car?

Consequently, refinancing a car loan — which involves applying for a new loan — could temporarily ding your credit score. It lowers your accounts' average age: Refinancing also lowers your average age of accounts, leading to a possible decrease in your credit score.

Do credit unions offer the best auto loans?

The credit union usually offers better rates and terms than traditional banks and dealerships and they usually charge lower fees as well. The credit union may also be more willing to offer you an auto loan if you have less than perfect credit based on the fact that you're a member and have a banking history with them.