**Current Promo:** For a limited time, refinance your auto loan to SunWest Credit Union for 2.00% off your current APR + up to 90 days no payment* [Learn more](https://www.mysunwest.com/promos/auto-refinance)

# auto loan refinancing

Auto loans shouldn’t be a one-way relationship, and it’s okay to break up with yours if it’s not what’s best for you.

[apply online](https://mysunwest.myori.com/app/ola/ola-consumer-loan-type) [learn more](https://www.mysunwest.com/borrow/auto-refinancing#features-space)

## features you can appreciate

competitive rates

flexible terms

cash out refi

no pre-pay penalty

## auto refinance features

At SunWest Credit Union, we’ll give you both the emotional and financial support for your auto loan breakup.

Refinance your car loan and **never settle** for an auto loan or monthly payments that don’t work for where you are in life _right now_.

## reduce payments

Refi your current auto loan for a lower monthly payment to better fit your budget.

## change loan terms

Whether you want to reduce the term or extend it, a refinance loan gives you options.

## competitive rates

Lower your APR when you refi your car loan + save loads on interest.

## cash out

Use your vehicle’s equity to finance a large purchase, consolidate debt + more.

## pre-pay any day

Zero prepayment penalties. Pay more whenever you want + save on interest.

## sunwest protects

We offer deals on GAP, Extended Warranty, Debt Protection + Depreciation Protection to fully protect your purchase.

[apply online](https://mysunwest.myori.com/app/ola/ola-consumer-loan-type)

## crunch some numbers

Check out our auto loan refinance calculator and see if you can lower your monthly car payment. Loan approval and interest rates are based on several factors including your credit history and monthly term. To see all rates and terms, visit our rates page.

[Calculator](https://calculators.fintactix.com/mysunwest/auto/a05) [Current Rates](https://www.mysunwest.com/rates)

# Compare Two Vehicle Loans

First Loan  
Loan amount?  
$  
Loan term (months)?  
Interest rate?  
%

Second Loan  
Loan amount?  
$  
Loan term (months)?  
Interest rate?  
%

|  | First Loan | Second Loan |
| Total Interest | $ 2,557.14 | $ 3,097.01 |
| Total Principal | $ 25,000.00 | $ 30,000.00 |
| Total Cost of Loan | $ 27,557.14 | $ 33,097.01 |

## auto refinancing considerations

The amount owed on your current loan makes you want to jump into the nearest body of water because it never seems to go down.

Interest rates have significantly dropped since you originally financed your vehicle, or if your credit score has increased + you qualify for a much lower rate.

Your income has decreased, and the monthly payment on your car loan is now too high.

You can afford a larger monthly payment and want to pay your car off sooner with a shorter term. Shorter terms can often mean a lower interest rate.

You need cash. A cash-out refinance makes money available to you using the equity in your vehicle at the low rate of an auto loan.

Borrowers refinance auto loans for different reasons. It is a stress-free way to save money. That gives you more money to spend on...

Well, whatever you want.

## protect what's yours

You put in the refi research and found the loan that fits you best. Now it’s time to protect your investment. As a SunWest Credit Union member, you have access to discounts on comprehensive auto coverages designed to keep your auto and wallet safe.

[Gap coverage](https://www.mysunwest.com/services/gap) [mechanical breakdown](https://www.mysunwest.com/services/mbp) [auto insurance](https://www.mysunwest.com/services/trustage) [Depreciation protection](https://www.mysunwest.com/services/dpw)

## Auto Refinance FAQ

### What is an auto refinance loan?

An auto refinance loan is the process of paying off your current auto loan with a new auto loan. The most common reason to refinance a vehicle is to take advantage of more favorable loan terms such as a lower interest rate or lower monthly payment.

### What is the process to refinance a car loan?

You’ll start with an application where we’ll look at your credit, income, and vehicle factors such as year, make, model, mileage, current payoff and vehicle value. Once your loan terms have been agreed on and finalized, we send a check to your current lender, paying them off in full, and we take care of the title transfer with MVD.

### How does my existing auto loan get paid off?

Once you have signed your refinance loan documents, we mail a 10-day payoff check to your current lender. If they process it before a full 10 days, a refund will either be mailed back to you or your new lender in your name.

### Can I refinance a car loan if I have negative equity?

**Yes**, SunWest does accept refinances where there is negative equity. The amount of negative equity we can finance is based on credit ranking and is not to exceed 130% loan-to-value.

### How long does it take to refinance an auto loan?

In some cases, the full refinance loan process can be done all on the same day, and the current loan balance payoff can take **up to 10 business days**.

### Can I refinance an existing SunWest auto loan?

**Yes**, SunWest refinances loans that are pre-existing with SunWest Credit Union. _Note: Promotional offerings may have different terms or restrictions._

### What is the minimum loan amount?

The minimum loan amount **varies by term**, but typically increases with longer term options. [Contact us](https://www.mysunwest.com/get-in-touch) for more details.

\*APR = Annual Percentage Rate.

Rates shown assume excellent borrower credit history. Rates subject to approval and may vary based on multiple factors such as payment method, credit report, and credit worthiness. Certain terms, restrictions, and conditions apply. Proof of existing loan interest rate may be required prior to closing in order to receive the refinanced rate. This offer does not apply to vehicles currently financed through SunWest Federal Credit Union. Rates are subject to change without notice. This credit union is federally insured by the National Credit Union Administration. SunWest reserves the right to modify or discontinue any offers that may be listed on this page at any time.