Auto Refinance
Keep the car, lose the rate
Members who refinance an auto loan with Summit save $1,200 on average over the life of the loan. There is no application fee, and your first payment with us is 90 days out.
What refinancing is worth
Figures below reflect Summit auto refinance loans closed in the twelve months ending June 2026.
Why members move the loan
Dealership financing is convenient at 8:00 p.m. on a Saturday. It is rarely the cheapest money in the room.
A lower rate, quickly
Refinance rates start at 4.34% APR. If your credit has improved since you bought the car, the gap is often two points or more.
90 days before you pay us
We pay off your old lender now and your first Summit payment is due in about three months. Interest still accrues, so plan for it rather than treating it as free.
No fee to apply
No application fee, no origination fee, and no prepayment penalty. The only cost is your state's lien recording fee, generally under $30.
Reset the term on your terms
Shorten the term to get out of debt faster or extend it to breathe. We will show you the total interest cost of each choice side by side.
Refinancing, start to finish
You do not need to go anywhere or hand over the car. It is paperwork between two lenders.
Send us your current loan
Your lender's name, the payoff amount, and the vehicle details. A recent statement covers all three.
Compare the two offers
We show your current payment and remaining interest next to ours. If refinancing does not help, we will say so.
We pay off the old loan
Sign electronically and we send the payoff, record the lien, and update your insurance. Keep paying the old lender until they confirm a zero balance.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
Common questions
Is refinancing worth it if I only have two years left?
Sometimes, but the savings shrink as the balance drops. As a rough rule, a two-point rate improvement on a balance above $10,000 is usually worth the paperwork.
Can I refinance if I owe more than the car is worth?
We can go to 120% of retail book value. Beyond that we would need a principal payment at closing to bring the loan into range.
Does the 90-day deferral cost me anything?
Interest accrues during those 90 days and is collected over the life of the loan, so you pay a little more overall. Members who do not need the breathing room should start payments right away.
Will this hurt my credit score?
There is one hard inquiry and a new account, which may dip your score a few points for a couple of months. Consistent payments on the new loan typically recover that quickly.
Can I refinance a loan I already have with Summit?
Existing Summit auto loans are not eligible for refinance, but if rates have moved significantly, call us. A member advisor can review whether a modification makes sense.
What vehicles qualify?
Vehicles ten model years old or newer, titled in your name, with no salvage or rebuilt brand. Motorcycles and RVs use a different refinance program.
Find out in about five minutes
Send us your current rate and payoff. We will tell you honestly whether moving the loan is worth your time.