Arrive at the dealership already financed
What comes with a Summit auto loan
The financing is deliberately plain, and the extras are genuinely optional.
The same car, five different terms
Figures assume $32,000 financed with no down payment, as of July 2026.
Rates current as of July 2026 and subject to change. Payments are principal and interest only and exclude insurance, tax and registration. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
A pre-approval turns you into a cash buyer and shifts the whole negotiation
When financing is already settled, the only number left to argue about is the price of the car. That is the conversation you want to be having. Bring the pre-approval letter with you, agree the out-the-door figure, and let the dealer know Summit is funding it.
New, or nearly new?
A brand new vehicle loses a large slice of its value in the first two or three years, and that depreciation is money you never get back. A two-year-old car of the same model usually costs meaningfully less while still carrying most of its factory warranty. Our used auto rate starts at 5.74% APR, half a point above new, which is often far less than the price difference between the two cars.
The case for new is real too: a full warranty, no unknown history, current safety equipment, and the manufacturer incentives that sometimes appear on slow-moving trim levels. If a manufacturer is offering a genuine promotional APR below ours, take it. We will say so, and we will still be here when the promotion ends and you want to refinance.
Whichever you choose, treat the monthly payment as the last number to look at, not the first. Settle the price, then the term, and let the payment be whatever those two produce. If it comes out too high, the answer is a cheaper car or a larger down payment, not a longer loan. A lender at any branch will walk through it with you, or call 800.555.7846.
Auto financing, answered
Can I use a Summit loan at any dealership?
Yes, franchise or independent, in state or out. We fund directly to the dealer by wire or give you a cashier's draft to take with you. Private-party purchases are also eligible with a bill of sale and a clean title.
What counts as a new vehicle?
Current or prior model year with under 5,000 miles and no previous retail owner. Demonstrator and loaner units usually qualify as new; a dealer certified pre-owned car is priced at our used rate.
Do you finance electric vehicles differently?
The rate is the same. We do ask for the buyer's order to show any home charger installation you want rolled into the loan, and we can include it inside the 125% financing limit.
What happens to my trade-in if I still owe on it?
We can roll negative equity into the new loan up to the 125% limit, but it means starting the new car underwater. If the gap is large, ask us about paying the old loan down first and delaying the purchase a few months.
Is GAP coverage worth it?
It matters most on long terms and small down payments, where the loan balance exceeds the vehicle's value for years. On a 36-month loan with 20% down, it rarely is. We will tell you which side of that line you are on.
Can I refinance a loan I already have elsewhere?
Often, and it is one of the more common things we do. Send us your current payoff statement and rate; if we cannot beat it, we will tell you that in the first conversation rather than run your credit.
Get your rate before you shop
A soft-pull pre-qualification takes two minutes and holds for 45 days once approved.