Today’s Auto Rates – Summit Credit Union

New vehicles

New auto: 2025 to 2027 model years

Current or prior model year with fewer than 7,500 miles, financed up to 100% of the purchase price.

Term APR as low as Payment per $10,000

Up to 36 months 5.24% APR $300.79 per month

37 to 48 months 5.24% APR $231.38 per month

49 to 60 months 5.24% APR $189.81 per month

61 to 72 months 5.39% APR $163.13 per month

73 to 84 months 5.89% APR $145.11 per month; $20,000 minimum balance

The 5.24% APR holds flat through 60 months rather than stepping up each year. 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.

New auto loans → Payment calculator →

Used vehicles

Used auto by model year

Older collateral prices higher because it depreciates faster than the loan pays down.

Model year and term APR as low as Payment per $10,000

2022–2024, up to 36 months 5.74% APR $303.03 per month

2022–2024, 37 to 48 months 5.74% APR $233.64 per month

2022–2024, 49 to 60 months 5.99% APR $193.28 per month

2022–2024, 61 to 72 months 6.24% APR $166.87 per month

2019–2021, up to 36 months 6.49% APR $306.51 per month

2019–2021, 37 to 48 months 6.74% APR $238.10 per month

2019–2021, 49 to 60 months 6.99% APR $197.94 per month

2018 and older 7.99% APR 48 months maximum, $5,000 minimum

Loan amount is limited to the lower of the purchase price or retail book value plus tax, title and registration. 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.

Pre-qualify in two minutes → All Summit rates →

Refinance and other collateral

Situations the dealership does not cover

Moving a loan you already have, buying from a neighbor, or financing something with two wheels.

Loan type APR as low as Terms and notes

Auto refinance, up to 60 months 5.49% APR We pay off the old lender and take over the title; no fee to move

Auto refinance, 61 to 72 months 5.74% APR Vehicle must be a 2019 model year or newer

Private party purchase 6.24% APR Up to 60 months; we verify title, cut the draft and file the lien

Motorcycle 6.99% APR Up to 60 months on units under 10 model years old

RV and travel trailer 7.24% APR Up to 144 months on balances above $50,000

Boat and personal watercraft 7.49% APR Up to 120 months; 10% down required

Refinances of loans already held at Summit are not eligible. 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.

Personal loans → Make a payment →

Walk into the dealership already financed

A Summit approval is good for 60 days and works like cash at any dealer. It turns the finance office conversation from a rate negotiation into a paperwork step, and it stops the trick where a lower monthly payment is really a longer term. If rates drop while you are still shopping, we apply the lower one at closing without being asked.

Reading the table

What moves your number off the headline rate

The rates above are the floor. Four things decide whether you land on it.

Credit tier Our top tier starts at a 730 score with clean recent history. Each tier below adds roughly half a point, and your approval letter names the exact tier you landed in rather than burying it.

Loan to value Financing more than the vehicle is worth adds to the rate. Ten percent down usually keeps you at the published tier, and rolling negative equity from a trade-in almost never does.

Automatic payment Setting up automatic payment from a Summit checking account takes 0.25% off the rates shown. The discount is applied at closing, not credited later.

Term length On used and private party loans every extra year of term adds to the rate. New auto is the exception and holds flat at 5.24% APR through 60 months.

Simple daily interest Every Summit auto loan uses simple interest calculated daily with no prepayment penalty. Paying $50 extra a month on a 72-month loan typically retires it about nine months early.

Insurance requirements Comprehensive and collision coverage with a deductible of $1,000 or less is required, with Summit listed as lienholder. Optional GAP coverage runs $299 and can be financed.

Common questions

Auto loan questions

How long is a rate quote good for?

Sixty days from the date of approval. That is deliberately long enough to shop several dealers without reapplying. If rates drop while you are still looking, we apply the lower rate automatically at closing.

Does checking my rate hurt my credit?

No. Pre-qualification uses a soft inquiry that only you can see. A hard pull happens later, and only after you tell us to move forward with a specific vehicle.

Can I refinance a loan I just took out at the dealer?

Yes, and it is the most common refinance we write. Wait until the title has been issued to the original lender, usually three to six weeks after purchase, then apply. Dealer finance arms frequently mark up the rate they were quoted by the lender.

Is an 84-month term a bad idea?

It is a tool with a narrow use case. It lowers the payment but keeps you underwater far longer, and at 5.89% APR on $40,000 it costs about $4,300 more in interest than the 60-month version. We offer it, we price it honestly, and we will tell you when a cheaper car is the better answer.

What is the smallest auto loan you write?

$2,500. Below that a personal loan is usually the better tool because there is no title work, no lien filing and no full-coverage insurance requirement.

Do I have to join before I apply?

No. Apply first and join at closing. A $5 share deposit makes you a member and part owner of the credit union, and it stays yours as long as the account is open.